Taxation Administration Act 1953
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View history noteSch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).
Note: See section 3AA .
Chapter 3 - Collection, recovery and administration of other taxesCh 3 inserted by No 73 of 2006 , s 3 and Sch 5 item 41, effective 1 July 2006.
Pt 3-20 heading substituted by No 81 of 2016, s 3 and Sch 1 item 13, effective 1 January 2017 and applicable on and after 1 July 2017. The heading formerly read:
PART 3-20 - SUSTAINING THE SUPERANNUATION CONTRIBUTION CONCESSION
Pt 3-20 inserted by No 82 of 2013, s 3 and Sch 3 item 2, effective 28 June 2013. No 82 of 2013, s 3 and Sch 3 item 39 contains the following application provision:
39 Application
(1)
Subject to this item, the amendments made apply to the 2012-13 income year and later income years.
…
No retrospective administrative penalty
(3)
Despite subitem (1), the amendments made do not give rise to a liability to an administrative penalty under section 286-75 in Schedule 1 to the
Taxation Administration Act 1953
for failing to do a thing by a particular day, if the day is before the day this Act receives the Royal Assent
[
28 June 2013].
Modification for certain notice provisions
(4)
Despite subitem (1), section 133-75 in Schedule 1 to the
Taxation Administration Act 1953
, as inserted, does not require the Commissioner to give a notice before 1 July 2014.
Div 138 inserted by No 132 of 2017, s 3 and Sch 1 item 1, effective 1 July 2018.
Subdiv 138-B inserted by No 132 of 2017, s 3 and Sch 1 item 1, effective 1 July 2018.
SECTION 138-30 FHSS RELEASABLE CONTRIBUTIONS AMOUNT 138-30(1)
Your FHSS releasable contributions amount is the sum of the following amounts for each *financial year that starts on 1 July 2017 or a later 1 July:
(a) your *FHSS eligible non-concessional contributions for the financial year;
(b) 85% of your *FHSS eligible concessional contributions for the financial year.
Order of counting contributions
138-30(2)
In determining which contributions are to be counted towards your *FHSS releasable contributions amount, contributions are to be counted in the order in which they were made (from earliest to latest).
138-30(3)
For subsection (2):
(a) if an *FHSS eligible concessional contribution, and an *FHSS eligible non-concessional contribution, is made in respect of you at the same time, the FHSS eligible non-concessional contribution is taken to have been made first; and
(b) if, for a particular *financial year, you personally made both *FHSS eligible concessional contributions and *FHSS eligible non-concessional contributions, the FHSS eligible non-concessional contributions are taken to have been made first.
Example:
For paragraph (b), in the 2018-2019 financial year, you made voluntary contributions of $1,000 each fortnight, up to a total of $25,000. At the end of the financial year, you claim a deduction for $15,000 (leaving $10,000 of the contributions as non-concessional contributions).
If all of the non-concessional contributions are eligible to be released under section 138-35 , the first 10 contributions made for the financial year are taken to have been the non-concessional contributions, and the later contributions are taken to be the concessional contributions.
S 138-30 inserted by No 132 of 2017, s 3 and Sch 1 item 1, effective 1 July 2018.
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