Income Tax Assessment Act 1997
If you have * excess concessional contributions for a * financial year:
(a) an amount equal to the excess concessional contributions is included in your assessable income for your corresponding income year; and
(b) you are entitled to a * tax offset for that income year equal to 15 % of the excess concessional contributions.
This offset cannot be refunded, transferred or carried forward: see item 20 of the table in subsection 63-10(1) .
You can request the release of excess concessional contributions from superannuation: see Division 131 in that Schedule.
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