Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 1   Excess non-concessional superannuation contributions tax reforms

Income Tax Assessment Act 1997

15   After section 292-465


292-467 Direction that the value of superannuation interests is nil

(1) The Commissioner must, by writing, direct that this section applies to you for a *financial year if:

(a) you receive one or more *excess non-concessional contributions determinations for the financial year; and

(b) as a result of those determinations, you make one or more elections under paragraph 96-7(1)(a) or (b) in Schedule 1 to the Taxation Administration Act 1953; and

(c) in the case of elections under paragraph 96-7(1)(a) in that Schedule - the sum of any amounts paid to you in response to any release authorities issued in relation to those elections is less than the excess amount stated in the most recent of those determinations; and

(d) the Commissioner is satisfied that the *value of all of your remaining *superannuation interests is nil.

Note 1: The direction means you have no excess non-concessional contributions for the financial year (see paragraph 292-85(1)(c)), even though not all of the excess amount has been released to you.

Note 2: The direction does not prevent an amount from being included in your assessable income (see Subdivision 292-B).

Note 3: Any excess non-concessional contributions determination you receive after the first one for a financial year is an amended determination.

(2) The Commissioner must give you a copy of the direction.

(3) A direction under this section may be included in a notice of assessment.

(4) To avoid doubt:

(a) you may object under section 292-245 against an *excess non-concessional contributions tax assessment made in relation to you on the ground that a direction was not made under this section; and

(b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977, not making a direction under this section is a decision forming part of the process of making an assessment of tax under this Act.