Income Tax Assessment Act 1997

s 276-250 — What this Subdivision is about

An AMIT’s trust component of a particular character is worked out on the basis of the AMIT’s assessable income, exempt income, non ‑ assessable non ‑ exempt income and tax offsets (on the assumption that the AMIT were an Australian resident liable to pay tax). An AMIT’s determined trust component of a particular character is the amount stated to be its trust component of that character in a document that meets certain requirements. Table of sections Trust ‑ level concepts 276 ‑ 255 Meaning of determined trust component 276 ‑ 260 Meaning of trust component 276 ‑ 265 Rules for working out trust components—general rules 276 ‑ 270 Rules for working out trust components—allocation of deductions

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-255 — Meaning of determined trust component

(1) An * AMIT’s determined trust component of a particular character for an income year is the amount stated to be its * trust component of that character in a document that meets the requirements in subsection (2). (2) The requirements are as follows: (a) the document was created by the * AMIT; (b) the document states expressly the amount of the * trust component; (c) at a time after the document was created, the AMIT sent * AMMA statements for the income year to entities that were * members of the AMIT in respect of the income year; (d) the amount of the trust component stated in the document reflects the amount of the * determined member components reflected in those AMMA statements. (3) If, apart from this subsection, there are 2 or more documents that meet the requirements in subsection (2), treat the most recently created of those documents as being the only document that meets those requirements. Example: The income year for the AMIT ends on 30 June. The trustee creates a document stating the amount for the income year on 1 July. It sends all AMMA statements on 10 July. The trustee creates another document stating a different amount for the income year on 1 September. It sends revised AMMA statements reflecting that amount on 10 September. The document created on 1 September is the only document that meets the requirements in this section in respect of the amount for the income year.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-260 — Meaning of trust component

(1) The object of this section is to ensure that an * AMIT’s amounts of assessable income, * exempt income, * non ‑ assessable non ‑ exempt income and * tax offsets for an income year are allocated, according to their character, into separate components for the purposes of this Act. (2) An * AMIT’s trust component for an income year: (a) of a character relating to assessable income; or (b) of a character relating to * exempt income; or (c) of a character relating to * non ‑ assessable non ‑ exempt income; or (d) of a character relating to a * tax offset; is the amount of that character for the income year worked out for the AMIT in accordance with the rules in sections 276 ‑ 265 and 276 ‑ 270. (3) This section is subject to Subdivision 276 ‑ F (which deals with the effect of * unders and * overs). (4) The rules in sections 276 ‑ 265 and 276 ‑ 270 apply only for the purposes of determining the amounts of * trust components.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-265 — Rules for working out trust components—general rules

General taxability and residence assumptions to be made (1) Work out the amount of the * trust component of each character in relation to the * AMIT assuming that the AMIT’s trustee: (a) was liable to pay * tax; and (b) was an Australian resident. Trust components of assessable income character are net of deductions (2) The sum of all of the * trust components of a character relating to assessable income of the * AMIT for the income year equals the total assessable income of the AMIT for the income year, reduced by all deductions of the AMIT for the year. To avoid doubt, for the purposes of this subsection, apply subsection (1). (3) However, if that total assessable income does not exceed those deductions, the amount of each * trust component of a character relating to assessable income of the * AMIT for the income year is nil.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-270 — Rules for working out trust components—allocation of deductions

(1) An amount of a deduction that relates directly only to one or more amounts of assessable income can be deducted only against that amount or those amounts of assessable income. If there are 2 or more such amounts of assessable income, the amount of the deduction is allocated against those amounts on a reasonable basis. (2) If an amount of a deduction remains after applying the rules in subsection (1), the remainder can be deducted against other amounts of assessable income. The amount of the remainder is allocated against those amounts on a reasonable basis. (3) For the purposes of this section, determine whether a deduction relates directly to an amount of assessable income on a reasonable basis.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-300 — What this Subdivision is about

This Subdivision sets out how underestimates and overestimates of amounts at the trust level are carried forward and dealt with in later years. This is generally done on a character ‑ by ‑ character basis. An underestimate in an income year of a particular character results in an under of that character. An overestimate results in an over of that character. Unders and overs arise, and are dealt with, in the income year in which they are discovered. Table of sections Adjustment of trust component for unders and overs etc. 276 ‑ 305 Adjustment of trust component for unders and overs 276 ‑ 310 Rounding adjustment deficit increases trust component 276 ‑ 315 Rounding adjustment surplus decreases trust component 276 ‑ 320 Meaning of trust component deficit 276 ‑ 325 Trust component of character relating to assessable income—adjustment for cross ‑ character allocation amount, carry ‑ forward trust component deficit and FITO allocation amount 276 ‑ 330 Meaning of cross ‑ character allocation amount and carry ‑ forward trust component deficit 276 ‑ 335 Meaning of FITO allocation amount 276 ‑ 340 Trust component character relating to tax offset—taxation of trust component deficit Unders and overs 276 ‑ 345 Meaning of under and over of a character 276 ‑ 350 Limited discovery period for unders and overs

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-305 — Adjustment of trust component for unders and overs

