S 292-20 repealed by No 118 of 2013, s 3 and Sch 1 item 99, effective 29 June 2013. For application, transitional and saving provisions, see note under Div
291
heading. S 292-20 formerly read:
SECTION 292-20 Concessional contributions cap for older Australians
-
$35,000
292-20(1)
Despite section
292-20
of the
Income 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.
292-20(2)
This section does not apply to a financial year for which the concessional contributions cap worked out under section
292-20
of the
Income Tax Assessment Act 1997
is $35,000 or more.
292-20(3)
This section does not apply for the purposes of subsection
292-85(2)
of that Act.
S 292-20 substituted by No 82 of 2013, s 3 and Sch 1 item 2, effective 28 June 2013. S 292-20 formerly read:
SECTION 292-20 Concessional contributions cap for a financial year
292-20(1)
This section applies if:
(a)
you have excess concessional contributions for a financial year that:
(i)
begins on or after 1 July 2007; and
(ii)
ends before 1 July 2012; and
(b)
you are 50 years or over on the last day of that financial year.
292-20(2)
Despite section
292-20
of the
Income Tax Assessment Act 1997
, your
concessional contributions cap
for that financial year is:
(a)
if the year is the 2007-2008 financial year
-
$100,000; or
(b)
if the year is the 2008-2009 financial year
-
$100,000; or
(c)
if the year is the 2009-2010 financial year
-
$50,000; or
(d)
if the year is the 2010-2011 financial year
-
$50,000; or
(e)
if the year is the 2011-2012 financial year
-
$50,000.
Note:
This amount is
not
indexed.
History
S 292-20(2) substituted by
No 62 of 2009
, s 3 and Sch 3 item 11, effective 29 June 2009. S 292-20(2) formerly read:
292-20(2)
Despite section
292-20
of the
Income Tax Assessment Act 1997
, your
concessional contributions cap
for that financial year is $100,000.
Note:
This amount is
not
indexed.
292-20(3)
Subsection (2) does not apply for the purposes of subsection
292-85(2)
of that Act.
S 292-20 inserted by
No 9 of 2007
, s 3 and Sch 1 item 25, effective 15 March 2007.
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