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INCOME TAX ASSESSMENT ACT 1997 - SECT 291.15

Excess concessional contributions--assessable income, 15% tax offset

                   If you have * excess concessional contributions for a * financial year:

                     (a)  an amount equal to the excess concessional contributions is included in your assessable income for your corresponding income year; and

                     (b)  you are entitled to a * tax offset for that income year equal to 15% of the excess concessional contributions.

Note 1:       This offset cannot be refunded, transferred or carried forward: see item 20 of the table in subsection 63-10(1).

Note 2:       You may be liable to pay excess concessional contributions charge: see Division 95 in Schedule 1 to the Taxation Administration Act 1953 .

Note 3:       You can request the release of excess concessional contributions from superannuation: see Division 131 in that Schedule.



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