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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 292.80A

Transitional release authority

             (1)  A person may apply to the Commissioner in the approved form for a transitional release authority under subsection (2). The application can only be made before 1  July 2007.

             (2)  The Commissioner must give the person a transitional release authority if the Commissioner considers that, apart from subparagraph  292-80(3)(b)(i), the person would have excess non-concessional contributions for the financial year mentioned in paragraph 292-80(3)(a).

             (3)  The transitional release authority must:

                     (a)  state the amount of excess non-concessional contributions mentioned in subsection (2); and

                     (b)  be dated; and

                     (c)  contain any other information that the Commissioner considers relevant.

             (4)  For the purposes of this section, disregard contributions made in respect of the person after 6 December 2006 in working out:

                     (a)  whether the person has excess non-concessional contributions as mentioned in subsection (2); and

                     (b)  the amount of those excess non-concessional contributions.



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