Object (1) The object of this section is to adjust an * AMIT’s * trust component of a particular character for an income year to take account of any * unders or * overs of that character that the AMIT has in the income year. Unders increase trust component (2) If the * AMIT has an * under of that character in the income year (relating to any earlier income year), increase the amount of the * trust component by that under. Note: Those earlier income years are referred to in section 276 ‑ 345 as base years. Overs decrease trust component (3) If the * AMIT has an * over of that character in the income year (relating to any earlier income year), decrease the amount of the * trust component by that over. Note: Those earlier income years are referred to in section 276 ‑ 345 as base years.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-310 — Rounding adjustment deficit increases trust component

(1) If the * AMIT has a * rounding adjustment deficit of that character for the income year, increase the amount of the * trust component by the amount of that rounding adjustment deficit. (2) The * AMIT has a rounding adjustment deficit of a particular character for an income year if: (a) the AMIT has a shortfall for the previous income year under subsection 276 ‑ 415(1); and (b) the shortfall results wholly or partly from the trustee of the AMIT rounding down amounts in working out * determined member components for the previous income year. The amount of the rounding adjustment deficit is the amount of the shortfall, to the extent that it results from that rounding down.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-315 — Rounding adjustment surplus decreases trust component

(1) If the * AMIT has a * rounding adjustment surplus of that character for the income year, decrease the amount of the * trust component by the amount of that rounding adjustment surplus. (2) The * AMIT has a rounding adjustment surplus of a particular character for an income year if: (a) the AMIT has an excess for the previous income year under subsection (3); and (b) the excess results wholly or partly from the trustee of the AMIT rounding up amounts in working out * determined member components for the previous income year. The amount of the rounding adjustment surplus is the amount of the excess, to the extent that it results from that rounding up. (3) The * AMIT has an excess under this subsection for an income year equal to the amount (if any) by which: (a) the sum of all the * determined member components of all the * members of the AMIT of a particular character relating to assessable income, * exempt income or * non ‑ assessable non ‑ exempt income for the income year; exceeds: (b) the * determined trust component of that character of the AMIT for the income year.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2)

s 276-320 — Meaning of trust component deficit

If the amount of the * trust component, worked out after applying sections 276 ‑ 305, 276 ‑ 310 and 276 ‑ 315 (and, if applicable, section 276 ‑ 325), falls short of nil: (a) despite those provisions, the * trust component of that character is nil; and (b) the shortfall is the * AMIT’s trust component deficit of that character for the income year.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-325 — Trust component of character relating to assessable income—adjustment for cross ‑ character allocation amount, carry ‑ forward trust component deficit and FITO allocation amount

Section applies to trust component of assessable income character (1) This section applies if the * trust component is of a character relating to assessable income. Cross ‑ character allocation amount decreases trust component (2) If the * AMIT has a * cross ‑ character allocation amount of that character for the income year, decrease the amount of the * trust component by that amount. Note: A cross ‑ character allocation amount of a character for the income year is allocated from a trust component deficit of another character for the income year in accordance with subsections 276 ‑ 330(2), (3) and (4). Carry ‑ forward trust component deficit decreases trust component (3) If the * AMIT has a * carry ‑ forward trust component deficit of that character for the income year, decrease the amount of the * trust component by the amount of that deficit. Note: A carry ‑ forward trust component deficit for the income year is worked out in respect of the previous income year under subsection 276 ‑ 330(5). FITO allocation amount increases trust component with the character of foreign source income (4) If: (a) the character of the * trust component is a character relating to * ordinary income, or * statutory income, from a source other than an * Australian source; and (b) the * AMIT has a * FITO allocation amount for the income year; increase the amount of the trust component by that FITO allocation amount. Note: A FITO allocation amount for the income year is worked out in accordance with section 276 ‑ 335.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-330 — Meaning of cross ‑ character allocation amount and carry ‑ forward trust component deficit

Section applies to trust component of assessable income character (1) This section applies if the * trust component is of a character relating to assessable income. Cross ‑ character allocation amount (2) The trustee may, in accordance with subsection (3), allocate a * trust component deficit (if any) of that character for the income year against the * AMIT’s other trust components for that income year that are also of a character relating to assessable income. (3) For the trustee to make an allocation under subsection (2) the trustee: (a) must allocate that * trust component deficit between those other * trust components on a reasonable basis; and (b) cannot allocate more to a trust component than the amount of that trust component. (4) If the trustee allocates an amount under subsection (2) to a * trust component of a character for that income year, the amount allocated is a cross ‑ character allocation amount of that character for that income year. Carry ‑ forward trust component deficit (5) If there is an amount of that * trust component deficit remaining after allocating it in accordance with subsection (2), the remaining amount is the * AMIT’s carry ‑ forward trust component deficit of the character mentioned in subsection (1) for the next income year.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-335 — Meaning of FITO allocation amount

(1) This section applies if: (a) the * AMIT has a * trust component of the character of * foreign income tax paid that counts towards a * tax offset under Division 770; and (b) the AMIT has a * trust component deficit for the income year of that character. (2) The * AMIT has a FITO allocation amount for the income year equal to the sum of: (a) that * trust component deficit; and (b) the product of: (i) that trust component deficit; and (ii) the * corporate tax gross ‑ up rate.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-340 — Trust component character relating to tax offset—taxation of trust component deficit

