Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012 (75 of 2012)

Schedule 4   Refund of excess concessional contributions

Part 2   Other amendments

Income Tax Assessment Act 1997

10   Subsection 995-1(1) (definition of reportable superannuation contributions )

Repeal the definition, substitute:

reportable superannuation contributions , for an individual and an income year, means the sum of:

(a) the individual’s *reportable employer superannuation contributions (if any) for the income year; and

(b) the individual’s deductions (if any) under Subdivision 290-C for the income year;

reduced (but not below zero) by the amount of any contributions disregarded under section 292-467 for the individual for the *financial year corresponding to the income year.