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 291-20   Your excess concessional contributions for a financial year  

291-20(1)  
You have excess concessional contributions for a * financial year if the amount of your * concessional contributions for the year exceeds your * concessional contributions cap for the year. The amount of the excess concessional contributions is the amount of the excess.

291-20(2)  


Your concessional contributions cap is:


(a) for the 2017-2018 financial year - $25,000; or


(b) for the 2018-2019 financial year or a later financial year - the amount worked out by indexing annually the amount mentioned in paragraph (a).

Note:

Subdivision 960-M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the cap: see section 960-285 .

Five year carry forward of unused concessional contributions cap

291-20(3)  


However, your concessional contributions cap for the *financial year is increased in accordance with subsection (4) if:


(a) your *concessional contributions for the year would otherwise exceed your concessional contributions cap for the year; and


(b) your *total superannuation balance just before the start of the financial year is less than $500,000; and


(c) you have previously unapplied *unused concessional contributions cap for one or more of the previous 5 financial years.

291-20(4)  


Apply your unapplied *unused concessional contributions cap for each of the previous 5 *financial years to increase your *concessional contributions cap (but not by more than the excess from paragraph (3)(a)).

291-20(5)  


For the purposes of increasing your *concessional contributions cap under subsection (4), apply amounts of *unused concessional contributions cap for previous *financial years in order from the earliest year to the most recent year. Your unused concessional contributions cap

291-20(6)  


You have unused concessional contributions cap for a *financial year if the amount of your *concessional contributions for the year falls short of your *concessional contributions cap for the year. The amount of the unused concessional contributions cap is the amount of the shortfall.

291-20(7)  


However, you do not have unused concessional contributions cap for a *financial year earlier than the 2018-2019 financial year.

 

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