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
23 After subsection 292-90(1)
Modification for released excess concessional contributions
(1A) However, if:
(a) you make a valid election under section 96-5 in Schedule 1 to the Taxation Administration Act 1953 in relation to *excess concessional contributions you have for the *financial year; and
(b) a *superannuation provider pays an amount in relation to the release authority issued under section 96-10 in that Schedule in relation to that election;
the amount paid is first increased, by dividing it by 85%, and the increased amount is applied to reduce the amount of excess concessional contributions mentioned in paragraph (1)(b) of this section.
Non-concessional contributions and amounts
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