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

Schedule 3   Excess contributions tax

Income Tax Assessment Act 1997

1   Subsection 292-20(2)

Repeal the subsection (not including the notes), substitute:

(2) Your concessional contributions cap is:

(a) for the 2007-2008 *financial year - $50,000; or

(b) for the 2008-2009 financial year - $50,000; or

(c) for the 2009-2010 financial year - $25,000; or

(d) for the 2010-2011 financial year or a later financial year - the amount worked out by indexing annually the amount mentioned in paragraph (c).