(1) This section applies if: (a) the * AMIT has a * trust component of a character relating to a * tax offset; and (b) the character of the trust component is not the character of * foreign income tax paid that counts towards a tax offset under Division 770; and (c) the AMIT has a * trust component deficit for the income year of that character. Offset trust component deficit (other than FITO character) taxed (2) The trustee of the * AMIT is liable to pay tax at the rate declared by the Parliament on the amount of the * trust component deficit. Note: The tax is imposed by the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 and the rate of the tax is set out in that Act.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-345 — Meaning of under and over of a character

(1) This section sets out how to work out the amount (if any) of an * AMIT’s * under or * over of a particular character for an income year (the base year ) in a later income year (the discovery year ). (2) The time (the discovery time ) at which this is worked out for the discovery year is just before the trustee works out the * determined trust component of that character for the discovery year. Note: This allows unders and overs to be included in the determined trust component for the discovery year: see section 276 ‑ 305. (3) Compare the following amounts: (a) the * AMIT’s * trust component of that character for the base year, worked out on the basis of the trustee’s knowledge at the discovery time (the discovery year amount ); (b) this amount (the base year running balance ): (i) if the discovery year is the first income year after the base year—the AMIT’s * determined trust component of that character for the base year; or (ii) otherwise—the discovery year amount worked out under a previous operation of this section for the most recent income year before the discovery year. A shortfall is an under (4) If the base year running balance falls short of the discovery year amount, the amount of the shortfall is an under of that character, for the base year, that the * AMIT has in the discovery year. An excess is an over (5) If the base year running balance exceeds the discovery year amount, the amount of the excess is an over of that character, for the base year, that the * AMIT has in the discovery year.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-350 — Limited discovery period for unders and overs

Despite section 276 ‑ 345, an * AMIT does not have an * under or an * over of a particular character for an income year (the base year ) if: (a) assuming the Commissioner made an assessment of the * trust component of that character on the day on which the document stating the AMIT’s * determined trust component of that character for the base year was created; and (b) assuming the assessment had not been amended at the discovery time mentioned in subsection 276 ‑ 345(2) for the under or over; section 170 of the Income Tax Assessment Act 1936 would prevent the assessment from being amended to take account of the under or over. Note: Section 170 of the Income Tax Assessment Act 1936 specifies the usual period within which assessments may be amended.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-400 — What this Subdivision is about

The trustee of an AMIT is liable to pay income tax on certain amounts reflecting under ‑ attribution of income or over ‑ attribution of tax offsets. Table of sections Ensuring determined trust components are properly taxed 276 ‑ 405 Trustee taxed on shortfall in determined member component (character relating to assessable income) 276 ‑ 410 Trustee taxed on excess in determined member component (character relating to tax offset) 276 ‑ 415 Trustee taxed on amounts of determined trust component that are not reflected in determined member components Ensuring unders and overs are properly taxed 276 ‑ 420 Trustee taxed on amounts of under of character relating to assessable income not properly carried forward 276 ‑ 425 Trustee taxed on amounts of over of character relating to tax offset not properly carried forward Commissioner may remit tax under this Subdivision 276 ‑ 430 Commissioner may remit tax under this Subdivision

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-405 — Trustee taxed on shortfall in determined member component (character relating to assessable income)

Income character shortfall (1) An * AMIT has a shortfall under this subsection for an income year equal to the amount (if any) by which: (a) the * determined member component of a * member of the AMIT of a character relating to assessable income for the income year; falls short of: (b) the * member component of the member of that character for the income year. Liability to tax (2) The trustee is liable to pay income tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the * AMIT under subsection (1) for the income year. Note: The rate is set out in subsection 12(11) of the Income Tax Rates Act 1986 .

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-410 — Trustee taxed on excess in determined member component (character relating to tax offset)

(1) An * AMIT has an excess under this subsection for an income year equal to the amount (if any) by which: (a) the * determined member component of a * member of the AMIT of a character relating to a * tax offset for the income year; exceeds: (b) the * member component of the member of that character for the income year. Liability to tax (2) The trustee is liable to pay tax at the rate declared by the Parliament on the amount that is the sum of each excess of the * AMIT under subsection (1) for the income year. Note: The tax is imposed by the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 and the rate of the tax is set out in that Act.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-415 — Trustee taxed on amounts of determined trust component that are not reflected in determined member components

