Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 1   Excess non-concessional superannuation contributions tax reforms

Taxation Administration Act 1953

21   Section 96-1 in Schedule 1

Repeal the section, substitute:

96-1 What this Subdivision is about

You may elect to release from your superannuation interests:

(a) up to 85% of your excess concessional contributions for a financial year; and

(b) your non-concessional contributions that exceed your non-concessional contributions cap for the financial year, and 85% of any associated earnings.

Superannuation providers will usually be required to pay an amount from the superannuation interests. However, for certain interests the provider may choose whether or not to pay.

Released concessional contributions are paid to the Commissioner. You get a credit for the released amount. Surplus credits are refunded to you under Division 3A of Part IIB.

Released non-concessional contributions and associated earnings are paid to you.