Taxation Administration Act 1953
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Hide history noteNote: See section 3AA .
Chapter 3 - Collection, recovery and administration of other taxesSECTION 138-35 ELIGIBLE CONTRIBUTIONS
Limits on amount of eligible contributions
138-35(1)
For the purposes of this Subdivision: (a) the maximum amount of contributions that may be eligible to be released is $50,000; and (b) the maximum amount of contributions made in a particular *financial year that may be eligible to be released is $15,000.
Eligible contributions
138-35(2)
A *concessional contribution, or *non-concessional contribution, for a *financial year is not eligible to be released unless it: (a) is made in respect of you in the financial year; and (b) is:
(i) an employer contribution that is not a mandated employer contribution (within the meaning of Part 5 of the Superannuation Industry (Supervision) Regulations 1994 ); or
other than a contribution to the extent it is required to be made because of a law of the Commonwealth or of a State or Territory, or the rules of the relevant *superannuation fund; and (c) is not a contribution made in respect of a *defined benefit interest; and (d) is not a contribution to a *constitutionally protected fund.
(ii) a member contribution (within the meaning of that Part) that is made by you;
138-35(3)
If: (a) you have *excess concessional contributions for a *financial year ( your excess amount ); and (b) your excess amount is greater than your *concessional contributions for the financial year that are not eligible to be released under subsection (2) ( your non-eligible contributions );
concessional contributions that are equal to the difference between your excess amount and your non-eligible contributions are not eligible to be released.
138-35(4)
If: (a) you have *non-concessional contributions for the *financial year that exceed your non-concessional contributions cap for the financial year ( your excess amount ); and (b) your excess amount is greater than your non-concessional contributions for the financial year that are not eligible to be released under subsection (2) ( your non-eligible contributions );
non-concessional contributions that are equal to the difference between your excess amount and your non-eligible contributions are not eligible to be released.
138-35(5)
For the purposes of this section, disregard paragraph 292-90(1)(b) of the Income Tax Assessment Act 1997 .
Note:
Under paragraph 292-90(1)(b) of the Income Tax Assessment Act 1997 , your non-concessional contributions for a financial year would include the amount of your excess concessional contributions (if any) for the financial year.
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