CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-30
-
SUPERANNUATION
History
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.
Division 292
-
Excess non-concessional contributions
[
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
.]
History
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.
Subdivision 292-H
-
Other provisions
History
Subdiv 292-H inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
SECTION 292-465
Commissioner
'
s discretion to disregard contributions etc. in relation to a financial year
292-465(1)
If you make an application in accordance with subsection (2), the Commissioner may make a written determination that, for the purposes of this Division and Subdivision
97-B
in Schedule
1
to the
Taxation Administration Act 1953
, all or part of your
*
non-concessional contributions for a
*
financial year is to be:
(a)
disregarded; or
(b)
allocated instead for the purposes of another financial year specified in the determination.
History
S 292-465(1) amended by No 21 of 2015, s 3 and Sch 1 item 9, by inserting
"
and Subdivision 97-B in Schedule 1 to the
Taxation Administration Act 1953
"
, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
S 292-465(1) substituted by No 118 of 2013, s 3 and Sch 1 item 68, effective 29 June 2013. For application, transitional and saving provisions see note under Div
291
heading. S 292-465(1) formerly read:
292-465(1)
If you make an application in accordance with subsection (2), the Commissioner may make a written determination that, for the purposes of this Division:
(a)
all or part of your *concessional contributions for a *financial year is to be disregarded, or allocated instead for the purposes of another financial year specified in the determination; and
(b)
all or part of your *non-concessional contributions for a financial year is to be disregarded, or allocated instead for the purposes of another financial year specified in the determination.
292-465(2)
You may apply to the Commissioner in the *approved form for a determination under subsection (1). The application can only be made:
(a)
after all of the contributions sought to be disregarded or reallocated have been made; and
(b)
if you receive one or more *excess non-concessional contributions determinations for the *financial year
-
before the end of:
(i)
the period of 60 days starting on the day you receive the most recent of those determinations; or
(ii)
a longer period allowed by the Commissioner.
History
S 292-465(2) amended by No 21 of 2015, s 3 and Sch 1 item 10, by substituting para (b), applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. Para (b) formerly read:
(b)
if you receive an *excess non-concessional contributions tax assessment for the *financial year
-
before the end of:
(i)
the period of 60 days starting on the day you receive the assessment; or
(ii)
if the Commissioner allows a longer period
-
that longer period.
S 292-465(2) amended by No 118 of 2013, s 3 and Sch 1 item 69, by inserting
"
non-concessional
"
in para (b), effective 29 June 2013. For application, transitional and saving provisions see note under Div
291
heading.
S 292-465(2) amended by No 117 of 2010, s 3 and Sch 4 items 26 and 27, by omitting
"
within
"
and substituting paras (a) and (b), applicable in relation to applications made on or after 17 November 2010.
Act No 117 of 2010, s 3 and Sch 4 item 32 contains the following transitional provision, effective 17 November 2010:
32 Transitional provision
-
allowance of extra time to make applications
From the commencement of this item, treat an allowance:
(a)
made under paragraph 292-465(2)(b) of the Income Tax Assessment Act 1997; and
(b)
in force just before the commencement of this item;
as having been made under subparagraph 292-465(2)(b)(ii) of that Act as substituted by Part 4 of this Schedule.
Paras (a) and (b) formerly read:
(a)
the period:
(i)
starting on the day you receive an *excess contributions tax assessment for the *financial year; and
(ii)
ending 60 days after that day; or
(b)
a longer period allowed by the Commissioner.
292-465(3)
The Commissioner may make a determination under subsection (1) only if he or she considers that:
(a)
there are special circumstances; and
(b)
making the determination is consistent with the object of this Division.
History
S 292-465(3) amended by No 21 of 2015, s 3 and Sch 1 item 11, by substituting
"
a determination under subsection (1)
"
for
"
the determination
"
(first occurring), applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
292-465(4)
In making a determination under subsection (1) the Commissioner may have regard to the matters in subsections (5) and (6) and any other relevant matters.
