Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 280 - Guide to the superannuation provisions  

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.

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.

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.


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 .


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.


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 .



View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.