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

Schedule 1   Fairer taxation of excess concessional contributions

Part 6   Contingent amendments

Income Tax (Transitional Provisions) Act 1997

98   After Subdivision 291-A

Insert:

Subdivision 291-B - Excess concessional contributions

Table of sections

291-20 Concessional contributions cap for older Australians - $35,000

291-20 Concessional contributions cap for older Australians - $35,000

(1) Despite section 291-20 of the Income Tax Assessment Act 1997, your concessional contributions cap is $35,000:

(a) for the 2013-2014 financial year - if you are 59 years or over on 30 June 2013; or

(b) for the 2014-2015 financial year or a later financial year - if you are 49 years or over on the last day of the previous financial year.

Note: This amount is not indexed.

(2) This section does not apply to a financial year for which the concessional contributions cap worked out under section 291-20 of the Income Tax Assessment Act 1997 is $35,000 or more.

(3) This section does not apply for the purposes of subsection 292-85(2) of that Act.