(1) An * AMIT has a shortfall under this subsection for an income year equal to the amount (if any) by which: (a) the sum of all the * determined member components of all the * members of the AMIT of a particular character relating to assessable income, * exempt income or * non ‑ assessable non ‑ exempt income for the income year; falls short of: (b) the * determined trust component of that character of the AMIT for the income year. Liability to tax (2) The trustee is liable to pay income tax at the rate declared by the Parliament on the amount worked out as follows: (a) first, work out the sum of each shortfall of the * AMIT under subsection (1) for the income year; (b) next, work out the extent (if any) to which each of those shortfalls gives rise to a * rounding adjustment deficit (see subsection 276 ‑ 310(2)); (c) next, subtract the result of paragraph (b) from the result of paragraph (a); (d) next, work out the extent (if any) to which the result of paragraph (c) is referable to one or more shortfalls under subsection 276 ‑ 405(1); (e) next, subtract the result of paragraph (d) from the result of paragraph (c). Note: The rate is set out in subsection 12(12) of the Income Tax Rates Act 1986 . Gross ‑ up for discount capital gain (3) Subsection (4) applies if a * determined member component is of the character of: (a) a * discount capital gain from a * CGT asset that is * taxable Australian property; or (b) a discount capital gain from a CGT asset that is not taxable Australian property. (4) For the purposes of subsection (2), treat the amount of the shortfall under subsection (1) relating to the component as being double what it would be apart from this subsection.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2)

s 276-420 — Trustee taxed on amounts of under of character relating to assessable income not properly carried forward

(1) An * AMIT for an income year has a shortfall under this subsection for the income year equal to the amount (if any) by which: (a) an * under of the AMIT of a character relating to assessable income in the income year for an earlier income year (the base year ) (as worked out by the trustee on the basis of the trustee’s knowledge at the discovery time mentioned in subsection 276 ‑ 345(2)); falls short of: (b) what the under would have been if it had been worked out on the basis of what the trustee should have known at that time. Liability to tax (2) The trustee is liable to pay income tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the * AMIT under subsection (1) for the income year. Note: The rate is set out in subsection 12(13) of the Income Tax Rates Act 1986 . Adjustment for later unders relating to the same base year (3) If there is a shortfall under subsection (1) for a particular character for an income year, for the purposes of applying paragraph 276 ‑ 345(3)(b) (base year running balance) to a later income year, increase the amount mentioned in subparagraph 276 ‑ 345(3)(b)(ii) (previous discovery year amount) for that character by the amount of the shortfall. (4) Subsection (5) applies if: (a) there is a shortfall under subsection (1) for a particular character for an income year; and (b) the * AMIT has an * under of that character in a later income year for the base year mentioned in subsection (1); and (c) the amount mentioned in paragraph (1)(b) is reflected (in whole or in part) in the amount of the under. (5) Reduce the shortfall by the extent to which the * under in the later income year reflects the amount mentioned in paragraph (1)(b).

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-425 — Trustee taxed on amounts of over of character relating to tax offset not properly carried forward

(1) An * AMIT for an income year has a shortfall under this subsection for the income year equal to the amount (if any) by which: (a) an * over of the AMIT of a character relating to a * tax offset in the income year relating to an earlier income year (the base year ) (as worked out by the trustee on the basis of the trustee’s knowledge at the discovery time mentioned in subsection 276 ‑ 345(2)); falls short of: (b) what the over would have been if it had been worked out on the basis of what the trustee should have known at that time. Liability to tax (2) The trustee is liable to pay tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the * AMIT under subsection (1) for the income year. Note: The tax is imposed by the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 and the rate of the tax is set out in that Act. Adjustment for later overs relating to the same base year (3) If there is a shortfall under subsection (1) for a particular character for an income year, for the purposes of applying paragraph 276 ‑ 345(3)(b) (base year running balance) to a later income year, decrease the amount mentioned in subparagraph 276 ‑ 345(3)(b)(ii) (previous discovery year amount) for that character by the amount of the shortfall. (4) Subsection (5) applies if: (a) there is a shortfall under subsection (1) of a particular character relating to a * tax offset for an income year; and (b) the * AMIT has an * over of that character in a later income year relating to the base year mentioned in subsection (1); and (c) the amount mentioned in paragraph (1)(b) is reflected (in whole or in part) in the amount of the over. (5) Reduce the shortfall by the extent to which the * over in the later income year reflects the amount mentioned in paragraph (1)(b).

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-430 — Commissioner may remit tax under this Subdivision

The Commissioner may remit the whole or any part of income tax for which a liability arises under this Subdivision if the Commissioner is satisfied that doing so does not result in a detriment to the revenue.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-450 — What this Subdivision is about

An AMIT for an income year must give each member of the AMIT in respect of the income year an AMIT member annual statement (or AMMA statement) for the income year. Table of sections Operative provisions 276 ‑ 455 Obligation to give an AMMA statement 276 ‑ 460 AMIT member annual statement (or AMMA statement )

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-455 — Obligation to give an AMMA statement

(1) An * AMIT for an income year must give each * member of the AMIT in respect of the income year an * AMMA statement for the income year. Note: Section 286 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection. (2) The statement must be given no later than 3 months after the end of the income year. (3) However, the * AMIT need not give an * AMMA statement under subsection (1) to a * member if: (a) all of the member’s * determined member components for the AMIT for the income year are nil; and (b) all of the member’s * membership interests in the AMIT have an * AMIT cost base net amount for the income year of nil. (4) To avoid doubt, the * AMIT does not fail to comply with subsection (1) merely because: (a) the AMIT gives * AMMA statements for the income year to * members in accordance with subsection (1) by the time required under subsection (2); and (b) after that time, the AMIT gives those members further AMMA statements for the income year that replace the AMMA statements mentioned in paragraph (a).

