Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 291 - Excess concessional contributions  

Subdivision 291-CA - Contributions that do not result in excess contributions  

Operative provisions

SECTION 291-370   Contributions that do not result in excess contributions  

291-370(1)  
In working out your *concessional contributions for a *financial year, treat the sum of the following as an amount equal to your *concessional contributions cap under subsection 291-20(2) for the financial year:


(a) contributions made in respect of you for the financial year to a *constitutionally protected fund that would (disregarding this section) be concessional contributions;


(b) if any of your *notional taxed contributions for the financial year:


(i) are worked out under section 291-170 of the Income Tax (Transitional Provisions) Act 1997 ; or

(ii) are not worked out under that section, but only because those notional taxed contributions did not meet the requirements of paragraph 291-170(2)(b) or (4)(b) of that Act;
the amount of those notional taxed contributions;


(c) if your *defined benefit contributions for the financial year (worked out excluding contributions and amounts covered by paragraph (a)) exceed your notional taxed contributions for the financial year (also worked out excluding contributions and amounts covered by paragraph (a)) - the amount of that excess;

if that sum would otherwise exceed your concessional contributions cap under subsection 291-20(2) for the financial year.

Note:

This subsection does not take into account any increase in your concessional contributions cap under subsection 291-20(4).

291-370(2)  
For the purposes of paragraph (1)(a), treat any amounts covered by subsection 291-25(3) or paragraph 291-165(1)(b) or (c) for the *financial year that relate to a *superannuation interest of yours in the fund as if they were contributions made in respect of you for the financial year to the fund.

291-370(3)  
This section has effect despite sections 291-25 and 291-165 of this Act and section 291-170 of the Income Tax (Transitional Provisions) Act 1997 .


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