CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-30
-
SUPERANNUATION
History
Part 3-30 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Division 292
-
Excess non-concessional contributions
[
CCH Note:
For transitional rules about the application of Division 292 and related provisions in the period from 10 May 2006 to 30 June 2007, see section
292-80
of the
Income Tax (Transitional Provisions) Act 1997
.]
History
Div 292 heading substituted by No 21 of 2015, s 3 and Sch 1 item 5, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. The heading formerly read:
Division 292
-
Excess non-concessional contributions tax
Div 292 heading amended by No 118 of 2013, s 3 and Sch 1 item 42, by inserting
"
non-concessional
"
, effective 29 June 2013. For application, transitional and saving provisions see note under Div
291
heading.
Div 292 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
Subdivision 292-C
-
Excess non-concessional contributions tax
[
CCH Note:
For transitional rules about the application of Division 292 and related provisions in the period from 10 May 2006 to 30 June 2007, see section
292-80
of the
Income Tax (Transitional Provisions) Act 1997
.]
History
Subdiv 292-C inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
Operative provisions
SECTION 292-85
Your excess non-concessional contributions for a financial year
Your excess non-concessional contributions
292-85(1)
You have
excess non-concessional contributions
for a *financial year if:
(a)
you receive one or more *excess non-concessional contributions determinations for the financial year; and
(b)
the excess amount stated in the most recent of those determinations exceeds the sum of any amounts paid in response to release authorities issued in relation to those determinations; and
(c)
section
292-467
of this Act does not apply to you for the financial year.
Note:
The release authorities are issued under Division
131
, or former Division
96
, in Schedule
1
to the
Taxation Administration Act 1953
.
History
S 292-85(1) amended by No 81 of 2016, s 3 and Sch 10 items 12 and 13, by substituting para (b) and inserting the note, effective 1 July 2018. For application provisions, see note under s
292-1
. Para (b) formerly read:
(b)
the excess amount stated in the most recent of those determinations exceeds the sum of any amounts paid to you in response to release authorities issued, in relation to those determinations, under section 96-12 in Schedule 1 to the
Taxation Administration Act 1953
; and
S 292-85(1) substituted by No 21 of 2015, s 3 and Sch 1 item 8, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. S 292-85(1) formerly read:
292-85(1)
You have
excess non-concessional contributions
for a *financial year if the amount of your *non-concessional contributions for the year exceeds your *non-concessional contributions cap for the year. The amount of the excess non-concessional contributions is the amount of the excess.
292-85(1A)
The amount of your
excess non-concessional contributions
is:
(a)
if no amounts were paid as described in paragraph
(1)(b)
-
the excess amount stated in that most recent determination; or
(b)
otherwise
-
the amount of the excess worked out under paragraph
(1)(b)
.
Note:
Any excess non-concessional contributions determination you receive after the first one for a financial year is an amended determination.
History
S 292-85(1A) amended by No 81 of 2016, s 3 and Sch 10 item 14, by omitting
"
to you
"
after
"
were paid
"
from para (a), effective 1 July 2018. For application provisions, see note under s
292-1
.
S 292-85(1A) inserted by No 21 of 2015, s 3 and Sch 1 item 8, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
Your non-concessional contributions cap
-
general rule
292-85(2)
Your
non-concessional contributions cap
for a *financial year is:
(a)
unless paragraph
(b)
applies
-
the amount (the
general non-concessional contributions cap
for the year) that is 4 times your *concessional contributions cap under subsection
291-20(2)
for the year; or
(b)
if, immediately before the start of the year, your *total superannuation balance equals or exceeds the *general transfer balance cap for the year
-
nil.
Note:
This subsection does
not
take into account any increase in your concessional contributions cap under subsection
291-20(4)
.
[
CCH Note:
The general non-concessional contributions cap under s 292-85(2)(a) is:
| 2007/08 - 2013/14 |
$150,000 |
| 2014/15
-
2016/17 |
$180,000 |
| 2017/18
-
2020/21 |
$100,000 |
| 2021/22
-
2023/24 |
$110,000 |
| 2024/25 |
$120,000] |
History
S 292-85(2) substituted by No 81 of 2016, s 3 and Sch 3 item 2, effective 1 January 2017 and applicable in relation to working out your non-concessional contributions cap for the financial year starting on 1 July 2017 and later financial years. S 292-85(2) formerly read:
292-85(2)
Your
non-concessional contributions cap
is:
(a)
for the 2007-2008 *financial year
-
the amount that is 3 times your *concessional contributions cap for the year; and
(b)
for the 2008-2009 financial year
-
the amount that is 3 times your concessional contributions cap for the year; and
(c)
for the 2009-2010 financial year or a later financial year
-
the amount that is 6 times your concessional contributions cap for the year.
S 292-85(2) substituted by No 62 of 2009, s 3 and Sch 3 item 2, effective 29 June 2009. S 292-85(2) formerly read:
292-85(2)
Your
non-concessional contributions cap
for the year is the amount that is 3 times your *concessional contributions cap for the year.
