Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 1   Excess non-concessional superannuation contributions tax reforms

Income Tax Assessment Act 1997

6   Section 292-1

Repeal the section, substitute:

292-1 What this Division is about

This Division limits the superannuation contributions made in a financial year that receive concessional tax treatment.

You become liable for tax if:

(a) your non-concessional contributions exceed an indexed cap; and

(b) you do not release a corresponding amount from your superannuation interests;

unless the value of your superannuation interests is nil.

An amount will be included in your assessable income, and you will become entitled to a tax offset, if you release such an amount or if the value of your superannuation interests is nil.