Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (118 of 2013)

Schedule 1   Fairer taxation of excess concessional contributions

Part 4   Repeal of excess concessional contributions tax

Income Tax Assessment Act 1997

40   Section 26-75

Repeal the section, substitute:

26-74 Excess concessional contributions charge cannot be deducted

You cannot deduct under this Act an amount of *excess concessional contributions charge that you pay.

26-75 Excess non-concessional contributions tax cannot be deducted

You cannot deduct under this Act an amount of *excess non-concessional contributions tax that you pay.