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) or subsection 290-170(6) (about MySuper products); 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);

                            (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).