Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)
Schedule 10 Administrative streamlining
Part 1 Release authority harmonisation
Division 2 Other amendments
Income Tax Assessment Act 1997
8 Section 292-15
Repeal the section, substitute:
292-15 What this Subdivision is about
An amount is included in your assessable income, and you are entitled to a tax offset, if:
(a) your non-concessional contributions exceed an indexed cap; and
(b) you are not liable to pay excess non-concessional contributions tax for the financial year on the full amount of the excess.
This amount included in your assessable income relates to:
(a) your associated earnings on those excess contributions; and
(b) any amounts that have been released from your superannuation interests.