When you can bring forward your non-concessional contributions cap
292-85(3)
Despite subsection
(2)
, work out your
non-concessional contributions cap
for a *financial year (the
first year
) under subsection
(5)
, and your
non-concessional contributions caps
for the following 2 financial years (the
second year
and
third year
) under subsections
(6)
and
(7)
, if:
(a)
your *non-concessional contributions for the first year exceed the general non-concessional contributions cap for that year; and
(b)
paragraph
(2)(b)
does not apply to you in relation to the first year; and
(c)
you are under 75 years at any time in the first year; and
(d)
a previous operation of subsection
(6)
or
(7)
does not determine your non-concessional contributions cap for the first year; and
(e)
the difference (the
first year cap space
) between the *general transfer balance cap for the first year and your *total superannuation balance immediately before the start of the first year exceeds the general non-concessional contributions cap for the first year.
History
S 292-85(3) amended by No 10 of 2022, s 3 and Sch 4 item 4, by substituting
"
75
"
for
"
67
"
in para (c), effective 1 April 2022 and applicable in relation to contributions made on or after 1 July 2022.
S 292-85(3) amended by No 45 of 2021, s 3 and Sch 1 item 1, by substituting
"
67
"
for
"
65
"
in para (c), effective 1 July 2021 and applicable to non-concessional contributions made on or after 1 July 2020.
S 292-85(3) substituted by No 81 of 2016, s 3 and Sch 3 item 2, effective 1 January 2017 and applicable in relation to working out your non-concessional contributions cap for the financial year starting on 1 July 2017 and later financial years. S 292-85(3) formerly read:
292-85(3)
However, subsection (4) applies instead of subsection (2) in determining your
non-concessional contributions cap
for a *financial year (the
first year
) if:
(a)
your *non-concessional contributions for the first year exceed the amount mentioned in subsection (2) for that year; and
(b)
you are under 65 years at any time in the first year; and
(c)
a previous operation of subsection (4) does not determine your non-concessional contributions cap for the first year.
292-85(4)
However, do not work out your *non-concessional contributions cap for the third year under subsection
(7)
if the first year cap space does not exceed an amount equal to twice the general non-concessional contributions cap for the first year.
Note:
If this subsection applies, your non-concessional contributions cap for the third year will be worked out under subsection
(2)
(unless the third year becomes a new first year under a further application of subsection
(3)
).
History
S 292-85(4) substituted by No 81 of 2016, s 3 and Sch 3 item 2, effective 1 January 2017 and applicable in relation to working out your non-concessional contributions cap for the financial year starting on 1 July 2017 and later financial years. S 292-85(4) formerly read:
292-85(4)
Work out your
non-concessional contributions cap
for the first year and for the following 2 *financial years (the
second year
and
third year
) as follows:
(a)
your cap for the first year is 3 times the amount mentioned in subsection (2) for the first year;
(b)
your cap for the second year is:
(i)
if your *non-concessional contributions for the first year fall short of your cap for the first year (worked out under paragraph (a))
-
the shortfall; or
(ii)
otherwise
-
nil;
(c)
your cap for the third year is:
(i)
if your *non-concessional contributions for the second year fall short of your cap for the second year (worked out under paragraph (b))
-
the shortfall; or
(ii)
otherwise
-
nil.
First year of bring forward
292-85(5)
Your
non-concessional contributions cap
for the first year is an amount equal to:
(a)
if the first year cap space does not exceed an amount equal to twice the general non-concessional contributions cap for the first year
-
twice the general non-concessional contributions cap for the first year; or
(b)
otherwise
-
3 times the general non-concessional contributions cap for the first year.
History
S 292-85(5) inserted by No 81 of 2016, s 3 and Sch 3 item 2, effective 1 January 2017 and applicable in relation to working out your non-concessional contributions cap for the financial year starting on 1 July 2017 and later financial years.
Second year of bring forward
292-85(6)
Your
non-concessional contributions cap
for the second year is:
(a)
if:
(i)
your *total superannuation balance immediately before the start of the second year is less than the *general transfer balance cap for the second year; and
(ii)
your *non-concessional contributions for the first year fall short of your cap for the first year (worked out under subsection
(5)
);
that shortfall; or
(b)
otherwise
-
nil.
History
S 292-85(6) inserted by No 81 of 2016, s 3 and Sch 3 item 2, effective 1 January 2017 and applicable in relation to working out your non-concessional contributions cap for the financial year starting on 1 July 2017 and later financial years.
Third year of bring forward
292-85(7)
Your
non-concessional contributions cap
for the third year is:
(a)
if:
(i)
your *total superannuation balance immediately before the start of the third year is less than the *general transfer balance cap for the third year; and
(ii)
your *non-concessional contributions for the second year fall short of your cap for the second year (worked out under subsection
(6)
);
that shortfall; or
(b)
if:
(i)
your total superannuation balance immediately before the start of the third year is less than the general transfer balance cap for the third year; and
(ii)
your cap for the second year is nil; and
(iii)
your non-concessional contributions for the first year fall short of your cap for the first year (worked out under subsection
(5)
);
that shortfall; or
(c)
otherwise
-
nil.
History
S 292-85(7) inserted by No 81 of 2016, s 3 and Sch 3 item 2, effective 1 January 2017 and applicable in relation to working out your non-concessional contributions cap for the financial year starting on 1 July 2017 and later financial years.
[
CCH Note:
For transitional rules about the application of Division 292 and related provisions in the period from 10 May 2006 to 30 June 2007, see section
292-80
of the
Income Tax (Transitional Provisions) Act 1997
.]
History
S 292-85 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
View history note
Hide history note