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INCOME TAX ASSESSMENT ACT 1997 - SECT 291.25

Your concessional contributions for a financial year

             (1)  The amount of your concessional contributions for a * financial year is the sum of:

                     (a)  each contribution covered under subsection (2); and

                     (b)  each amount covered under subsection (3).

Note:          For rules about defined benefit interests, see Subdivision 291-C.

             (2)  A contribution is covered under this subsection if:

                     (a)  it is made in the * financial year to a * complying superannuation plan in respect of you; and

                     (b)  it is included in the assessable income of the * superannuation provider in relation to the plan, or, by way of a * roll-over superannuation benefit, in the assessable income of a * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection 290-170(5) (about successor funds); and

                     (c)  it is not an amount mentioned in subsection 295-200(2); and

                     (d)  it is not an amount mentioned in item 2 of the table in subsection 295-190(1).

             (3)  An amount in a * complying superannuation plan is covered under this subsection if it is allocated by the * superannuation provider in relation to the plan for you for the year in accordance with conditions specified in the regulations.

             (4)  For the purposes of paragraph (2)(b), disregard:

                     (a)  table item 5.3 in section 50- 25 (about income tax exemption for constitutionally protected funds); and

                     (b)  Subdivision 295-D (about excluded contributions).

Guide to Subdivision 291-C



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