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-460 — AMIT member annual statement (or AMMA statement )

(1) An AMIT member annual statement (or AMMA statement ) is a statement made by an * AMIT for an income year in accordance with this section. (2) The statement must: (a) include information that reflects the amount and character of each * member component of the * member for the income year; and (b) state what the trustee reasonably estimates to be the amount of the excess or shortfall mentioned in section 104 ‑ 107C (AMIT cost base net amount) for the income year in respect of the * CGT asset that is the member’s unit or interest in the * AMIT. (3) The statement is not an AMMA statement if the * AMIT fails to give it to the * member to whom it is addressed within 4 years after the end of the income year. Note: The AMIT must give each member an AMMA statement for the income year no later than 3 months after the end of the income year (see section 276 ‑ 455).

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-500 — What this Subdivision is about

A debt ‑ like trust instrument in an AMIT is treated as a debt interest in the AMIT. A distribution in relation to the instrument is treated as interest for the purposes of provisions relating to interest withholding tax, and may be treated as a deduction in working out the trust components of the AMIT. Table of sections Operative provisions 276 ‑ 505 Meaning of debt ‑ like trust instrument 276 ‑ 510 Debt ‑ like trust instruments treated as debt interests etc. 276 ‑ 515 Distribution on debt ‑ like trust instrument could be deductible in working out trust components

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-505 — Meaning of debt ‑ like trust instrument

(1) An instrument that gives rise to an interest in a trust is a debt ‑ like trust instrument in relation to the trust if: (a) the amount of any distribution relating to the interest is fixed, at the time the interest is created, by reference to the amount subscribed for the interest; and (b) any distribution relating to the interest is made solely at the discretion of the trustee of the trust; and (c) rights to distributions of capital or profits arising from all interests in the trust that are in the same * class as the interest, rank above all such rights arising from other interests in the trust (other than those covered under subsection (2)) if: (i) the trust ceases to exist; or (ii) where the trust is a * managed investment scheme—the scheme is under administration or is being wound up; and (d) in a case where, in relation to a particular period, the trustee of the trust does not make a distribution relating to the interest—making a distribution of any of the following kinds, in relation to that period, is prohibited by the constituent documents of the trust: (i) a distribution relating to any membership interest in the trust; (ii) a distribution relating to a membership interest in another entity, if that interest is stapled together with a membership interest in the trust. (2) This subsection covers an interest in the trust that: (a) is not a * membership interest in the trust; or (b) satisfies the requirements in paragraphs (1)(a) and (b).

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-510 — Debt ‑ like trust instruments treated as debt interests etc.

(1) For the purposes of this Act: (a) treat a * debt ‑ like trust instrument in relation to an * AMIT as a * debt interest in the AMIT; and (b) treat a distribution on a debt ‑ like trust instrument in relation to an AMIT as a cost incurred by the AMIT in relation to a debt interest issued by the AMIT. (2) If a trust is an * AMIT for an income year (disregarding this subsection), paragraph (1)(a) applies for the purposes of: (a) determining whether the trust is a * managed investment trust in relation to the income year; and (b) determining whether the trust is an AMIT for the income year. (3) For the purposes of Division 11A of Part III of the Income Tax Assessment Act 1936 , if an entity is the holder of a * debt ‑ like trust instrument in an * AMIT, treat a distribution to the entity in accordance with the instrument as interest.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-515 — Distribution on debt ‑ like trust instrument could be deductible in working out trust components

(1) If an entity is the holder of a * debt ‑ like trust instrument in relation to an * AMIT, for the purposes of sections 276 ‑ 265 and 276 ‑ 270, treat a distribution to the entity in accordance with the instrument as a * return that the AMIT pays or provides on a * debt interest. (2) For the purposes of subsection (1), disregard the distribution to the extent (if any) that it is referable to any of the following: (a) * exempt income of the * AMIT; (b) * non ‑ assessable non ‑ exempt income of the AMIT.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-800 — What this Subdivision is about

If a trust ceases to be an AMIT, and discovers an under or over from an income year when it was an AMIT, the under or over will have taxation consequences for the trust in the discovery year. Table of sections Operative provisions 276 ‑ 805 Application of Subdivision to former AMIT 276 ‑ 810 Continue to work out trust components, unders, overs etc. 276 ‑ 815 Effect of increase 276 ‑ 820 Effect of decrease

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-805 — Application of Subdivision to former AMIT

This Subdivision applies if: (a) a trust was an * AMIT for an income year; and (b) the trust is not an AMIT for a later income year (the discovery year ).

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-810 — Continue to work out trust components, unders, overs etc.

