Taxation Laws Amendment (Superannuation) Act 1992 (208 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 3   Amendments relating to deductions and rebates for personal contributions to superannuation funds

8   Deductions for superannuation contributions by eligible persons

Section 82AAT of the Principal Act is amended by omitting subsection (2) and substituting the following subsection:

"(2) The total of the deductions allowable to a taxpayer under this section for a year of income must not exceed the lesser of the following:

(a) the sum of:

(i) $3,000; and

(ii) 75% of the amount (if any) by which the total amount of the contributions exceeds $3,000;

(b) the amount ascertained in accordance with the regulations as the taxpayer's maximum deductible contributions for the year of income.".