Income Tax Assessment Act 1997
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Hide history noteSECTION 293-105 293-105 Low tax contributions - modification for defined benefit interests
Despite section 293-25 , if you have a * defined benefit interest or interests in a * financial year, the amount of your low tax contributions for the financial year is worked out as follows: Method statement
Step 1.
Start with the low tax contributed amounts covered by section 293-30 for the * financial year, to the extent to which they do not relate to the * defined benefit interest or interests.
Step 2.
Subtract your
*
excess concessional contributions for the
*
financial year (if any).
Note:
The result of step 2 could be nil, or a negative amount.
Step 3.
Add your * defined benefit contributions for the * financial year in respect of the * defined benefit interest or interests.
The result (but not less than nil) is the amount of your low tax contributions for the financial year.
Note:
Modifications in Subdivision 293-E (about constitutionally protected State higher level office holders) and Subdivision 293-F (about Commonwealth justices) affect the amount of low tax contributions.
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