Tax Laws Amendment (2009 Budget Measures No. 1) Act 2009 (62 of 2009)

Schedule 3   Excess contributions tax

Income Tax (Transitional Provisions) Act 1997

11   Subsection 292-20(2)

Repeal the subsection, substitute:

(2) Despite section 292-20 of the Income Tax Assessment Act 1997, your concessional contributions cap for that financial year is:

(a) if the year is the 2007-2008 financial year - $100,000; or

(b) if the year is the 2008-2009 financial year - $100,000; or

(c) if the year is the 2009-2010 financial year - $50,000; or

(d) if the year is the 2010-2011 financial year - $50,000; or

(e) if the year is the 2011-2012 financial year - $50,000.

Note: This amount is not indexed.