INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 292 - Excess non-concessional contributions  

Subdivision 292-C - Excess non-concessional contributions tax  

Operative provisions

SECTION 292-100   Contribution relating to some CGT small business concessions  

292-100(1)  
A contribution is covered under this section if:


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


(b) the requirement in subsection (2), (4), (7) or (8) is met; and


(c) you choose, in accordance with subsection (9), to apply this section to an amount that is all or part of the contribution.

292-100(2)  
The requirement in this subsection is met if:


(a) the contribution is equal to all or part of the *capital proceeds from a *CGT event for which you can disregard any *capital gain under section 152-105 (or would be able to do so, assuming that a capital gain arose from the event); and


(b) the contribution is made on or before the later of the following days:


(i) the day you are required to lodge your *income tax return for the income year in which the CGT event happened;

(ii) 30 days after the day you receive the capital proceeds.

292-100(3)  
For the purposes of paragraph (2)(a), ignore the requirement in paragraph 152-105(b) if you are permanently incapacitated at the time of the *CGT event but were not permanently incapacitated at the time the relevant *CGT asset was acquired.

292-100(4)  
The requirement in this subsection is met if:


(a) just before a *CGT event, you were a *CGT concession stakeholder of an entity that could, under section 152-110, disregard any *capital gain arising from the CGT event (or would be able to do so, assuming that a capital gain arose from the event); and


(b) the entity makes a payment to you before the later of:


(i) 2 years after the CGT event; and

(ii) if the CGT event happened because the entity *disposed of the relevant *CGT asset - 6 months after the latest time a possible *financial benefit becomes or could become due under a *look-through earnout right relating to that CGT asset and the disposal; and


(c) the contribution is equal to all or part of your stakeholder's participation percentage (within the meaning of subsection 152-125(2)) of the *capital proceeds from the CGT event (but not exceeding the amount of the payment mentioned in paragraph (b)); and


(d) the contribution is made within 30 days after the payment mentioned in paragraph (b).

292-100(5)  
In determining whether the conditions in subsection (2) or (4) are satisfied for a *CGT event in relation to a *pre-CGT asset, treat the asset as a *post-CGT asset.

292-100(6)  


For the purposes of paragraph (4)(a), ignore the requirement in paragraph 152-110(1)(b) if a *significant individual was permanently incapacitated at the time of the *CGT event but was not permanently incapacitated when the relevant *CGT asset was acquired.

292-100(7)  
The requirement in this subsection is met if:


(a) the contribution is equal to all or part of the *capital gain from a *CGT event that you disregarded under subsection 152-305(1); and


(b) the contribution is made on or before the later of the following days:


(i) the day you are required to lodge your *income tax return for the income year in which the CGT event happened;

(ii) 30 days after the day you receive the *capital proceeds from the CGT event.

292-100(8)  
The requirement in this subsection is met if:


(a) just before a *CGT event, you were a *CGT concession stakeholder of an entity that could, under subsection 152-305(2), disregard all or part of a *capital gain arising from the CGT event; and


(b) the entity makes a payment to you that satisfies the conditions in section 152-325; and


(c) the contribution is equal to all or part of the capital gain arising from the CGT event (but not exceeding the amount of the payment mentioned in paragraph (b)); and


(d) the contribution is made within 30 days after the payment mentioned in paragraph (b).

292-100(9)  
To make a choice for the purposes of paragraph (1)(c), you must:


(a) make the choice in the *approved form; and


(b) give it to the *superannuation provider in relation to the *complying superannuation plan on or before the time when the contribution is made.


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