Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (118 of 2013)
Schedule 1 Fairer taxation of excess concessional contributions
Part 3 Other consequential amendments
Income Tax Assessment Act 1997
19 Subsection 280-15(2)
Repeal the subsection, substitute:
(2) If concessional contributions exceed an indexed cap, the excess is included in the individual's assessable income and gives rise to a tax offset. The individual can release the excess concessional contributions from his or her superannuation interests.
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).