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

9   Section 292-20

Repeal the section, substitute:

292-20 Amount in assessable income, and tax offset, relating to your non-concessional contributions

Your assessable income for an income year includes an amount, and you are entitled to a *tax offset for the income year, if:

(a) you receive one or more *excess non-concessional contributions determinations for a *financial year that corresponds to the income year; and

(b) you are not liable to pay *excess non-concessional contributions tax for the financial year on the full amount of the excess stated in the most recent of those determinations.