Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 292 - Excess non-concessional contributions  

Subdivision 292-H - Other provisions  

SECTION 292-467   Direction that the value of superannuation interests is nil  

292-467(1)  
The Commissioner must, by writing, direct that this section applies to you for a *financial year if:


(a) you receive one or more *excess non-concessional contributions determinations for the financial year; and


(b) (Repealed by No 81 of 2016)


(c) the sum of any amounts paid in response to release authorities issued in relation to those determinations is less than the excess amount stated in the most recent of those determinations; and


(d) the Commissioner is satisfied that the *value of all of your remaining *superannuation interests is nil.

Note 1:

The direction means you have no excess non-concessional contributions for the financial year (see paragraph 292-85(1)(c) ), even though not all of the excess amount has been released in response to release authorities issued under Division 131 , or former Division 96 , in Schedule 1 to the Taxation Administration Act 1953 .

Note 2:

The direction does not prevent an amount from being included in your assessable income (see Subdivision 292-B ).

Note 3:

Any excess non-concessional contributions determination you receive after the first one for a financial year is an amended determination.

292-467(2)  
The Commissioner must give you a copy of the direction.

292-467(3)  
(Repealed by No 81 of 2016)

292-467(4)  
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 a direction was not made under this section; and


(b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , not making a direction under this section is a decision forming part of the process of making an assessment of tax under this Act.


 

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