Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 292 - Excess non-concessional contributions  

Subdivision 292-C - Excess non-concessional contributions tax  

SECTION 292-90.01   NON-CONCESSIONAL CONTRIBUTIONS FOR A FINANCIAL YEAR  

292-90.01(1)    

For the purposes of paragraph 292-90(4)(a) of the Act, this section specifies conditions for the allocation of an amount in a complying superannuation plan for you for a financial year.

Note:

If the amount meets the conditions of this section it will be an amount covered by subsection 292-90(4) of the Act. Such amounts are counted in determining your non-concessional contributions for a financial year.

Conditions - general

292-90.01(2)    

Subject to subsection (2A) , the conditions are that the amount is:

(a)    allocated under Division 7.2 of the SIS Regulations; and

(b)    not an assessable contribution; and

(c)    not covered by subsection (3) .

Conditions for allocations from reserves

292-90.01(2A)    

If:

(a)    the amount is allocated from a reserve; and

(b)    the amount is not allocated in accordance with the conditions specified in subsection (2) ;

the conditions are that:

(c)    section 292-90.02 does not apply in relation to the allocation; and

(d)    the amount is not covered by subsection (3) of this section; and

(e)    the amount is not allocated in accordance with the conditions specified in subsection 291-25.01(2) ; and

(f)    the amount is not an amount mentioned in subsection 99G(6) of the Superannuation Industry (Supervision) Act 1993 that is refunded in accordance with that subsection.

Excluded contributions and payments

292-90.01(3)    
Each of the following amounts is covered by this subsection:

(a)    a Government co-contribution made under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 ;

(b)    a contribution covered under section 292-95 of the Act;

(c)    a contribution covered under section 292-100 of the Act, to the extent that it does not exceed the CGT cap amount when it is made;

(d)    a contribution made to a constitutionally protected fund (other than a contribution included in the contributions segment of the member ' s superannuation interest in the fund);

(e)    contributions not included in the assessable income of the superannuation provider in relation to the superannuation plan because of a choice made under section 295-180 of the Act;

(f)    a contribution that is a roll-over superannuation benefit;

(g)    

the tax free component of a directed termination payment (within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997 ) made in the financial year on behalf of you.