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
6 Section 292-1
Repeal the section, substitute:
292-1 What this Division is about
This Division limits the superannuation contributions made in a financial year that receive concessional tax treatment.
You become liable for tax if:
(a) your non-concessional contributions exceed an indexed cap; and
(b) you do not release a corresponding amount from your superannuation interests;
unless the value of your superannuation interests is nil.
An amount will be included in your assessable income, and you will become entitled to a tax offset, if you release such an amount or if the value of your superannuation interests is nil.