Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-30 - SUPERANNUATION

Division 292 - Excess non-concessional contributions

[ CCH Note: For transitional rules about the application of Division 292 and related provisions in the period from 10 May 2006 to 30 June 2007, see section 292-80 of the Income Tax (Transitional Provisions) Act 1997 .]

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Subdivision 292-B - Assessable income and tax offset

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History

Subdiv 292-B inserted by No 21 of 2015, s 3 and Sch 1 item 7, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.

Former Subdiv 292-B repealed by No 118 of 2013, s 3 and Sch 1 item 44, effective 29 June 2013. For application, transitional and saving provisions see note under Div 291 heading. Subdiv 292-B formerly read:

Subdivision 292-B - Excess concessional contributions tax

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Subdiv 292-B inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

SECTION 292-10 What this Subdivision is about

This Subdivision defines concessional contributions and excess concessional contributions , and sets liability to pay excess concessional contributions tax.

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S 292-10 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

Operative provisions

SECTION 292-15 SECTION 292-15 Liability for excess concessional contributions tax
292-15
You are liable to pay *excess concessional contributions tax imposed by the Superannuation (Excess Concessional Contributions Tax) Act 2007 if you have *excess concessional contributions for a *financial year.
Note:

The amount of the tax is set out in that Act.

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S 292-15 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

SECTION 292-20 Your excess concessional contributions for a financial year
292-20(1)
You have excess concessional contributions for a *financial year if the amount of your *concessional contributions for the year exceeds your *concessional contributions cap for the year. The amount of the excess concessional contributions is the amount of the excess.

292-20(2)
Your concessional contributions cap is:

(a) for the 2007-2008 *financial year - $50,000; or

(b) for the 2008-2009 financial year - $50,000; or

(c) for the 2009-2010 financial year - $25,000; or

(d) for the 2010-2011 financial year - $ 25,000; or

(e) for the 2011-2012 financial year - $ 25,000; or

(f) for the 2012-2013 financial year - $ 25,000; or

(g) for the 2013-2014 financial year - $ 25,000; or

(h) for the 2014-2015 financial year or a later financial year - the amount worked out by indexing annually the amount mentioned in paragraph (g).
Note 1:

Subdivision 960-M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the cap: see section 960-285 .

Note 2:

For transitional rules for older Australians, see section 292-20 of the Income Tax (Transitional Provisions) Act 1997 .

[ CCH Note: The concessional contributions cap amounts are:

2011/12 $25,000

2012/13 $25,000

For the concessional contributions cap amounts for the 2013/14 and later income years, see the CCH Note for s 291-20(2) .]

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History

S 292-20(2) amended by No 82 of 2013, s 3 and Sch 1 item 1, by substituting note 2, effective 28 June 2013. Note 2 formerly read:

Note 2:

For transitional rules about the period from 1 July 2007 to 30 June 2012, see section 292-20 of the Income Tax (Transitional Provisions) Act 1997 .

S 292-20(2) substituted (not including the notes) by No 62 of 2009, s 3 and Sch 3 item 1, effective 29 June 2009. S 292-20(2) formerly read:

292-20(2)
Your concessional contributions cap for the 2007-2008 *financial year is $50,000. This amount is indexed annually.

S 292-20(2) amended by No 97 of 2008 , s 3 and Sch 3 item 135, by substituting " Note 1: " for " Note: " , effective 3 October 2008.

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S 292-20 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

SECTION 292-25 Your concessional contributions for a financial year
292-25(1)
The amount of your concessional contributions for a *financial year is the sum of:

(a) each contribution covered under subsection (2); and

(b) each amount covered under subsection (3).
Note:

For rules about defined benefit interests, see Subdivision 292-D .

292-25(2)
A contribution is covered under this subsection if:

(a) it is made in the *financial year to a *complying superannuation plan in respect of you; and

(b) it is included in the assessable income of the *superannuation provider in relation to the plan, or, by way of a *roll-over superannuation benefit, in the assessable income of a *complying superannuation fund or *RSA provider in the circumstances mentioned in subsection 290-170(5) (about successor funds) or subsection 290-170(6) (about MySuper products); and

(c) it is not any of the following:

(i) an amount mentioned in subsection 295-200(2) ;

(ii) an amount mentioned in item 2 of the table in subsection 295-190(1) ;

(iii) a contribution made to a *constitutionally protected fund.

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S 292-25(2) amended by No 89 of 2013, s 3 and Sch 1 item 8, by inserting " or subsection 290-170(6) (about MySuper products) " in para (b), applicable to income years that include 1 July 2013, and to later income years.

S 292-25(2) amended by No 117 of 2010, s 3 and Sch 4 item 5, by inserting " , or, by way of a *roll-over superannuation benefit, in the assessable income of a *complying superannuation fund or *RSA provider in the circumstances mentioned in subsection 290-170(5) (about successor funds) " in para (b), applicable in relation to:

(a) notices given under section 290-170 of the Income Tax Assessment Act 1997 on or after 17 November 2010; and

(b) notices of variation given under section 290-180 of that Act on or after 17 November 2010 (whether the notices being varied were given before, on or after 17 November 2010).

292-25(3)
An amount in a *complying superannuation plan is covered under this subsection if it is allocated by the *superannuation provider in relation to the plan for you for the year in accordance with conditions specified in the regulations.
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S 292-25(3) substituted by No 15 of 2007, s 3 and Sch 3 item 16, applicable to the 2007-2008 financial year and later years. S 292-25(3) formerly read:

292-25(3)
An amount in a *complying superannuation plan is covered under this subsection if it is allocated by the *superannuation provider in relation to the plan for you for the year (other than an amount paid for or by you to the plan) to the extent to which the allocated amount exceeds an amount that, according to rules specified in the regulations, is reasonable having regard to:

(a) the amounts paid for or by you to the superannuation plan; and

(b) the plan ' s investment earnings relating to your *superannuation interest or interests in the plan; and

(c) any other relevant matters.

292-25(4)
Disregard Subdivision 295-D for the purposes of paragraph (2)(b).

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S 292-25 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

SECTION 292-30

292-30 Amount of the tax offset

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The *tax offset is equal to 15% of the amount included in your assessable income for the income year under section 292-25 .

Note 1:

This tax offset compensates for any tax liability of the superannuation provider on earnings from investments made with the contributions making up the excess amount stated in the most recent determination.

Note 2:

This offset cannot be refunded, transferred or carried forward (see item 20 of the table in subsection 63-10(1) ).

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