Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 293.105

Low tax contributions--modification for defined benefit interests

                   Despite section 293- 25, if you have a * defined benefit interest or interests in a * financial year, the amount of your low tax contributions for the financial year is worked out as follows:

Method statement

Step 1.   Start with the low tax contributed amounts covered by section 293-30 for the * financial year, to the extent to which they do not relate to the * defined benefit interest or interests.

Step 2.   Subtract your * excess concessional contributions for the * financial year (if any).

                   Note:             The result of step 2 could be nil, or a negative amount.

Step 3.   Add your * defined benefit contributions for the * financial year in respect of the * defined benefit interest or interests.

              The result (but not less than nil) is the amount of your low tax contributions for the financial year.

Note:          Modifications in Subdivision 293-E (about constitutionally protected State higher level office holders) and Subdivision 293-F (about Commonwealth justices) affect the amount of low tax contributions.



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