Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 2   Concessional superannuation contributions

Part 1   Excess concessional contributions

Income Tax Assessment Act 1997

1   Subsection 291-20(2)

Repeal the subsection, substitute:

(2) Your concessional contributions cap is:

(a) for the 2017-2018 financial year - $25,000; or

(b) for the 2018-2019 financial year or a later financial year - the amount worked out by indexing annually the amount mentioned in paragraph (a).

Note: Subdivision 960-M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the cap: see section 960-285.