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

Schedule 3   Excess contributions tax

Income Tax Assessment Act 1997

4   At the end of section 292-170

Add:

(8) Despite subsection (1), your notional taxed contributions for the *financial year in respect of the *defined benefit interest are equal to your *concessional contributions cap for the financial year if:

(a) this Subdivision applies in relation to you because you have a defined benefit interest in a financial year; and

(b) disregarding this subsection, the notional taxed contributions for the financial year in respect of the defined benefit interest exceed your concessional contributions cap for the financial year; and

(c) either:

(i) you held the defined benefit interest in a *superannuation fund on 12 May 2009; or

(ii) all the requirements in subsection (9) are satisfied; and

(d) the conditions (if any) specified in the regulations are satisfied; and

(e) the financial year is the 2009-2010 financial year or a later financial year.

(9) For the purposes of subparagraph (8)(c)(ii), the requirements are as follows:

(a) you held a *defined benefit interest (the original interest ) in a *superannuation fund (the original fund ) on 12 May 2009;

(b) the defined benefit interest mentioned in paragraph (8)(a) (the current interest ) is in a different superannuation fund (the current fund );

(c) the entire *value of the original interest:

(i) was transferred directly to the current interest after 12 May 2009; or

(ii) was transferred to another *superannuation interest after 12 May 2009, and was later transferred to the current interest (whether directly or through a series of transfers between superannuation interests);

(d) your rights to accrue future benefits under the current interest are equivalent to your rights to accrue future benefits under the original interest;

(e) either:

(i) the notional taxed contributions mentioned in paragraph (8)(b) do not exceed what they would have been if the transfer mentioned in paragraph (c) had not taken place; or

(ii) the conditions (if any) specified in the regulations are satisfied;

(f) the conditions (if any) specified in the regulations are satisfied.