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INCOME TAX ASSESSMENT ACT 1997 - SECT 293.30

Low tax contributed amounts

             (1)  The low tax contributed amounts covered by this section for a * financial year are the sum of the contributions covered by subsection (2) and the amounts covered by subsection (5) for the financial year.

Note:          Low tax contributed amounts covered by this section are modified for State higher level office holders (see Subdivision 293-E).

Contributions to complying superannuation plans

             (2)  A contribution is covered under this section for a * financial year if:

                     (a)  it is made in the financial year to a * complying superannuation plan in respect of you; and

                     (b)  it is included:

                              (i)  in the assessable income of the * superannuation provider in relation to the plan; or

                             (ii)  by way of a * roll-over superannuation benefit, in the assessable income of a * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection 290-170(5) (about successor funds).

             (3)  For the purposes of paragraph (2)(b), disregard:

                     (a)  table item 5.3 in section 50- 25 (about income tax exemption for constitutionally protected funds); and

                     (b)  Subdivision 295-D (about excluded contributions).

Exceptions

             (4)  Despite subsection (2), a contribution is not covered under this section if it is any of the following:

                     (a)  an amount mentioned in subsection 295-200(2) (about amounts transferred from foreign superannuation funds);

                     (b)  an amount mentioned in item 2 of the table in subsection 295-190(1) (about certain roll-over superannuation benefits).

Amounts allocated in relation to a complying superannuation plan

             (5)  An amount in a * complying superannuation plan is covered under this section if it is allocated by the * superannuation provider in relation to the plan for you for the * financial year in accordance with conditions specified by a regulation made for the purposes of subsection  291-25(3) .

Guide to Subdivision 293-C



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