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

8   Subsection 292-85(1)

Repeal the subsection, substitute:

(1) You have excess non-concessional contributions for a *financial year if:

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

(b) the excess amount stated in the most recent of those determinations exceeds the sum of any amounts paid to you in response to release authorities issued, in relation to those determinations, under section 96-12 in Schedule 1 to the Taxation Administration Act 1953; and

(c) section 292-467 of this Act does not apply to you for the financial year.

(1A) The amount of your excess non-concessional contributions is:

(a) if no amounts were paid to you as described in paragraph (1)(b) - the excess amount stated in that most recent determination; or

(b) otherwise - the amount of the excess worked out under paragraph (1)(b).

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