Income Tax Assessment Act 1997
Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
[ CCH Note: For transitional rules about the application of Division 292 and related provisions in the period from 10 May 2006 to 30 June 2007, see section 292-80 of the Income Tax (Transitional Provisions) Act 1997 .]
Div 292 heading substituted by No 21 of 2015, s 3 and Sch 1 item 5, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. The heading formerly read:
Division 292 - Excess non-concessional contributions tax
Div 292 heading amended by No 118 of 2013, s 3 and Sch 1 item 42, by inserting " non-concessional " , effective 29 June 2013. For application, transitional and saving provisions see note under Div 291 heading.
Div 292 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
Subdiv 292-G inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
(Repealed by No 118 of 2013)
S 292-420 repealed by No 118 of 2013, s 3 and Sch 1 item 67, effective 29 June 2013. For application, transitional and saving provisions see note under Div
heading. S 292-420 formerly read:
the Commissioner may issue a release authority relating to the excess concessional contributions to a
superannuation provider that holds such a superannuation interest for the person. If the release authority relates to a determination as varied under section
, the amount stated in the release authority is as provided in subsection
SECTION 292-420 Release authorities for refunded excess concessional contributions
Commissioner may issue release authorities
(a) the Commissioner makes a determination under section 292-467 (refunded excess concessional contributions) for a person in relation to * excess concessional contributions; and
(b) the person has one or more * superannuation interests; and
(c) any amount paid in accordance with section 292-415 that relates to an amount of * excess concessional contributions tax for the person for the * financial year to which the determination relates does not equal or exceed 85 % of the excess concessional contributions;
The release authority must:
(a) state the amount that is 85 % of the * excess concessional contributions; and
(b) be dated; and
(c) contain any other information that the Commissioner considers relevant.
Despite paragraph (2)(a), if:
the Commissioner may issue a release authority relating to the excess concessional contributions to a * superannuation provider that holds such a superannuation interest for the person.
If the release authority relates to a determination as varied under section 292-468 , the amount stated in the release authority is as provided in subsection 292-468(8) .
(a) an amount has been paid in accordance with section 292-415 in relation to an * excess contributions tax assessment for the person for the * financial year to which the determination relates; and
(b) the amount relates wholly or partly to * excess concessional contributions by the person for the financial year;
the amount stated under paragraph (2)(a) must be reduced (but not below zero) by so much of the amount as relates to those excess concessional contributions.Obligations of superannuation providers
A * superannuation provider that has been issued with a release authority under this section must:
(a) within 30 days after the release authority is issued, pay to the Commissioner the amount stated in the release authority; and
(b) within 30 days after the release authority is issued, or within 7 days after the payment is made if that is earlier, give to the Commissioner a statement, in the * approved form, advising the Commissioner of the payment.
Subsection 286-75(1) in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with paragraph (b).
For the taxation treatment of the payment, see section 303-15 . As a result of the determination made under section 292-467 , the excess concessional contributions are included in the person ' s assessable income: see paragraph 292-467(2)(a) .
However, subsection (4) does not apply if:
(a) the sum of the * values of every * superannuation interest (other than an interest of a kind mentioned in paragraph (b)) held by the * superannuation provider for the person is less than the amount stated in the release authority; or
(b) the superannuation provider holds only one or more of the following kinds of superannuation interests for the person:
(i) a * defined benefit interest;
(ii) a superannuation interest in a * non-complying superannuation fund;
(iii) a superannuation interest that is treated as a separate interest under regulations made for the purposes of section 307-200 in circumstances where the interest is supporting a * superannuation income stream.
If subsection (4) does not apply, the * superannuation provider must, within 30 days after the release authority is issued, advise the Commissioner, in the * approved form, that the superannuation provider is not required to comply with the release authority.
The Commissioner may vary or revoke a release authority at any time before the Commissioner receives a payment relating to the release authority in accordance with subsection (4). Entitlement to credits
If the * superannuation provider pays an amount to the Commissioner in accordance with this section, the person is entitled to a credit equal to that amount. The credit arises:
(a) if the Commissioner receives the amount before making or amending an * assessment of the person ' s taxable income to give effect to the determination - on the date of the assessment or amended assessment; or
(b) otherwise - on the day the Commissioner receives the amount.
S 292-420 inserted by No 75 of 2012, s 3 and Sch 4 item 1, applicable in relation to excess concessional contributions for the financial year beginning on 1 July 2011 and later financial years.
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.