(1) For the purposes of this section, assume that the trust is an * AMIT for the discovery year. (2) If the trust has an * under or * over of a character in the discovery year for an earlier income year when the trust was an * AMIT, work out the extent to which the under or over: (a) increases the amount of the AMIT’s * trust component of that character for the discovery year; or (b) decreases the amount of the AMIT’s trust component of that character for the discovery year.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-815 — Effect of increase

(1) This section applies if there is an increase as mentioned in paragraph 276 ‑ 810(2)(a). (2) If the character mentioned in subsection 276 ‑ 810(2) relates to assessable income, treat the amount of the increase as assessable income of the trust for the discovery year. (3) Subsection (4) applies if the character mentioned in subsection 276 ‑ 810(2) is the character of: (a) a * discount capital gain from a * CGT asset that is * taxable Australian property; or (b) a discount capital gain from a CGT asset that is not taxable Australian property. (4) For the purposes of subsection (2), treat the amount of the increase as being double what it would be apart from this subsection. (5) If that character relates to * exempt income, treat the amount of the increase as exempt income of the trust for the discovery year. (6) If that character relates to * non ‑ assessable non ‑ exempt income, treat the amount of the increase as non ‑ assessable non ‑ exempt income of the trust for the discovery year. (7) If that character relates to a * tax offset, treat the amount of the increase as a tax offset of the trust for the discovery year of a kind corresponding to that character (in addition to any other tax offsets of that kind that the trust may have for the discovery year).

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 276-820 — Effect of decrease

(1) This section applies if there is a decrease as mentioned in paragraph 276 ‑ 810(2)(b). (2) If the character mentioned in subsection 276 ‑ 810(2) relates to assessable income: (a) in the case of a character of: (i) a * discount capital gain from a * CGT asset that is * taxable Australian property; or (ii) a discount capital gain from a CGT asset that is not taxable Australian property; treat half the amount of the decrease as a * capital loss of the trust for the discovery year; or (b) in the case of a character of: (i) a * capital gain (other than a discount capital gain) from a CGT asset that is taxable Australian property; or (ii) a capital gain (other than a discount capital gain) from a CGT asset that is not taxable Australian property; treat the amount of the decrease as a capital loss of the trust for the discovery year; or (c) in any other case—treat the amount of the decrease as a deduction of the trust for the discovery year. (3) If that character relates to * exempt income, treat the amount of the decrease as reducing the exempt income of the trust for the discovery year. (4) If that character relates to * non ‑ assessable non ‑ exempt income, treat the amount of the decrease as reducing the non ‑ assessable non ‑ exempt income of the trust for the discovery year. (5) If that character relates to a * tax offset, treat the amount of the decrease as reducing the tax offset or offsets (the existing offset or offsets ) of the trust for the discovery year of a kind corresponding to that character. (6) If that character relates to a * tax offset and exceeds the total of the existing offset or offsets (before the reduction under subsection (5)): (a) unless paragraph (b) applies—the trustee is liable to pay tax at the rate declared by the Parliament on the excess; or Note: The tax is imposed by the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 and the rate of the tax is set out in that Act. (b) if that character is the character of * foreign income tax paid that counts towards a tax offset under Division 770—subsection (7) applies. (7) Increase the trust’s assessable income for the discovery year by the sum of: (a) the excess mentioned in subsection (6); and (b) the product of: (i) that excess; and (ii) the * corporate tax gross ‑ up rate. Treat the amount of that increase as assessable income from a source other than an * Australian source.

Amendment history: Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)

s 280-1 — Effect of this Division

(1) This Division is a * Guide. (2) Tax concessions in this Part are intended to encourage Australians to save in order to make provision for their retirement, recognising that superannuation investments, and the income from them, are quarantined for retirement.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 280-5 — Overview

(1) There are 3 phases in the tax treatment of superannuation, as follows: (a) the contributions phase; (b) the investment phase; (c) the benefits phase. (2) In the contributions phase, contributions are made to a superannuation plan in respect of a member of the plan. (3) In the investment phase, these contributions are invested by the superannuation provider. (4) In the benefits phase, these contributions, plus earnings from investing them, are usually paid as benefits to the member when he or she retires after reaching preservation age. In the event of death, the benefits are usually paid to the member’s dependants. (5) There is also a regulatory scheme outside this Act that is relevant to the taxation treatment of superannuation. For example, other Acts set out prudential and operating standards for superannuation providers.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 280-10 — Contributions phase—deductibility

Contributions that can be deducted (1) Employers can usually deduct contributions they make in respect of their employees. Individuals can usually deduct contributions they make in respect of themselves to most complying superannuation funds. Other contributions cannot be deducted (2) Other contributions cannot be deducted. These include contributions made by others in respect of individuals (such as contributions by a spouse or family member, or Government co ‑ contributions).

