SUPERANNUATION (EXCESS NON-CONCESSIONAL CONTRIBUTIONS TAX) ACT 2007

SECTION 6   TEMPORARY BUDGET REPAIR LEVY  

6(1)    
This section applies to the temporary budget repair levy years.

6(2)    
Increase the percentage mentioned in section 5 by 2 percentage points.

Increase limited if certain contributions already taxed

6(3)    
However, do not increase the percentage in relation to a person to the extent the increase would result in the sum of the following amounts payable on the person ' s excess concessional contributions for a temporary budget repair levy year exceeding 95% of those excess concessional contributions:

(a) income tax;

(b) excess non-concessional contributions tax.

Definitions

6(4)    
In this section:

excess concessional contributions
has the same meaning as in the Income Tax Assessment Act 1997 .

income tax
has the same meaning as in the Income Tax Assessment Act 1997 .

temporary budget repair levy year
has the same meaning as in section 4-11 of the Income Tax (Transitional Provisions) Act 1997 .