Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-20 - SUPERANNUATION  

Division 138 - First home super saver scheme  

Subdivision 138-B - FHSS maximum release amount  

Operative provisions

SECTION 138-35   ELIGIBLE CONTRIBUTIONS  

Limits on amount of eligible contributions

138-35(1)  
For the purposes of this Subdivision:


(a) the maximum amount of contributions that may be eligible to be released is $30,000; and


(b) the maximum amount of contributions made in a particular *financial year that may be eligible to be released is $15,000. Eligible contributions

138-35(2)  
A *concessional contribution, or *non-concessional contribution, for a *financial year is not eligible to be released unless it:


(a) is made in respect of you in the financial year; and


(b) is:


(i) an employer contribution that is not a mandated employer contribution (within the meaning of Part 5 of the Superannuation Industry (Supervision) Regulations 1994 ); or

(ii) a member contribution (within the meaning of that Part) that is made by you;
other than a contribution to the extent it is required to be made because of a law of the Commonwealth or of a State or Territory, or the rules of the relevant *superannuation fund; and


(c) is not a contribution made in respect of a *defined benefit interest; and


(d) is not a contribution to a *constitutionally protected fund.

138-35(3)  
If:


(a) you have *excess concessional contributions for a *financial year ( your excess amount ); and


(b) your excess amount is greater than your *concessional contributions for the financial year that are not eligible to be released under subsection (2) ( your non-eligible contributions );

concessional contributions that are equal to the difference between your excess amount and your non-eligible contributions are not eligible to be released.

138-35(4)  
If:


(a) you have *non-concessional contributions for the *financial year that exceed your non-concessional contributions cap for the financial year ( your excess amount ); and


(b) your excess amount is greater than your non-concessional contributions for the financial year that are not eligible to be released under subsection (2) ( your non-eligible contributions );

non-concessional contributions that are equal to the difference between your excess amount and your non-eligible contributions are not eligible to be released.

138-35(5)  
For the purposes of this section, disregard paragraph 292-90(1)(b) of the Income Tax Assessment Act 1997 .

Note:

Under paragraph 292-90(1)(b) of the Income Tax Assessment Act 1997 , your non-concessional contributions for a financial year would include the amount of your excess concessional contributions (if any) for the financial year.




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