INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 292 - Excess non-concessional contributions  

Subdivision 292-C - Excess non-concessional contributions tax  

Operative provisions

SECTION 292-85   Your excess non-concessional contributions for a financial year  

Your excess non-concessional contributions

292-85(1)  


You have excess non-concessional contributions for a *financial year if:


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


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


(c) section 292-467 of this Act does not apply to you for the financial year.

Note:

The release authorities are issued under Division 131 , or former Division 96 , in Schedule 1 to the Taxation Administration Act 1953 .

292-85(1A)  
The amount of your excess non-concessional contributions is:


(a) if no amounts were paid as described in paragraph (1)(b) - the excess amount stated in that most recent determination; or


(b) otherwise - the amount of the excess worked out under paragraph (1)(b).

Note:

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

Your non-concessional contributions cap - general rule

292-85(2)  


Your non-concessional contributions cap for a *financial year is:


(a) unless paragraph (b) applies - the amount (the general non-concessional contributions cap for the year) that is 4 times your *concessional contributions cap under subsection 291-20(2) for the year; or


(b) if, immediately before the start of the year, your *total superannuation balance equals or exceeds the *general transfer balance cap for the year - nil.

Note:

This subsection does not take into account any increase in your concessional contributions cap under subsection 291-20(4) .

When you can bring forward your non-concessional contributions cap

292-85(3)  


Despite subsection (2), work out your non-concessional contributions cap for a *financial year (the first year ) under subsection (5), and your non-concessional contributions caps for the following 2 financial years (the second year and third year ) under subsections (6) and (7), if:


(a) your *non-concessional contributions for the first year exceed the general non-concessional contributions cap for that year; and


(b) paragraph (2)(b) does not apply to you in relation to the first year; and


(c) you are under 65 years at any time in the first year; and


(d) a previous operation of subsection (6) or (7) does not determine your non-concessional contributions cap for the first year; and


(e) the difference (the first year cap space ) between the *general transfer balance cap for the first year and your *total superannuation balance immediately before the start of the first year exceeds the general non-concessional contributions cap for the first year.

292-85(4)  


However, do not work out your *non-concessional contributions cap for the third year under subsection (7) if the first year cap space does not exceed an amount equal to twice the general non-concessional contributions cap for the first year.
Note:

If this subsection applies, your non-concessional contributions cap for the third year will be worked out under subsection (2) (unless the third year becomes a new first year under a further application of subsection (3)).

First year of bring forward

292-85(5)  


Your non-concessional contributions cap for the first year is an amount equal to:


(a) if the first year cap space does not exceed an amount equal to twice the general non-concessional contributions cap for the first year - twice the general non-concessional contributions cap for the first year; or


(b) otherwise - 3 times the general non-concessional contributions cap for the first year.

Second year of bring forward

292-85(6)  


Your non-concessional contributions cap for the second year is:


(a) if:


(i) your *total superannuation balance immediately before the start of the second year is less than the *general transfer balance cap for the second year; and

(ii) your *non-concessional contributions for the first year fall short of your cap for the first year (worked out under subsection (5));
that shortfall; or


(b) otherwise - nil.

Third year of bring forward

292-85(7)  


Your non-concessional contributions cap for the third year is:


(a) if:


(i) your *total superannuation balance immediately before the start of the third year is less than the *general transfer balance cap for the third year; and

(ii) your *non-concessional contributions for the second year fall short of your cap for the second year (worked out under subsection (6));
that shortfall; or


(b) if:


(i) your total superannuation balance immediately before the start of the third year is less than the general transfer balance cap for the third year; and

(ii) your cap for the second year is nil; and

(iii) your non-concessional contributions for the first year fall short of your cap for the first year (worked out under subsection (5));
that shortfall; or


(c) otherwise - nil.


 

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