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 280-15 — Contributions phase—limits on superannuation tax concessions

(1) There is a limit to contributions that can be made in respect of an individual in a year that receive favourable tax treatment. (2) If concessional contributions exceed an indexed cap, the excess is included in the individual’s assessable income and gives rise to a tax offset. The individual can release the excess concessional contributions from his or her superannuation interests. Unused cap can be carried forward for 5 years. (3) If non ‑ concessional contributions exceed an indexed cap, the individual can request the release of either: (a) nothing; or (b) an amount equal to the sum of that excess and 85% of the associated earnings on that excess; from the individual’s superannuation interests. Whether or not such a request is made, an amount relating to those associated earnings may be included in the individual’s assessable income and may give rise to a tax offset. (4) In the absence of such a request, the Commissioner may require the relevant superannuation fund to release the amount described in paragraph (3)(b). Note: This can be done under subsection 131 ‑ 15(2) in Schedule 1 to the Taxation Administration Act 1953 . (5) The individual is taxed: (a) on any shortfall between the amount released as described in subsection (3) or (4) and the excess referred to in subsection (3); or (b) on that excess, if the individual requested that nothing be released from the individual’s superannuation interests. (6) The Commissioner may require the release of an amount equal to this tax liability from the individual’s superannuation interests. Note: This can be done under subsection 131 ‑ 15(3) in Schedule 1 to the Taxation Administration Act 1953 .

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 280-20 — Investment phase

(1) Contributions that can be deducted are assessable income of the superannuation provider. Contributions that cannot be deducted are not assessable income of the superannuation provider. (There are some exceptions.) (2) Earnings on the investment of amounts in a superannuation plan are assessable income of the superannuation provider. (3) The superannuation provider’s taxable income is generally taxed at the concessional rate of 15%. (4) However, superannuation providers pay no tax on earnings from the assets that support the payment of benefits in the form of income streams, once the income streams have commenced.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 280-25 — Benefits phase—different types of superannuation benefit

Superannuation benefits can be drawn down as lump sums, income streams (such as pensions or annuities), or combinations of both. Different tax treatment may apply depending on whether a lump sum or income stream is paid.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 280-30 — Benefits phase—taxation varies with age of recipient and type of benefit

(1) The taxation of superannuation benefits depends primarily on the age of the member. (2) If the member is aged 60 or over, superannuation benefits (both lump sums and income streams) are tax free if the benefits have already been subject to tax in the fund (that is, where the benefits comprise a taxed element). This covers the great majority of superannuation members. (3) Where a superannuation benefit contains an amount that has not been subject to tax in the fund (an untaxed element), this element is subject to tax for those aged 60 or over, though at concessional rates. This is relevant generally to those people (for example, public servants), who are members of a superannuation fund established by the Australian Government or a state government. (4) If the member is less than 60, superannuation benefits may receive concessional taxation treatment, though the treatment is less concessional than for those aged 60 and over. (5) Superannuation benefits may also include a “tax free component”; this component of the benefit is always paid tax free. (6) Additional tax concessions may apply when superannuation benefits are paid after a member’s death.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 280-35 — Benefits phase—roll ‑ overs

A member can “roll over” their superannuation benefits from one complying superannuation plan to another, or between different interests in the same plan. This is usually done to keep the benefits invested in the superannuation system, or to convert a lump sum to a superannuation income stream. No tax is generally payable until the benefits are finally drawn down.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 280-40 — Other relevant legislative schemes

(1) The Superannuation Industry (Supervision) Act 1993 and the Retirement Savings Accounts Act 1997 regulate the prudential and operating standards for superannuation providers. Concessional tax treatment is generally available only if providers comply with these standards. (2) Other legislative schemes relevant to superannuation include the following: (a) the Superannuation Guarantee (Administration) Act 1992 , which requires that employers provide a minimum level of superannuation contributions for each of their eligible employees; (b) the Superannuation (Government Co ‑ contribution for Low Income Earners) Act 2003 , which provides for Government co ‑ contributions to low income earners’ superannuation; (c) the Small Superannuation Accounts Act 1995 , which provides a facility to accept payments of superannuation guarantee shortfalls; (d) the Superannuation (Unclaimed Money and Lost Members) Act 1999 , which provides for the payment of unclaimed superannuation money, and the maintenance of a register of lost members.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 285-5 — Transfers of property

(1) Any of the following payments covered by this Part can be or include a transfer of property: (a) a contribution; (b) a * superannuation lump sum. (2) The amount of the payment is or includes the * market value of the property. (3) The * market value is reduced by the value of any consideration given for the transfer of the property.

Amendment history: Inserted by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)

s 290-1 — What this Division is about

This Division sets out the rules for deductions and tax offsets for superannuation contributions.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 290-5 — Non ‑ application to roll ‑ over superannuation benefits etc.

This Division does not apply to a contribution that is any of the following: (a) a * roll ‑ over superannuation benefit; (b) a * superannuation lump sum that is paid from a * foreign superannuation fund; (c) an amount transferred to a * complying superannuation fund or an * RSA from a scheme for the payment of benefits in the nature of superannuation upon retirement or death that: (i) is not, and never has been, an * Australian superannuation fund or a * foreign superannuation fund; and (ii) was not established in Australia; and (iii) is not centrally managed or controlled in Australia.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 92 of 2008, effective Schedule 1 (items 10–22, 26): 1 Oct 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015

s 290-10 — No deductions other than under this Division

(1) You cannot deduct under this Act an amount you pay as a contribution to a * complying superannuation fund or * RSA, except as provided by this Division. (2) You cannot deduct under this Act an amount you pay as a contribution to a * non ‑ complying superannuation fund, except as provided by this Division. Note: Under Subdivision 290 ‑ B (Deduction of employer contributions and other employment ‑ connected contributions), you may be able to deduct contributions you make to a non ‑ complying fund that you believe to be a complying fund.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 290-60 — Employer contributions deductible

