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 291-15   291-15   Excess concessional contributions - assessable income, 15 % tax offset  


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.

Note 1:

This offset cannot be refunded, transferred or carried forward: see item 20 of the table in subsection 63-10(1) .

Note 2:

You may be liable to pay excess concessional contributions charge: see Division 95 in Schedule 1 to the Taxation Administration Act 1953 .

Note 3:

You can request the release of excess concessional contributions from superannuation: see Division 131 in that Schedule.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.