Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (118 of 2013)

Schedule 1   Fairer taxation of excess concessional contributions

Part 4   Repeal of excess concessional contributions tax

Income Tax Assessment Act 1997

63   Section 292-405

Repeal the section, substitute:

292-405 Release authority

(1) As soon as practicable after making an *excess non-concessional contributions tax assessment for a person, the Commissioner must give the person a release authority in respect of the amount of *excess non-concessional contributions tax the person is liable to pay in accordance with the assessment.

(2) A release authority must:

(a) state the amount of *excess non-concessional contributions tax that the person is liable to pay as a result of the assessment; and

(b) be dated; and

(c) contain any other information that the Commissioner considers relevant.

Copyright notice

© 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).