Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 291.15

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