Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 292 - Excess non-concessional contributions tax  

SECTION 292-80A   Transitional release authority  

292-80A(1)    
A person may apply to the Commissioner in the approved form for a transitional release authority under subsection (2). The application can only be made before 1 July 2007.

292-80A(2)    
The Commissioner must give the person a transitional release authority if the Commissioner considers that, apart from subparagraph 292-80(3)(b)(i) , the person would have excess non-concessional contributions for the financial year mentioned in paragraph 292-80(3)(a) .

292-80A(3)    
The transitional release authority must:

(a) state the amount of excess non-concessional contributions mentioned in subsection (2); and

(b) be dated; and

(c) contain any other information that the Commissioner considers relevant.

292-80A(4)    
For the purposes of this section, disregard contributions made in respect of the person after 6 December 2006 in working out:

(a) whether the person has excess non-concessional contributions as mentioned in subsection (2); and

(b) the amount of those excess non-concessional contributions.