Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 292.90

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

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

  (aa)   each amount covered under subsection   (4); and

  (b)   the amount of your * excess concessional contributions (if any) for the financial year.

Modification for released excess concessional contributions

  (1A)   However, if:

  (a)   you make a valid request under section   131 - 5 in Schedule   1 to the Taxation Administration Act 1953 in relation to * excess concessional contributions you have for the * financial year; and

  (b)   a * superannuation provider pays an amount in relation to the release authority issued under section   131 - 15 in that Schedule in relation to that request;

the amount paid is first increased, by dividing it by 85%, and the increased amount is applied to reduce the amount of excess concessional contributions mentioned in paragraph   (1)(b) of this section.

Non - concessional contributions and amounts

  (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 not included in the assessable income of the * superannuation provider in relation to the * superannuation plan, or, by way of a * roll - over superannuation benefit, in the assessable income of any * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection   290 - 170(5) (about successor funds); and

  (c)   it is not any of the following:

  (i)   a Government co - contribution made under the Superannuation (Government Co - contribution for Low Income Earners) Act 2003 ;

  (ii)   a contribution covered under section   292 - 95 (payments that relate to structured settlements or orders for personal injuries);

  (iii)   a contribution covered under section   292 - 100 (certain CGT - related payments), to the extent that it does not exceed your * CGT cap amount when it is made;

  (iiia)   a contribution covered under section   292 - 102 (downsizer contributions);

  (iiib)   a contribution covered by section   292 - 103 (COVID - 19 re - contributions);

  (iv)   a contribution made to a * constitutionally protected fund (other than a contribution included in the * contributions segment of your * superannuation interest in the fund);

  (v)   contributions not included in the assessable income of the superannuation provider in relation to the superannuation plan because of a choice made under section   295 - 180;

  (vi)   a contribution that is a * roll - over superannuation benefit.

  (3)   Disregard Subdivision   295 - D for the purposes of paragraph   (2)(b).

  (4)   An amount is covered under this subsection if it is any of the following:

  (a)   an amount in a * complying superannuation plan that is allocated by the * superannuation provider in relation to that plan for you for the year in accordance with conditions specified in the regulations;

  (b)   the amount of any contribution made to that plan in respect of you in the year that is covered by a valid and acknowledged notice under section   290 - 170, to the extent that it is not allowable as a deduction for the person making the contribution;

  (c)   the sum of each contribution made to that plan in respect of you at a time on or after 10   May 2006 when that plan was not a complying superannuation plan (other than a contribution covered under this paragraph in relation to a previous financial year).