CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
History
Part 3-30 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Division 280
-
Guide to the superannuation provisions
History
Div 280 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Contributions phase
SECTION 280-15
Contributions phase
-
limits on superannuation tax concessions
280-15(1)
There is a limit to contributions that can be made in respect of an individual in a year that receive favourable tax treatment.
History
S 280-15(1) amended by No 81 of 2016, s 3 and Sch 6 item 1, by omitting
"
This limit takes the form of a tax on excessive contributions, and neutralises the favourable tax treatment arising from the excessive contributions.
"
after
"
tax treatment.
"
, effective 1 January 2017 and applicable in relation to working out your concessional contributions cap for the 2019-2020 financial year and later financial years.
280-15(2)
If concessional contributions exceed an indexed cap, the excess is included in the individual
'
s assessable income and gives rise to a tax offset. The individual can release the excess concessional contributions from his or her superannuation interests. Unused cap can be carried forward for 5 years.
History
S 280-15(2) amended by No 81 of 2016, s 3 and Sch 6 item 2, by inserting
"
Unused cap can be carried forward for 5 years.
"
, effective 1 January 2017 and applicable in relation to working out your concessional contributions cap for the 2019-2020 financial year and later financial years.
S 280-15(2) substituting by No 118 of 2013, s 3 and Sch 1 item 19, effective 29 June 2013. For application, transitional and saving provisions see note under Div
291
heading. S 280-15(2) formerly read:
280-15(2)
If concessional contributions exceed an indexed cap, the individual concerned is taxed on the excess. This tax liability can be met by releasing money from his or her superannuation interests.
280-15(3)
If non-concessional contributions exceed an indexed cap, the individual can request the release of either:
(a)
nothing; or
(b)
an amount equal to the sum of that excess and 85% of the associated earnings on that excess;
from the individual
'
s superannuation interests. Whether or not such a request is made, an amount relating to those associated earnings may be included in the individual
'
s assessable income and may give rise to a tax offset.
History
S 280-15(3) substituted by No 81 of 2016, s 3 and Sch 10 item 5, effective 1 July 2018. For application provisions, see note under s
292-1
. S 280-15(3) formerly read:
280-15(3)
If non-concessional contributions exceed an indexed cap, the individual can:
(a)
elect to release an amount corresponding to that excess, and 85% of the associated earnings on that excess, from the individual
'
s superannuation interests; or
(b)
elect not to release such an amount if the value of the individual
'
s superannuation interests is nil.
An amount corresponding to those associated earnings is then included in the individual
'
s assessable income and gives rise to a tax offset.
S 280-15(3) substituted by No 21 of 2015, s 3 and Sch 1 item 4, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. S 280-15(3) formerly read:
280-15(3)
If non-concessional contributions (including any excess for the purposes of the first cap that has not been released) exceed a second indexed cap, the individual is taxed on the excess. The second cap is equivalent to three times the first cap. The payment of this tax liability must be accompanied by releasing money equivalent to the liability from his or her superannuation interests.
S 280-15(3) amended by No 118 of 2013, s 3 and Sch 1 item 20, by inserting
"
that has not been released
"
, effective 29 June 2013. For application, transitional and saving provisions see note under Div
291
heading.
280-15(4)
In the absence of such a request, the Commissioner may require the relevant superannuation fund to release the amount described in paragraph (3)(b).
Note:
This can be done under subsection
131-15(2)
in Schedule
1
to the
Taxation Administration Act 1953
.
History
S 280-15(4) substituted by No 81 of 2016, s 3 and Sch 10 item 5, effective 1 July 2018. For application provisions, see note under s
292-1
. S 280-15(4) formerly read:
280-15(4)
The individual is taxed:
(a)
if the amount released as described in paragraph (3)(a) fell short of that excess
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on that shortfall; or
(b)
on that excess, if the individual did not make either of those elections.
An amount equal to this tax liability must be released from the individual
'
s superannuation interests.
S 280-15(4) inserted by No 21 of 2015, s 3 and Sch 1 item 4, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
280-15(5)
The individual is taxed:
(a)
on any shortfall between the amount released as described in subsection (3) or (4) and the excess referred to in subsection (3); or
(b)
on that excess, if the individual requested that nothing be released from the individual
'
s superannuation interests.
History
S 280-15(5) inserted by No 81 of 2016, s 3 and Sch 10 item 5, effective 1 July 2018. For application provisions, see note under s
292-1
.
280-15(6)
The Commissioner may require the release of an amount equal to this tax liability from the individual
'
s superannuation interests.
Note:
This can be done under subsection
131-15(3)
in Schedule
1
to the
Taxation Administration Act 1953
.
History
S 280-15(6) inserted by No 81 of 2016, s 3 and Sch 10 item 5, effective 1 July 2018. For application provisions, see note under s
292-1
.
History
S 280-15 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.