Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 10   Administrative streamlining

Part 1   Release authority harmonisation

Division 3   Application of amendments

49   Main case

(1) The amendments made by this Part apply in relation to:

(a) excess concessional contributions determinations issued on or after 1 July 2018 (whether for financial years commencing before, on or after 1 July 2018); and

(b) excess non-concessional contributions determinations issued on or after 1 July 2018 (whether for financial years commencing before, on or after 1 July 2018); and

(c) notices of excess non-concessional contributions tax assessments issued on or after 1 July 2018 (whether for financial years commencing before, on or after 1 July 2018); and

(d) notices of assessments of amounts of Division 293 tax issued on or after 1 July 2018 (whether for income years commencing before, on or after 1 July 2018).

(2) Those amendments so apply as if:

(a) the reference to this Subdivision in subsection 131-10(2) in Schedule 1 to the Taxation Administration Act 1953 included a reference to each of the following:

(i) Division 96 in that Schedule (as in force on 30 June 2018);

(ii) Division 135 in that Schedule (as in force on 30 June 2018);

(iii) section 292-415 of the Income Tax Assessment Act 1997 (as in force on 30 June 2018); and

(b) the reference to this Subdivision in subsection 131-15(4) in that Schedule included a reference to Division 135 in that Schedule (as in force on 30 June 2018).

Note: For an amended determination or assessment, the reference to all release authorities in paragraph 131-20(1)(b) in that Schedule includes any of the following issued for an earlier determination or assessment of that kind given to the relevant individual for the relevant financial year or income year:

(a) release authorities issued under section 131-15 in that Schedule;

(b) release authorities issued under former section 292-405 of the Income Tax Assessment Act 1997, former Division 96 in that Schedule or former item 1 or 2 of the table in subsection 135-10(1) in that Schedule, as applicable.