S 292-468 repealed by No 118 of 2013, s 3 and Sch 1 item 71, effective 29 June 2013. For application, transitional and saving provisions see note under Div
291
heading. S 292-468 formerly read:
SECTION 292-468 Variations etc. of refunded excess concessional contributions determinations
292-468(1)
This section applies in relation to a determination under section
292-467
if the Commissioner is satisfied that the amount of
*
excess concessional contributions mentioned in that section for a
*
financial year is incorrect.
292-468(2)
The Commissioner may revoke the determination at any time before receiving a payment made in accordance with subsection
292-420(4)
in relation to the amount, if the Commissioner is satisfied that:
(a)
the person to whom the determination relates has
*
excess concessional contributions greater than
$
10,000 for the
*
financial year; or
(b)
the person has no excess concessional contributions for the financial year.
292-468(3)
The Commissioner may vary the determination at any time before receiving a payment made in accordance with subsection
292-420(4)
in relation to the amount, if the Commissioner is satisfied that the person to whom the determination relates has
*
excess concessional contributions for the
*
financial year not greater than
$
10,000.
292-468(4)
The Commissioner may vary the determination at any time after receiving a payment made in accordance with subsection
292-420(4)
in relation to the amount, if the Commissioner is satisfied that the person to whom the determination relates has
*
excess concessional contributions for the
*
financial year:
(a)
greater than the amount of the excess concessional contributions mentioned in the determination; and
(b)
not greater than
$
10,000.
292-468(5)
The Commissioner cannot otherwise vary or revoke the determination.
292-468(6)
The Commissioner must issue to the person to whom the determination relates written notice of:
(a)
the variation or revocation of the determination; or
(b)
a decision of the Commissioner not to vary or revoke the determination, if the person requested the variation or revocation.
292-468(7)
If the determination is varied:
(a)
the determination as varied has effect, for all purposes other than this subsection and subsection (8) of this section, as if it were a determination under section
292-467
; and
(b)
subsections
292-467(4)
,
(5)
and
(6)
apply in relation to the determination as varied; and
(c)
the Commissioner may issue another release authority in accordance with section
292-420
in relation to the determination as varied; and
(d)
that other release authority has effect, for all purposes other than this subsection, as if it were issued under section
292-420
.
292-468(8)
Despite paragraph
292-420(2)(a)
, the release authority issued as mentioned in paragraph (7)(c) of this section must state the difference between:
(a)
the amount stated in the determination as in force just before the variation; and
(b)
85
%
of the
*
excess concessional contributions as varied.
292-468(9)
The amount of
*
excess concessional contributions covered by a determination to which this section applies is disregarded for the purposes of applying Subdivision
292-E
in relation to the person to whom the determination relates if the Commissioner is satisfied that:
(a)
the person has excess concessional contributions greater than
$
10,000 for the
*
financial year to which the determination relates; and
(b)
the determination cannot be varied or revoked under this section.
S 292-468 inserted by No 75 of 2012, s 3 and Sch 4 item 2, applicable in relation to excess concessional contributions for the financial year beginning on 1 July 2011 and later financial years.
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