Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 (82 of 2013)

Schedule 1   Superannuation concessional contributions cap

Income Tax (Transitional Provisions) Act 1997

2   Section 292-20

Repeal the section, substitute:

292-20 Concessional contributions cap for older Australians - $35,000

(1) Despite section 292-20 of theIncome Tax Assessment Act 1997, your concessional contributions cap is $35,000:

(a) for the 2013-2014 financial year - if you are 59 years or over on 30 June 2013; or

(b) for the 2014-2015 financial year or a later financial year - if you are 49 years or over on the last day of the previous financial year.

Note: This amount is not indexed.

(2) This section does not apply to a financial year for which the concessional contributions cap worked out under section 292-20 of theIncome Tax Assessment Act 1997 is $35,000 or more.

(3) This section does not apply for the purposes of subsection 292-85(2) of that Act.