CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-30
-
SUPERANNUATION
History
Pt 3-30 inserted by
No 9 of 2007
, s 3 and Sch 1 item 25, effective 15 March 2007.
Division 291
-
Excess concessional contributions
History
Div 291 inserted by No 118 of 2013, s 3 and Sch 1 item 111, effective 29 June 2013. No 118 of 2013, s 3 and Sch 1 Pt 7 contains the following application, transitional and saving provisions:
Part 7
-
Application, transitional and saving provisions
Division 1
-
Application and transitional provisions
110 Application
110(1)
Subject to this Part, the amendments made by this Schedule
[
of No 118 of 2013] apply:
(a)
so far as they affect assessments relating to an income year
-
to assessments for the 2013-14 income year and later income years; and
(b)
so far as they affect assessments relating to a financial year
-
to assessments for the 2013-2014 financial year and later financial years; and
(c)
otherwise
-
to acts done or omitted to be done, or states of affairs existing, or periods ending, on or after the start of the first income year starting on or after 1 July 2013.
110(2)
Subitem (1) does not apply to item 1 of this Schedule
[
of No 118 of 2013].
…
Division 2
-
Saving provisions
112 Making and amending assessments, and doing other things etc., in relation to past matters
112
Even though an Act is repealed or amended by this Act
[
No 118 of 2013], the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the
Legislative Instruments Act 2003
):
(a)
making or amending an assessment (including under a provision that is itself repealed or amended);
(b)
exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
113 Saving of provisions about effect of assessments
113
If a provision or part of a provision that is repealed or amended by this Schedule
[
of No 118 of 2013] deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
114 Saving of provisions about general interest charge and interest
114
If:
(a)
a provision or part of a provision that is repealed or amended by this Act
[
No 118 of 2013] provides for the payment of:
(i)
general interest charge or shortfall interest charge; or
(ii)
an amount of interest worked out under subsection
292-425(2)
of the
Income Tax Assessment Act 1997
; and
(b)
in a particular case, the period in respect of which the charge or interest is payable (whether under the provision or under the
Taxation Administration Act 1953
) has not begun, or has begun but not ended, when the provision is repealed or amended;
then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.
115 Saving of regulations
-
allocated amounts
115(1)
This item applies to a regulation if:
(a)
the regulation was made for the purposes of subsection
292-25(3)
of the
Income Tax Assessment Act 1997
; and
(b)
the regulation was in force immediately before the commencement of this item
[
29 June 2013].
115(2)
The regulation has effect, after the commencement of this item
[
29 June 2013], as if it had been made under subsection
291-25(3)
of the
Income Tax Assessment Act 1997
as amended by this Act
[
No 118 of 2013].
116 Saving of regulations
-
notional taxed contributions
116(1)
This item applies to a regulation if:
(a)
the regulation was made for the purposes of subsection
292-170(1)
of the
Income Tax Assessment Act 1997
; and
(b)
the regulation was in force immediately before the commencement of this item
[
29 June 2013].
116(2)
The regulation has effect, after the commencement of this item
[
29 June 2013], as if it had been made under subsection
291-170(1)
of the
Income Tax Assessment Act 1997
as amended by this Act
[
No 118 of 2013].
117 Saving of regulations
-
transitional rules for notional taxed contributions
117(1)
This item applies to a regulation if:
(a)
the regulation was made for the purposes of a provision of section
292-170
of the
Income Tax Assessment Act 1997
mentioned in column 1 of an item of the table in subitem (3); and
(b)
the regulation was in force immediately before the commencement of this item
[
29 June 2013].
117(2)
The regulation has effect, after the commencement of this item
[
29 June 2013], as if it had been made under the provision of section
291-170
of the
Income Tax (Transitional Provisions) Act 1997
mentioned in column 2 of that item of the table, as inserted by this Act
[
No 118 of 2013].
