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  

Low tax contributions

SECTION 293-30   Low tax contributed amounts  

293-30(1)  
The low tax contributed amounts covered by this section for a * financial year are the sum of the contributions covered by subsection (2) and the amounts covered by subsection (5) for the financial year.

Note:

Low tax contributed amounts covered by this section are modified for State higher level office holders (see Subdivision 293-E ).

Contributions to complying superannuation plans

293-30(2)  
A contribution is covered under this section for a * financial year if:


(a) it is made in the financial year to a * complying superannuation plan in respect of you; and


(b) it is included:


(i) in the assessable income of the * superannuation provider in relation to the plan; or

(ii) by way of a * roll-over superannuation benefit, in the assessable income of a * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection 290-170(5) (about successor funds) or subsection 290-170(6) (about MySuper products).

293-30(3)  
For the purposes of paragraph (2)(b), disregard:


(a) table item 5.3 in section 50-25 (about income tax exemption for constitutionally protected funds); and


(b) Subdivision 295-D (about excluded contributions). Exceptions

293-30(4)  
Despite subsection (2), a contribution is not covered under this section if it is any of the following:


(a) an amount mentioned in subsection 295-200(2) (about amounts transferred from foreign superannuation funds);


(b) an amount mentioned in item 2 of the table in subsection 295-190(1) (about certain roll-over superannuation benefits). Amounts allocated in relation to a complying superannuation plan

293-30(5)  


An amount in a * complying superannuation plan is covered under this section if it is allocated by the * superannuation provider in relation to the plan for you for the * financial year in accordance with conditions specified by a regulation made for the purposes of subsection 291-25(3) .

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