Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 292 - Excess non-concessional contributions  

Subdivision 292-C - Excess non-concessional contributions tax  

Operative provisions

SECTION 292-90   Your non-concessional contributions for a financial year  

292-90(1)    
The amount of your non-concessional contributions for a *financial year is the sum of:

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

(aa)    

each amount covered under subsection (4) ; and

(b)    the amount of your *excess concessional contributions (if any) for the financial year.

Modification for released excess concessional contributions

292-90(1A)    
However, if:

(a)    

you make a valid request under section 131-5 in Schedule 1 to the Taxation Administration Act 1953 in relation to * excess concessional contributions you have for the * financial year; and

(b)    

a * superannuation provider pays an amount in relation to the release authority issued under section 131-15 in that Schedule in relation to that request;

the amount paid is first increased, by dividing it by 85 % , and the increased amount is applied to reduce the amount of excess concessional contributions mentioned in paragraph (1)(b) of this section.

Non-concessional contributions and amounts

292-90(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 not included in the assessable income of the *superannuation provider in relation to the *superannuation plan, or, by way of a *roll-over superannuation benefit, in the assessable income of any *complying superannuation fund or *RSA provider in the circumstances mentioned in subsection 290-170(5) (about successor funds); and

(c)    

it is not any of the following:

(i) a Government co-contribution made under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 ;

(ii) a contribution covered under section 292-95 (payments that relate to structured settlements or orders for personal injuries);

(iii) a contribution covered under section 292-100 (certain CGT-related payments), to the extent that it does not exceed your *CGT cap amount when it is made;

(iiia) a contribution covered under section 292-102 (downsizer contributions);

(iiib) a contribution covered by section 292-103 (COVID-19 re-contributions);

(iv) a contribution made to a *constitutionally protected fund (other than a contribution included in the *contributions segment of your *superannuation interest in the fund);

(v) contributions not included in the assessable income of the superannuation provider in relation to the superannuation plan because of a choice made under section 295-180 ;

(vi) a contribution that is a *roll-over superannuation benefit.

292-90(3)    
Disregard Subdivision 295-D for the purposes of paragraph (2)(b) .

292-90(4)    

An amount is covered under this subsection if it is any of the following:

(a)    an amount in a *complying superannuation plan that is allocated by the *superannuation provider in relation to that plan for you for the year in accordance with conditions specified in the regulations;

(b)    the amount of any contribution made to that plan in respect of you in the year that is covered by a valid and acknowledged notice under section 290-170 , to the extent that it is not allowable as a deduction for the person making the contribution;

(c)    the sum of each contribution made to that plan in respect of you at a time on or after 10 May 2006 when that plan was not a complying superannuation plan (other than a contribution covered under this paragraph in relation to a previous financial year).