SUPERANNUATION (EXCESS NON-CONCESSIONAL CONTRIBUTIONS TAX) ACT 2007
This section applies to the temporary budget repair levy years.
6(2)
Increase the percentage mentioned in section 5 by 2 percentage points.
Increase limited if certain contributions already taxed
6(3)
However, do not increase the percentage in relation to a person to the extent the increase would result in the sum of the following amounts payable on the person ' s excess concessional contributions for a temporary budget repair levy year exceeding 95% of those excess concessional contributions:
(a) income tax;
(b) excess non-concessional contributions tax.
Definitions
6(4)
In this section:
excess concessional contributions
has the same meaning as in the
Income Tax Assessment Act 1997
.
income tax
has the same meaning as in the
Income Tax Assessment Act 1997
.
temporary budget repair levy year
has the same meaning as in section
4-11
of the
Income Tax (Transitional Provisions) Act 1997
.
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