INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 292 - Excess non-concessional contributions tax  

SECTION 292-85   Non-concessional contributions cap for a financial year  

292-85(1)  
For the purposes of working out your non-concessional contributions cap for the 2017-2018 financial year, if:


(a) your non-concessional contributions cap for the 2015-2016 financial year was worked out under subsection 292-85(4) of the Income Tax Assessment Act 1997 ; and


(b) that year was a first year within the meaning of subsection 292-85(3) of that Act;

subsection 292-85(7) of that Act as amended by the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 applies after the commencement of this section as if:


(c) the amount worked out under subsection 292-85(5) of that Act as so amended were $460,000; and


(d) subsection 292-85(6) of that Act as so amended had been applied (taking into account paragraph (c) of this subsection) for the purposes of working out your non-concessional contributions cap for the 2016-2017 financial year.

292-85(2)  
For the purposes of working out your non-concessional contributions caps for the 2017-2018 financial year and the 2018-2019 financial year, if:


(a) your non-concessional contributions cap for the 2016-2017 financial year was worked out under subsection 292-85(4) of the Income Tax Assessment Act 1997 ; and


(b) that year was a first year within the meaning of subsection 292-85(3) of that Act;

subsections 292-85(6) and (7) of that Act as amended by the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 apply after the commencement of this section as if the amount worked out under subsection 292-85(5) of that Act as so amended were $380,000.

292-85(3)  
To avoid doubt, this section does not affect your non-concessional contributions cap for any financial year that ended before 1 July 2017.




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