Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012 (75 of 2012)

Schedule 4   Refund of excess concessional contributions

Part 1   Main amendments

Income Tax Assessment Act 1997

2   After section 292-465

Insert:

292-467 Refunded excess concessional contributions

(1) If:

(a) the Commissioner is satisfied you have *excess concessional contributions for a *financial year; and

(b) the amount of those excess concessional contributions is $10,000 or less; and

(c) disregarding any previous application of this section, you do not have excess concessional contributions for an earlier financial year beginning on or after 1 July 2011; and

(d) you have lodged an *income tax return with the Commissioner for the income year that corresponds to that financial year:

(i) within 12 months after the end of that income year; or

(ii) within such longer period as the Commissioner allows; and

(e) you accept an offer made by the Commissioner in accordance with subsection (3);

the Commissioner may make a written determination that, for the purposes of this Division, the excess concessional contributions mentioned in paragraph (a) for that financial year are to be disregarded.

(2) If the Commissioner makes the determination:

(a) an amount equal to the *excess concessional contributions is included in your assessable income for your income year that corresponds to that *financial year; and

(b) you are entitled to a *tax offset for that income year equal to 15% of the excess concessional contributions.

(3) If the Commissioner is satisfied you have *excess concessional contributions for the *financial year, the Commissioner may issue a notice to you, in writing, offering to make a determination under this section. You may accept the offer, in the *approved form:

(a) within 28 days after the Commissioner issues the notice; or

(b) within such longer period as the Commissioner allows.

(4) The Commissioner must notify you in writing of the determination.

(5) Notification of the determination may be included in a notice of *assessment.

(6) The Commissioner may take such action as the Commissioner considers necessary to give effect to the determination.

292-468 Variations etc. of refunded excess concessional contributions determinations

(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.

(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.

(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.

(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.

(5) The Commissioner cannot otherwise vary or revoke the determination.

(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.

(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.

(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.

(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.

292-469 Objections against determinations etc.

If you are dissatisfied with:

(a) a determination of the Commissioner under section 292-467; or

(b) a determination of the Commissioner under that section as varied in accordance with section 292-468; or

(c) a decision of the Commissioner to revoke a determination under section 292-467 in accordance with section 292-468; or

(d) a decision of the Commissioner not to vary or revoke a determination under section 292-467 in accordance with section 292-468;

you may object against the determination or decision in the manner set out in Part IVC of the Taxation Administration Act 1953.