Income Tax Assessment Act 1997
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).
[ CCH Note: The concessional contributions cap amounts are:
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.
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)).
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.
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.
However, you do not have unused concessional contributions cap for a *financial year earlier than the 2018-2019 financial year.
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