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Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 291 - Excess concessional contributions    View history reference

Subdivision 291-B - Excess concessional contributions  

Operative provisions

SECTION 291-25  Your concessional contributions for a financial year  

 View history reference

291-25(1)  

The amount of your concessional contributions for a * financial year is the sum of:


(a) each contribution covered under subsection (2); and


(b) each amount covered under subsection (3).

Note:

For rules about defined benefit interests, see Subdivision 291-C .

291-25(2)  

A contribution is covered under this subsection if:


(a) it is made in the * financial year to a * complying superannuation plan in respect of you; and


(b) it is included in the assessable income of the * superannuation provider in relation to the plan, or, by way of a * roll-over superannuation benefit, in the assessable income of a * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection 290-170(5) (about successor funds) or subsection 290-170(6) (about MySuper products); and
 View history reference


(c) it is not an amount mentioned in subsection 295-200(2) ; and


(d) it is not an amount mentioned in item 2 of the table in subsection 295-190(1) .

[ CCH Note: S 291-25(2) will be amended by No 89 of 2013 (as amended by No 118 of 2013), s 3 and Sch 1 item 19, by omitting " or subsection 290-170(6) (about MySuper products) " from para (b), effective 1 July 2019. No 89 of 2013, s 3 and Sch 1 item 25 contains the following application provision:

25 Application  


(1) The amendments made by items 19, 20, 21 and 22 apply in relation to:


(a) notices given under section 290-170 of the Income Tax Assessment Act 1997 on or after the commencement of this item; and


(b) notices of variation given under section 290-180 of that Act on or after the commencement of this item (whether the notices being varied were given before, on or after the commencement of this item).


(2) If, before the commencement of this item, paragraph 290-180(6)(a) of the Income Tax Assessment Act 1997 applied to the transfer of an accrued default amount to a superannuation fund:


(a) section 290-180 of that Act as amended applies after that commencement to a variation of a valid notice in relation to a contribution related to that accrued default amount as if subsection 290-180(6) of that Act had not been repealed; and


(b) table item 2A of subsection 295-490(1) of that Act as amended applies after that commencement as if references in that table item to a successor fund included references to that superannuation fund.

]

291-25(3)  

An amount in a * complying superannuation plan is covered under this subsection if it is allocated by the * superannuation provider in relation to the plan for you for the year in accordance with conditions specified in the regulations.

291-25(4)  

For the purposes of paragraph (2)(b), disregard:


(a) table item 5.3 in section 50-25 (about income tax exemption for constitutionally protected funds); and


(b) Subdivision 295-D (about excluded contributions).


 



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