Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 2   Concessional superannuation contributions

Part 1   Excess concessional contributions

Income Tax Assessment Act 1997

7   After paragraph 291-165(b)

Insert:

; and (c) the amount (if any) by which your *defined benefit contributions for the financial year in respect of the defined benefit interest or interests exceed those notional taxed contributions.

Note: Section 291-370 prevents some contributions from causing your concessional contributions for a financial year to exceed the concessional contributions cap.

(2) In working out your *defined benefit contributions for the *financial year for the purposes of paragraph (1)(c):

(a) if Subdivision 293-E applies to you for the income year corresponding to the financial year - disregard subsection 293-150(3); and

(b) if Subdivision 293-F applies to you - disregard subsection 293-195(2).

Note: Section 291-370 prevents some contributions from causing your concessional contributions for a financial year to exceed the concessional contributions cap.