Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 10   Administrative streamlining

Part 1   Release authority harmonisation

Division 2   Other amendments

Income Tax Assessment Act 1997

8   Section 292-15

Repeal the section, substitute:

292-15 What this Subdivision is about

An amount is included in your assessable income, and you are entitled to a tax offset, if:

(a) your non-concessional contributions exceed an indexed cap; and

(b) you are not liable to pay excess non-concessional contributions tax for the financial year on the full amount of the excess.

This amount included in your assessable income relates to:

(a) your associated earnings on those excess contributions; and

(b) any amounts that have been released from your superannuation interests.