History
S 292-465(4) amended by No 21 of 2015, s 3 and Sch 1 item 11, by substituting
"
a determination under subsection (1)
"
for
"
the determination
"
, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
292-465(5)
The Commissioner may have regard to whether a contribution made in the relevant *financial year would more appropriately be allocated towards another financial year instead.
292-465(6)
The Commissioner may have regard to whether it was reasonably foreseeable, when a relevant contribution was made, that you would have *excess concessional contributions or *excess non-concessional contributions for the relevant *financial year, and in particular:
(a)
if the relevant contribution is made in respect of you by another person
-
the terms of any agreement or arrangement between you and that person as to the amount and timing of the contribution; and
(b)
the extent to which you had control over the making of the contribution.
292-465(7)
The Commissioner must give you a copy of a determination made under subsection (1).
History
S 292-465(7) amended by No 21 of 2015, s 3 and Sch 1 item 12, by substituting
"
a determination made under subsection (1)
"
for
"
the determination
"
, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
292-465(8)
(Repealed by No 81 of 2016)
History
S 292-465(8) repealed by No 81 of 2016, s 3 and Sch 10 item 78, effective 1 January 2017 and applicable to documents (however described) that the Commissioner gives on or after 1 July 2017 under taxation laws. S 292-465(8) formerly read:
292-465(8)
A determination made under subsection (1) may be included in a notice of assessment.
S 292-465(8) amended by No 21 of 2015, s 3 and Sch 1 item 13, by substituting
"
made under subsection (1)
"
for
"
under this section
"
, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
S 292-465(8) inserted by No 117 of 2010, s 3 and Sch 4 item 28, applicable in relation to applications made on or after 17 November 2010.
Review
292-465(9)
If you are dissatisfied with:
(a)
a determination made under this section in relation to you; or
(b)
a decision the Commissioner makes not to make such a determination;
you may object against the determination, or the decision, as the case requires, in the manner set out in Part
IVC
of the
Taxation Administration Act 1953
.
History
S 292-465(9) substituted by No 81 of 2016, s 3 and Sch 3 item 5, effective 1 January 2017 and applicable in relation to non-concessional contributions for the 2013-2014 financial year and later financial years. S 292-465(9) formerly read:
Review of determinations
292-465(9)
To avoid doubt:
(a)
you may object under section 292-245 against an *excess non-concessional contributions tax assessment made in relation to you on the ground that you are dissatisfied with a determination that you applied for under this section; and
(b)
for the purposes of paragraph (e) of Schedule 1 to the
Administrative Decisions (Judicial Review) Act 1977
, the making of a determination under subsection (1) is a decision forming part of the process of making an assessment of tax under this Act.
S 292-465(9) amended by No 21 of 2015, s 3 and Sch 1 item 14, by substituting
"
subsection (1)
"
for
"
this section
"
in para (b), applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
S 292-465(9) amended by No 118 of 2013, s 3 and Sch 1 item 70, by inserting
"
non-concessional
"
in para (a), effective 29 June 2013. For application, transitional and saving provisions see note under Div 291 heading.
292-465(10)
To avoid doubt:
(a)
subject to subsection
14ZVC(3)
of the
Taxation Administration Act 1953
, you may also object, on the ground that you are dissatisfied with such a determination or decision, relating to all or part of your *non-concessional contributions for a *financial year:
(i)
under section
175A
of the
Income Tax Assessment Act 1936
against an assessment made in relation to you for the corresponding income year; or
(ii)
under section
97-35
in Schedule
1
to the
Taxation Administration Act 1953
against an *excess non-concessional contributions determination made in relation to you for the financial year; and
(b)
for the purposes of paragraph (e) of Schedule
1
to the
Administrative Decisions (Judicial Review) Act 1977
, the making of a determination under this section is a decision forming part of the process of making an assessment of tax, and making a calculation of charge, under this Act.
History
S 292-465(10) inserted by No 81 of 2016, s 3 and Sch 3 item 5, effective 1 January 2017 and applicable in relation to non-concessional contributions for the 2013-2014 financial year and later financial years.
History
S 292-465 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
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