INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 293 - Sustaining the superannuation contribution concession  

Subdivision 293-B - Sustaining the superannuation contribution concession  

Liability for tax

SECTION 293-20   Your taxable contributions  

293-20(1)  


If the sum of:


(a) your * income for surcharge purposes for an income year (disregarding your * reportable superannuation contributions); and


(b) your * low tax contributions for the corresponding * financial year;

exceeds $250,000, you have taxable contributions for the income year equal to the lesser of the low tax contributions and the amount of the excess.

293-20(2)  
However, you do not have taxable contributions for an income year if the amount of your * low tax contributions is nil.


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