Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 291 - Excess concessional contributions  

Subdivision 291-B - Excess concessional contributions  

Operative provisions

SECTION 291-25   Your concessional contributions for a financial year  

291-25(1)    
The amount of your concessional contributions for a * financial year is the sum of:


(a) each contribution covered under subsection (2) ; and


(b) each amount covered under subsection (3) .

Note:

For rules about defined benefit interests, see Subdivision 291-C .


291-25(2)    
A contribution is covered under this subsection if:

(a)    it is made in the * financial year to a * complying superannuation plan in respect of you; and

(b)    

it is included in the assessable income of the * superannuation provider in relation to the plan, or, by way of a * roll-over superannuation benefit, in the assessable income of a * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection 290-170(5) (about successor funds); and

(c)    it is not an amount mentioned in subsection 295-200(2) ; and

(d)    it is not an amount mentioned in item 2 of the table in subsection 295-190(1) ; and

(e)    

it is not an amount mentioned in subsection 99G(6) of the Superannuation Industry (Supervision) Act 1993 that is refunded in accordance with that subsection.

291-25(3)    
An amount in a * complying superannuation plan is covered under this subsection if it is allocated by the * superannuation provider in relation to the plan for you for the year in accordance with conditions specified in the regulations.

291-25(4)    
For the purposes of paragraph (2)(b) , disregard:

(a)    table item 5.3 in section 50-25 (about income tax exemption for constitutionally protected funds); and

(b)    Subdivision 295-D (about excluded contributions).



View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.