CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-30
-
SUPERANNUATION
History
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.
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
.]
History
Div 292 heading substituted by No 21 of 2015, s 3 and Sch 1 item 5, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. The heading formerly read:
Division 292
-
Excess non-concessional contributions tax
Div 292 heading amended by No 118 of 2013, s 3 and Sch 1 item 42, by inserting
"
non-concessional
"
, effective 29 June 2013. For application, transitional and saving provisions see note under Div
291
heading.
Div 292 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
Subdivision 292-H
-
Other provisions
History
Subdiv 292-H inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
SECTION 292-467
Direction that the value of superannuation interests is nil
292-467(1)
The Commissioner must, by writing, direct that this section applies to you for a *financial year if:
(a)
you receive one or more *excess non-concessional contributions determinations for the financial year; and
(b)
(Repealed by No 81 of 2016)
(c)
the sum of any amounts paid in response to release authorities issued in relation to those determinations is less than the excess amount stated in the most recent of those determinations; and
(d)
the Commissioner is satisfied that the *value of all of your remaining *superannuation interests is nil.
Note 1:
The direction means you have no excess non-concessional contributions for the financial year (see paragraph
292-85(1)(c)
), even though not all of the excess amount has been released in response to release authorities issued under Division
131
, or former Division
96
, in Schedule
1
to the
Taxation Administration Act 1953
.
Note 2:
The direction does not prevent an amount from being included in your assessable income (see Subdivision
292-B
).
Note 3:
Any excess non-concessional contributions determination you receive after the first one for a financial year is an amended determination.
History
S 292-467(1) amended by No 81 of 2016, s 3 and Sch 10 items 19 and 20, by substituting para (c) for para (b) and (c) and
"
in response to release authorities issued under Division 131, or former Division 96, in Schedule 1 to the
Taxation Administration Act 1953
"
for
"
to you
"
in note 1, effective 1 July 2018. For application provisions, see note under s
292-1
. Para (b) and (c) formerly read:
(b)
as a result of those determinations, you make one or more elections under paragraph 96-7(1)(a) or (b) in Schedule 1 to the
Taxation Administration Act 1953
; and
(c)
in the case of elections under paragraph 96-7(1)(a) in that Schedule
-
the sum of any amounts paid to you in response to any release authorities issued in relation to those elections is less than the excess amount stated in the most recent of those determinations; and
292-467(2)
The Commissioner must give you a copy of the direction.
292-467(3)
(Repealed by No 81 of 2016)
History
S 292-467(3) repealed by No 81 of 2016, s 3 and Sch 10 item 78, effective 1 January 2017 and applicable to documents (however described) that the Commissioner gives on or after 1 July 2017 under taxation laws. S 292-467(3) formerly read:
292-467(3)
A direction under this section may be included in a notice of assessment.
292-467(4)
To avoid doubt:
(a)
you may object under section
292-245
against an *excess non-concessional contributions tax assessment made in relation to you on the ground that a direction was not made under this section; and
(b)
for the purposes of paragraph (e) of Schedule
1
to the
Administrative Decisions (Judicial Review) Act 1977
, not making a direction under this section is a decision forming part of the process of making an assessment of tax under this Act.
History
S 292-467 inserted by No 21 of 2015, s 3 and Sch 1 item 15, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
Former s 292-467 repealed by No 118 of 2013, s 3 and Sch 1 item 71, effective 29 June 2013. For application, transitional and saving provisions see note under Div
291
heading. S 292-467 formerly read:
SECTION 292-467 Refunded excess concessional contributions
292-467(1)
If:
(a)
the Commissioner is satisfied you have
*
excess concessional contributions for a
*
financial year; and
(b)
the amount of those excess concessional contributions is
$
10,000 or less; and
(c)
disregarding any previous application of this section, you do not have excess concessional contributions for an earlier financial year beginning on or after 1 July 2011; and
(d)
you have lodged an
*
income tax return with the Commissioner for the income year that corresponds to that financial year:
(i)
within 12 months after the end of that income year; or
(ii)
within such longer period as the Commissioner allows; and
(e)
you accept an offer made by the Commissioner in accordance with subsection (3);
the Commissioner may make a written determination that, for the purposes of this Division, the excess concessional contributions mentioned in paragraph (a) for that financial year are to be disregarded.
292-467(2)
If the Commissioner makes the determination:
(a)
an amount equal to the
*
excess concessional contributions is included in your assessable income for your income year that corresponds to that
*
financial year; and
(b)
you are entitled to a
*
tax offset for that income year equal to 15
%
of the excess concessional contributions.
292-467(3)
If the Commissioner is satisfied you have
*
excess concessional contributions for the
*
financial year, the Commissioner may issue a notice to you, in writing, offering to make a determination under this section. You may accept the offer, in the
*
approved form:
(a)
within 28 days after the Commissioner issues the notice; or
(b)
within such longer period as the Commissioner allows.
292-467(4)
The Commissioner must notify you in writing of the determination.
292-467(5)
Notification of the determination may be included in a notice of
*
assessment.
292-467(6)
The Commissioner may take such action as the Commissioner considers necessary to give effect to the determination.
Former s 292-467 inserted by No 75 of 2012, s 3 and Sch 4 item 2, applicable in relation to excess concessional contributions for the financial year beginning on 1 July 2011 and later financial years.
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