INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 291 - Excess concessional contributions  

Subdivision 291-B - Excess concessional contributions  

Operative provisions

SECTION 291-25   Your concessional contributions for a financial year  

291-25(1)  
The amount of your concessional contributions for a * financial year is the sum of:


(a) each contribution covered under subsection (2); and


(b) each amount covered under subsection (3).

Note:

For rules about defined benefit interests, see Subdivision 291-C .

291-25(2)  
A contribution is covered under this subsection if:


(a) it is made in the * financial year to a * complying superannuation plan in respect of you; and


(b) it is included in the assessable income of the * superannuation provider in relation to the plan, or, by way of a * roll-over superannuation benefit, in the assessable income of a * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection 290-170(5) (about successor funds) or subsection 290-170(6) (about MySuper products); and


(c) it is not an amount mentioned in subsection 295-200(2) ; and


(d) it is not an amount mentioned in item 2 of the table in subsection 295-190(1) .

291-25(3)  
An amount in a * complying superannuation plan is covered under this subsection if it is allocated by the * superannuation provider in relation to the plan for you for the year in accordance with conditions specified in the regulations.

291-25(4)  
For the purposes of paragraph (2)(b), disregard:


(a) table item 5.3 in section 50-25 (about income tax exemption for constitutionally protected funds); and


(b) Subdivision 295-D (about excluded contributions).


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