Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-20 - SUPERANNUATION  

Division 138 - First home super saver scheme  

Subdivision 138-B - FHSS maximum release amount  

Operative provisions

SECTION 138-35   ELIGIBLE CONTRIBUTIONS  

Limits on amount of eligible contributions

138-35(1)    
For the purposes of this Subdivision:

(a)    the maximum amount of contributions that may be eligible to be released is $50,000; and

(b)    the maximum amount of contributions made in a particular *financial year that may be eligible to be released is $15,000.

Eligible contributions

138-35(2)    
A *concessional contribution, or *non-concessional contribution, for a *financial year is not eligible to be released unless it:

(a)    is made in respect of you in the financial year; and

(b)    is:

(i) an employer contribution that is not a mandated employer contribution (within the meaning of Part 5 of the Superannuation Industry (Supervision) Regulations 1994 ); or

(ii) a member contribution (within the meaning of that Part) that is made by you;

other than a contribution to the extent it is required to be made because of a law of the Commonwealth or of a State or Territory, or the rules of the relevant *superannuation fund; and

(c)    is not a contribution made in respect of a *defined benefit interest; and

(d)    is not a contribution to a *constitutionally protected fund.

138-35(3)    
If:

(a)    you have *excess concessional contributions for a *financial year ( your excess amount ); and

(b)    your excess amount is greater than your *concessional contributions for the financial year that are not eligible to be released under subsection (2) ( your non-eligible contributions );

concessional contributions that are equal to the difference between your excess amount and your non-eligible contributions are not eligible to be released.

138-35(4)    
If:

(a)    you have *non-concessional contributions for the *financial year that exceed your non-concessional contributions cap for the financial year ( your excess amount ); and

(b)    your excess amount is greater than your non-concessional contributions for the financial year that are not eligible to be released under subsection (2) ( your non-eligible contributions );

non-concessional contributions that are equal to the difference between your excess amount and your non-eligible contributions are not eligible to be released.

138-35(5)    
For the purposes of this section, disregard paragraph 292-90(1)(b) of the Income Tax Assessment Act 1997 .

Note:

Under paragraph 292-90(1)(b) of the Income Tax Assessment Act 1997 , your non-concessional contributions for a financial year would include the amount of your excess concessional contributions (if any) for the financial year.