Commonwealth Consolidated Acts

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Direction that the value of superannuation interests is nil

             (1)  The Commissioner must, by writing, direct that this section applies to you for a * financial year if:

                     (a)  you receive one or more * excess non-concessional contributions determinations for the financial year; and

                     (c)  the sum of any amounts paid in response to release authorities issued in relation to those determinations is less than the excess amount stated in the most recent of those determinations; and

                     (d)  the Commissioner is satisfied that the * value of all of your remaining * superannuation interests is nil.

Note 1:       The direction means you have no excess non-concessional contributions for the financial year (see paragraph 292-85(1)(c)), even though not all of the excess amount has been released in response to release authorities issued under Division 131, or former Division 96, in Schedule 1 to the Taxation Administration Act 1953 .

Note 2:       The direction does not prevent an amount from being included in your assessable income (see Subdivision 292-B).

Note 3:       Any excess non-concessional contributions determination you receive after the first one for a financial year is an amended determination.

             (2)  The Commissioner must give you a copy of the direction.

             (4)  To avoid doubt:

                     (a)  you may object under section 292- 245 against an * excess non-concessional contributions tax assessment made in relation to you on the ground that a direction was not made under this section; and

                     (b)  for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , not making a direction under this section is a decision forming part of the process of making an assessment of tax under this Act.

Table of Subdivisions

             Guide to Division 293

293-A   Object of this Division

293-B    Sustaining the superannuation contribution concession

293-C    When tax is payable

293-D   Modifications for defined benefit interests

293-E    Modifications for constitutionally protected State higher level office holders

293-F    Modifications for Commonwealth justices

293-G   Modifications for temporary residents who depart Australia

Guide to Division 293

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