117(3)
This is the table mentioned in subitems (1) and (2):
|
Saving of regulations
-
notional taxed contributions
|
|
Item
|
Column 1
Provision of the
Income Tax Assessment Act 1997
under which the existing regulation was made
|
Column 2
Provision of the
Income Tax (Transitional Provisions) Act 1997
under which the regulation is taken, after the commencement of this item
[
29 June 2013], to have been made
|
| 1 |
Paragraph 292-170(6)(d) |
Paragraph 291-170(2)(d) |
| 2 |
Subparagraph 292-170(7)(e)(ii) |
Subparagraph 291-170(3)(e)(ii) |
| 3 |
Paragraph 292-170(7)(f) |
Paragraph 292-170(3)(f) |
| 4 |
Paragraph 292-170(8)(d) |
Paragraph 292-170(4)(d) |
| 5 |
Subparagraph 292-170(9)(e)(ii) |
Subparagraph 291-170(5)(e)(ii) |
| 6 |
Paragraph 292-170(9)(f) |
Paragraph 292-170(5)(f) |
118 Saving of determination about discretion to disregard contributions
Determination relating to concessional contributions
118(1)
This item applies to a determination if:
(a)
the determination was made under section
292-465
of the
Income Tax Assessment Act 1997
in relation to concessional contributions for a financial year; and
(b)
the determination was in force immediately before the commencement of this item
[
29 June 2013].
118(2)
The determination has effect, after the commencement of this item
[
29 June 2013], as if it had been made under section
291-465
of that Act as amended by this Act
[
No 118 of 2013].
Determination relating to non-concessional contributions
118(3)
This item applies to a determination if:
(a)
the determination was made under section
292-465
of the
Income Tax Assessment Act 1997
in relation to non-concessional contributions for a financial year; and
(b)
the determination was in force immediately before the commencement of this item
[
29 June 2013].
118(4)
The determination has effect, after the commencement of this item
[
29 June 2013], as if it had been made under section
292-465
of that Act as amended by this Act
[
No 118 of 2013].
119 Part does not limit operation of the
Acts Interpretation Act 1901
119
This Part does not limit the operation of the
Acts Interpretation Act 1901
.
Subdivision 291-C
-
Modifications for defined benefit interests
History
Subdiv 291-C inserted by No 118 of 2013, s 3 and Sch 1 item 111, effective 29 June 2013. For application, transitional and saving provisions, see note under Div
291
heading.
SECTION 291-170
Transitional rules for notional taxed contributions
291-170(1)
This section applies despite section
291-170
of the
Income Tax Assessment Act 1997
.
Certain interests held on 5 September 2006
291-170(2)
Despite subsection
291-170(1)
of the
Income Tax Assessment Act 1997
, your
notional taxed contributions
for the financial year in respect of a defined benefit interest are equal to your basic concessional contributions cap for the financial year if:
(a)
Subdivision
291-C
of that Act applies in relation to you because you have a defined benefit interest in a financial year; and
(b)
disregarding this subsection and subsection (4), the notional taxed contributions for the financial year in respect of the defined benefit interest exceed your basic concessional contributions cap for the financial year; and
(c)
either:
(i)
you held the defined benefit interest in a superannuation fund on 5 September 2006; or
(ii)
all the requirements in subsection (3) are satisfied; and
(d)
the conditions (if any) specified in the regulations are satisfied.
Note:
In some cases, section
291-370
of the
Income Tax Assessment Act 1997
has the effect of replacing this subsection with a similar rule covering a broader class of contributions and amounts.
History
S 291-170(2) amended by No 55 of 2017, s 3 and Sch 1 item 16, by substituting
"
basic concessional contributions cap
"
for
"
concessional contributions cap
"
(wherever occurring), effective 1 July 2017 and applicable in relation to working out the concessional contributions cap for the 2019/20 financial year and later financial years.
S 291-170(2) amended by No 81 of 2016, s 3 and Sch 2 item 10, by inserting the note, effective 1 January 2017 and applicable in relation to the financial year starting on 1 July 2017 and later financial years.
