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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 292 - Excess non-concessional contributions    View history reference

[CCH Note: For transitional rules about the application of Division 292 and related provisions in the period from 10 May 2006 to 30 June 2007, see section 292-80 of the Income Tax (Transitional Provisions) Act 1997.]

Subdivision 292-G - Collection and recovery    View history reference

Operative provisions

SECTION 292-410  Giving a release authority to a superannuation provider  

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292-410(1)  

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The person may give the release authority to a *superannuation provider that holds a *superannuation interest (other than a *defined benefit interest) for the person in a *complying superannuation plan within 90 days after the date of the release authority.

Note:

Excess non-concessional contributions tax is due and payable at the end of 21 days after the notice of assessment: see section 292-385.

292-410(2)  

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However, if:


(a) the release authority is for *excess non-concessional contributions tax; and


(b) a *superannuation provider holds a *superannuation interest for the person in a *complying superannuation plan (other than a *defined benefit interest);
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the person must give the release authority to a superannuation provider holding a superannuation interest for the person in a complying superannuation plan (other than a defined benefit interest) within 21 days after the date of the release authority.

Note:

Section 288-90 in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with this subsection.

292-410(3)  

Subsection (4) applies if:


(a) the release authority is for *excess non-concessional contributions tax; and


(b) a *superannuation provider holds a *superannuation interest for the person (other than a *defined benefit interest); and


(c) any of the following conditions are satisfied:

(i) the person does not give the release authority to a superannuation provider holding a superannuation interest for the person in a *complying superannuation plan within 90 days after the date of the release authority in accordance with subsection (1);

(ii) if the person has made one or more requests as mentioned in paragraph 292-415(1)(a) in relation to the release authority within 90 days after the date of the release authority - the total of the amounts (if any) paid by superannuation providers in relation to the release authority falls short of the amount of the excess non-concessional contributions tax stated in the release authority;

(iii) the total of the *values of every superannuation interest (other than a defined benefit interest) held for the person by a superannuation provider to which the release authority is given falls short of the amount of the excess non-concessional contributions tax stated in the release authority.
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292-410(4)  

If the conditions in subsection (3) are satisfied, the Commissioner may give the release authority to one or more *superannuation providers that hold a *superannuation interest (other than a *defined benefit interest) for the person.

[CCH Note: S 292-410 will be repealed by No 81 of 2016, s 3 and Sch 10 item 18, effective 1 July 2018. For application provisions, see note under s 292-1.]


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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