Income Tax Assessment Act 1997

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Div 292 heading substituted by No 21 of 2015, s 3 and Sch 1 item 5, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. The heading formerly read:

Division 292 - Excess non-concessional contributions tax

Div 292 heading amended by No 118 of 2013, s 3 and Sch 1 item 42, by inserting " non-concessional " , effective 29 June 2013. For application, transitional and saving provisions see note under Div 291 heading.

Div 292 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

Subdiv 292-G inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

S 292-420 repealed by No 118 of 2013, s 3 and Sch 1 item 67, effective 29 June 2013. For application, transitional and saving provisions see note under Div 291 heading. S 292-420 formerly read:

SECTION 292-420 Release authorities for refunded excess concessional contributions  
Commissioner may issue release authorities

292-420(1)
If:

(a) the Commissioner makes a determination under section 292-467 (refunded excess concessional contributions) for a person in relation to * excess concessional contributions; and

(b) the person has one or more * superannuation interests; and

(c) any amount paid in accordance with section 292-415 that relates to an amount of * excess concessional contributions tax for the person for the * financial year to which the determination relates does not equal or exceed 85 % of the excess concessional contributions;

the Commissioner may issue a release authority relating to the excess concessional contributions to a * superannuation provider that holds such a superannuation interest for the person.

292-420(2)
The release authority must:

(a) state the amount that is 85 % of the * excess concessional contributions; and

(b) be dated; and

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

Note:

If the release authority relates to a determination as varied under section 292-468 , the amount stated in the release authority is as provided in subsection 292-468(8) .

292-420(3)
Despite paragraph (2)(a), if:

(a) an amount has been paid in accordance with section 292-415 in relation to an * excess contributions tax assessment for the person for the * financial year to which the determination relates; and

(b) the amount relates wholly or partly to * excess concessional contributions by the person for the financial year;

the amount stated under paragraph (2)(a) must be reduced (but not below zero) by so much of the amount as relates to those excess concessional contributions.

Obligations of superannuation providers

292-420(4)
A * superannuation provider that has been issued with a release authority under this section must:

(a) within 30 days after the release authority is issued, pay to the Commissioner the amount stated in the release authority; and

(b) within 30 days after the release authority is issued, or within 7 days after the payment is made if that is earlier, give to the Commissioner a statement, in the * approved form, advising the Commissioner of the payment.

Note 1:

Section 288-95 in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with paragraph (a).

Note 2:

Subsection 286-75(1) in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with paragraph (b).

Note 3:

For the taxation treatment of the payment, see section 303-15 . As a result of the determination made under section 292-467 , the excess concessional contributions are included in the person ' s assessable income: see paragraph 292-467(2)(a) .

292-420(5)
However, subsection (4) does not apply if:

(a) the sum of the * values of every * superannuation interest (other than an interest of a kind mentioned in paragraph (b)) held by the * superannuation provider for the person is less than the amount stated in the release authority; or

(b) the superannuation provider holds only one or more of the following kinds of superannuation interests for the person:

(i) a * defined benefit interest;

(ii) a superannuation interest in a * non-complying superannuation fund;

(iii) a superannuation interest that is treated as a separate interest under regulations made for the purposes of section 307-200 in circumstances where the interest is supporting a * superannuation income stream.

292-420(6)
If subsection (4) does not apply, the * superannuation provider must, within 30 days after the release authority is issued, advise the Commissioner, in the * approved form, that the superannuation provider is not required to comply with the release authority.

Note:

Subsection 286-75(1) in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with this subsection.

Commissioner may vary or revoke release authorities

292-420(7)
The Commissioner may vary or revoke a release authority at any time before the Commissioner receives a payment relating to the release authority in accordance with subsection (4).

Entitlement to credits

292-420(8)
If the * superannuation provider pays an amount to the Commissioner in accordance with this section, the person is entitled to a credit equal to that amount. The credit arises:

(a) if the Commissioner receives the amount before making or amending an * assessment of the person ' s taxable income to give effect to the determination - on the date of the assessment or amended assessment; or

(b) otherwise - on the day the Commissioner receives the amount.

Note:

Division 3 of Part IIB of the Taxation Administration Act 1953 provides for the treatment of credits that an entity is entitled to under a taxation law.

S 292-420 inserted by No 75 of 2012, s 3 and Sch 4 item 1, applicable in relation to excess concessional contributions for the financial year beginning on 1 July 2011 and later financial years.