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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 292-415  Superannuation provider given release authority must pay amount  

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292-415(1)  

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A *superannuation provider that has been given a release authority in accordance with section 292-410 must pay to the person or the Commissioner within 30 days after receiving the release authority the least of the following amounts:


(a) if the person or Commissioner requests the superannuation provider, in writing, to pay a specified amount in relation to the release authority - that amount;


(b) the amount of *excess non-concessional contributions tax stated in the release authority;


(c) the sum of the *values of every *superannuation interest (other than a *defined benefit interest) held by the superannuation provider for the person in:

(i) for a release authority given under subsection 292-410(1) - *complying superannuation plans; or

(ii) for a release authority given under subsection 292-410(4) - *superannuation plans.
 View history reference

Note 1:

Section 288-95 in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with this subsection.

Note 2:

Section 288-100 in Schedule 1 to the Taxation Administration Act 1953 provides that the person giving the release authority to the superannuation provider can be liable to an administrative penalty if excess amounts are paid in relation to the release authority.

Note 3:

For reporting obligations on the superannuation provider in these circumstances, see section 390-65 in Schedule 1 to the Taxation Administration Act 1953.

Note 4:

For the taxation treatment of the payment, see section 304-15.

292-415(2)  

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The payment must be made out of one or more *superannuation interests (other than a *defined benefit interest) held by the *superannuation provider for the person in:


(a) for a release authority given under subsection 292-410(1) - *complying superannuation plans; or


(b) for a release authority given under subsection 292-410(4) - *superannuation plans.

292-415(3)  

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If the payment is made to the Commissioner, it is taken to be made in satisfaction (in whole or part) of the person's liability for *excess non-concessional contributions tax stated in the release authority.

292-415(4)  

If:


(a) the release authority was given by the Commissioner in accordance with subsection 292-410(4); and


(b) the payment is made to the Commissioner;

the Commissioner must, as soon as possible, give the person written notice that the payment has been made.

292-415(5)  

Section 307-125 (the proportioning rule) does not apply to a payment made as required under this section.

[CCH Note: S 292-415 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.]


 



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