CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-30
-
SUPERANNUATION
History
Part 3-30 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Division 293
-
Sustaining the superannuation contribution concession
History
Div 293 inserted by No 82 of 2013, s 3 and Sch 3 item 1, effective 28 June 2013.No 82 of 2013, s 3 and Sch 3 item 39 contains the following application provision:
39 Application
(1)
Subject to this item, the amendments made by Parts 1 and 2 of this Schedule apply to the 2012-13 income year and later income years.
(2)
Subitem (1) does not apply to item 1 of this Schedule.
No retrospective administrative penalty
(3)
Despite subitem (1), the amendments made by this Schedule do not give rise to a liability to an administrative penalty under section
286-75
in Schedule
1
to the
Taxation Administration Act 1953
for failing to do a thing by a particular day, if the day is before the day this Act receives the Royal Assent.
Modification for certain notice provisions
(4)
Despite subitem (1), section
133-75
in Schedule 1 to the
Taxation Administration Act 1953
, as inserted by this Schedule, does not require the Commissioner to give a notice before 1 July 2014.
Subdivision 293-D
-
Modifications for defined benefit interests
History
Subdiv 293-D inserted by No 82 of 2013, s 3 and Sch 3 item 1, effective 28 June 2013. For application provision see note under Div
293
heading.
Operative provisions
SECTION 293-105
293-105
Low tax contributions
-
modification for defined benefit interests
Despite section
293-25
, if you have a
*
defined benefit interest or interests in a
*
financial year, the amount of your
low tax contributions
for the financial year is worked out as follows:
Method statement
Step 1.
Start with the low tax contributed amounts covered by section
293-30
for the
*
financial year, to the extent to which they do
not
relate to the
*
defined benefit interest or interests.
Step 2.
Subtract your
*
excess concessional contributions for the
*
financial year (if any).
Note:
The result of step 2 could be nil, or a negative amount.
Step 3.
Add your
*
defined benefit contributions for the
*
financial year in respect of the
*
defined benefit interest or interests.
The result (but not less than nil) is the amount of your
low tax contributions
for the financial year.
Note:
Modifications in Subdivision
293-E
(about constitutionally protected State higher level office holders) and Subdivision
293-F
(about Commonwealth justices) affect the amount of low tax contributions.
History
S 293-105 inserted by No 82 of 2013, s 3 and Sch 3 item 1, effective 28 June 2013. For application provision see note under Div
293
heading.
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