Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 293.155

High income threshold--effect of modification

  (1)   For the purpose of working out the extent (if any) to which the sum mentioned in subsection   293 - 20(1) for the individual exceeds the $250,000 threshold mentioned in that subsection, disregard section   293 - 150.

  (2)   To avoid doubt, the effect of subsection   (1) is that the amount of the individual's * taxable contributions for an income year is the lesser of:

  (a)   the excess (if any) mentioned in subsection   293 - 20(1) (worked out disregarding section   293 - 150) for the income year; and

  (b)   the individual's * low tax contributions for the corresponding * financial year (worked out having regard to section   293 - 150).


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