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

S 280-15(1) amended by No 81 of 2016, s 3 and Sch 6 item 1, by omitting " This limit takes the form of a tax on excessive contributions, and neutralises the favourable tax treatment arising from the excessive contributions. " after " tax treatment. " , effective 1 January 2017 and applicable in relation to working out your concessional contributions cap for the 2019-2020 financial year and later financial years.

S 280-15(2) amended by No 81 of 2016, s 3 and Sch 6 item 2, by inserting " Unused cap can be carried forward for 5 years. " , effective 1 January 2017 and applicable in relation to working out your concessional contributions cap for the 2019-2020 financial year and later financial years.

S 280-15(2) substituting by No 118 of 2013, s 3 and Sch 1 item 19, effective 29 June 2013. For application, transitional and saving provisions see note under Div 291 heading. S 280-15(2) formerly read:

280-15(2)
If concessional contributions exceed an indexed cap, the individual concerned is taxed on the excess. This tax liability can be met by releasing money from his or her superannuation interests.

S 280-15(3) substituted by No 81 of 2016, s 3 and Sch 10 item 5, effective 1 July 2018. For application provisions, see note under s 292-1 . S 280-15(3) formerly read:

280-15(3)
If non-concessional contributions exceed an indexed cap, the individual can:

(a) elect to release an amount corresponding to that excess, and 85% of the associated earnings on that excess, from the individual ' s superannuation interests; or

(b) elect not to release such an amount if the value of the individual ' s superannuation interests is nil.

An amount corresponding to those associated earnings is then included in the individual ' s assessable income and gives rise to a tax offset.

S 280-15(3) substituted by No 21 of 2015, s 3 and Sch 1 item 4, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. S 280-15(3) formerly read:

280-15(3)
If non-concessional contributions (including any excess for the purposes of the first cap that has not been released) exceed a second indexed cap, the individual is taxed on the excess. The second cap is equivalent to three times the first cap. The payment of this tax liability must be accompanied by releasing money equivalent to the liability from his or her superannuation interests.

S 280-15(3) amended by No 118 of 2013, s 3 and Sch 1 item 20, by inserting " that has not been released " , effective 29 June 2013. For application, transitional and saving provisions see note under Div 291 heading.

S 280-15(4) substituted by No 81 of 2016, s 3 and Sch 10 item 5, effective 1 July 2018. For application provisions, see note under s 292-1 . S 280-15(4) formerly read:

280-15(4)
The individual is taxed:

(a) if the amount released as described in paragraph (3)(a) fell short of that excess - on that shortfall; or

(b) on that excess, if the individual did not make either of those elections.

An amount equal to this tax liability must be released from the individual ' s superannuation interests.

S 280-15(4) inserted by No 21 of 2015, s 3 and Sch 1 item 4, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.

S 280-15(5) inserted by No 81 of 2016, s 3 and Sch 10 item 5, effective 1 July 2018. For application provisions, see note under s 292-1 .

S 280-15(6) inserted by No 81 of 2016, s 3 and Sch 10 item 5, effective 1 July 2018. For application provisions, see note under s 292-1 .

S 280-15 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.