Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (118 of 2013)

Schedule 1   Fairer taxation of excess concessional contributions

Part 4   Repeal of excess concessional contributions tax

Income Tax Assessment Act 1997

48   Section 292-230

Repeal the section, substitute:

292-230 Commissioner must make an excess non-concessional contributions tax assessment

(1) The Commissioner must make an assessment (an excess non-concessional contributions tax assessment ) of:

(a) if a person has *excess non-concessional contributions for a *financial year - the amount of the excess non-concessional contributions; and

(b) the amount (if any) of *excess non-concessional contributions tax which the person is liable to pay in relation to the financial year.

(2) The Commissioner must give the person notice in writing of an *excess non-concessional contributions tax assessment as soon as practicable after making the assessment.

(3) The notice may be included in a notice of any other assessment under this Act.