291-170(3)
For the purposes of subparagraph (2)(c)(ii), the requirements are as follows:
(a)
you held a defined benefit interest (the
original interest
) in a superannuation fund (the
original fund
) on 5 September 2006;
(b)
the defined benefit interest mentioned in paragraph (2)(a) (the
current interest
) is in a different superannuation fund (the
current fund
);
(c)
the entire value of the original interest:
(i)
was transferred directly to the current interest after 5 September 2006; or
(ii)
was transferred to another superannuation interest after 5 September 2006, and was later transferred to the current interest (whether directly or through a series of transfers between superannuation interests);
(d)
your rights to accrue future benefits under the current interest are equivalent to your rights to accrue future benefits under the original interest;
(e)
either:
(i)
the notional taxed contributions mentioned in paragraph (2)(b) do not exceed what they would have been if the transfer mentioned in paragraph (c) had not taken place; or
(ii)
the conditions (if any) specified in the regulations are satisfied;
(f)
the conditions (if any) specified in the regulations are satisfied.
Certain interests held on 12 May 2009
291-170(4)
Despite subsection
291-170(1)
of the
Income Tax Assessment Act 1997
, your
notional taxed contributions
for the financial year in respect of the defined benefit interest are equal to your basic concessional contributions cap for the financial year if:
(a)
Subdivision
291-C
of that Act applies in relation to you because you have a defined benefit interest in a financial year; and
(b)
disregarding this subsection, the notional taxed contributions for the financial year in respect of the defined benefit interest exceed your basic concessional contributions cap for the financial year; and
(c)
either:
(i)
you held the defined benefit interest in a superannuation fund on 12 May 2009; or
(ii)
all the requirements in subsection (5) are satisfied; and
(d)
the conditions (if any) specified in the regulations are satisfied; and
(e)
the financial year is the 2009-2010 financial year or a later financial year.
Note:
In some cases, section
291-370
of the
Income Tax Assessment Act 1997
has the effect of replacing this subsection with a similar rule covering a broader class of contributions and amounts.
History
S 291-170(4) amended by No 55 of 2017, s 3 and Sch 1 item 16, by substituting
"
basic concessional contributions cap
"
for
"
concessional contributions cap
"
(wherever occurring), effective 1 July 2017 and applicable in relation to working out the concessional contributions cap for the 2019/20 financial year and later financial years.
S 291-170(4) amended by No 81 of 2016, s 3 and Sch 2 item 11, by inserting the note, effective 1 January 2017 and applicable in relation to the financial year starting on 1 July 2017 and later financial years.
291-170(5)
For the purposes of subparagraph (4)(c)(ii), the requirements are as follows:
(a)
you held a defined benefit interest (the
original interest
) in a superannuation fund (the
original fund
) on 12 May 2009;
(b)
the defined benefit interest mentioned in paragraph (4)(a) (the
current interest
) is in a different superannuation fund (the
current fund
);
(c)
the entire value of the original interest:
(i)
was transferred directly to the current interest after 12 May 2009; or
(ii)
was transferred to another superannuation interest after 12 May 2009, and was later transferred to the current interest (whether directly or through a series of transfers between superannuation interests);
(d)
your rights to accrue future benefits under the current interest are equivalent to your rights to accrue future benefits under the original interest;
(e)
either:
(i)
the notional taxed contributions mentioned in paragraph (4)(b) do not exceed what they would have been if the transfer mentioned in paragraph (c) had not taken place; or
(ii)
the conditions (if any) specified in the regulations are satisfied;
(f)
the conditions (if any) specified in the regulations are satisfied.
Constitutionally protected funds
291-170(6)
This section does not apply in relation to a defined benefit interest in a constitutionally protected fund.
History
S 291-170(6) inserted by No 81 of 2016, s 3 and Sch 2 item 12, effective 1 January 2017 and applicable in relation to the financial year starting on 1 July 2017 and later financial years.
S 291-170 inserted by No 118 of 2013, s 3 and Sch 1 item 111, effective 29 June 2013. For application, transitional and saving provisions, see note under Div
291
heading.
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