(1) You can deduct a contribution you make to a * superannuation fund, or an * RSA, for the purpose of providing * superannuation benefits for another person who is your employee when the contribution is made (regardless whether the benefits are payable to a * SIS dependant of the employee if the employee dies before or after becoming entitled to receive the benefits). Note: Other provisions of this Act and the Income Tax Assessment Act 1936 may reduce, increase or deny the deduction in certain circumstances. For example, see sections 85 ‑ 25 and 86 ‑ 75 of this Act. (2) However, the conditions in sections 290 ‑ 70, 290 ‑ 75 and 290 ‑ 80 must also be satisfied for you to deduct the contribution. (3) You can deduct the contribution only for the income year in which you made the contribution. (4) You cannot deduct the contribution if it is an amount paid by you, as mentioned in regulations under the Family Law Act 1975 , to a * regulated superannuation fund, or to an * RSA, to be held for the benefit of your * non ‑ member spouse in satisfaction of his or her entitlement in respect of the * superannuation interest concerned.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)

s 290-65 — Application to employees etc.

(1) At a time when an individual is an employee of an entity within the expanded meaning of employee given by section 12 of the Superannuation Guarantee (Administration) Act 1992 , this Subdivision applies as if the individual were an employee of the entity. (2) For the purposes of this Subdivision: (a) in relation to a contribution by a partnership in respect of an employee of the partnership—treat the employee as an employee of the partnership; and (b) in relation to a contribution by a partner in a partnership in respect of an employee of the partnership—treat the employee as an employee of the partner.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 290-70 — Employment activity conditions

To deduct the contribution, the employee must be: (aa) your employee (within the expanded meaning of employee given by section 12 of the Superannuation Guarantee (Administration) Act 1992 ); or (a) engaged in producing your assessable income; or (b) an Australian resident who is engaged in your business.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)

s 290-75 — Complying fund conditions

(1) If the contribution was made to a * superannuation fund, at least one of these conditions must be satisfied: (a) the fund was a * complying superannuation fund for the income year of the fund in which you made the contribution; (b) at the time you made the contribution, you had reasonable grounds to believe that the fund was a complying superannuation fund for that income year; (c) at or before the time you made the contribution, you obtained a written statement (given by or on behalf of the trustee of the fund) that the fund: (i) was a resident regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); and (ii) was not subject to a direction under section 63 of that Act (which prevents a fund from accepting employer contributions). (2) However, the condition in paragraph (1)(b) or (c) cannot be satisfied if, when the contribution was made: (a) you were: (i) the trustee or the manager of the fund; or (ii) an * associate of the trustee or the manager of the fund; and (b) you had reasonable grounds to believe that: (i) the fund was not a resident regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); or (ii) the fund was operating in contravention of a regulatory provision (within the meaning of section 38A of that Act). (3) For the purposes of subparagraph (2)(b)(ii), a contravention of the Superannuation Industry (Supervision) Act 1993 or regulations made under it is to be ignored unless the contravention is: (a) an offence; or (b) a contravention of a civil penalty provision of that Act or those regulations. (4) For the purposes of subparagraph (2)(b)(ii), it is sufficient if a contravention is established on the balance of probabilities.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 290-80 — Age related conditions

(1) To deduct the contribution: (a) you must have made the contribution on or before the day that is 28 days after the end of the month in which the employee turns 75; or (b) you must have been required to make the contribution by an industrial award, determination or notional agreement preserving State awards (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 ) that is in force under an * Australian law; or (c) the contribution must result in you having a lower * individual final superannuation guarantee shortfall for the employee and one or more * QE days than what you would have otherwise. (2) If only paragraph (1)(b) applies, you can deduct only the amount of the contribution that is required by the industrial award, determination or notional agreement preserving State awards. Note: An industrial agreement, such as an enterprise agreement within the meaning of the Fair Work Act 2009 , or a similar agreement made under a State law, is not an award or determination. (2A) If only paragraph (1)(c) applies, you can deduct only the amount of the contribution that causes the result described in that paragraph. (2B) If both paragraphs (1)(b) and (c) apply and paragraph (1)(a) does not apply, you can deduct only the greater of the following amounts (or only one of them if they are equal): (a) the amount of the contribution that is required by the industrial award, determination or notional agreement preserving State awards; (b) the amount of the contribution that causes the result described in paragraph (1)(c). Note: If paragraph (1)(a) applies, you can deduct the whole of the contribution (whether or not paragraph (1)(b) or (1)(c) also applies). (3) For the purposes of this section, a reference to a determination does not include a reference to a workplace determination made under the Fair Work Act 2009 or the Workplace Relations Act 1996 .

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 8 of 2008, effective Sch 1 (item 271): 28 Mar 2008 (s 2(1) item 2) | Amended by No 54 of 2009, effective Sch 18 (items 6–9): 1 July 2009 (s 2(1) item 41) | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 57 of 2025, effective sch 1 (items 79 ‑ 98, 181, 183): 1 July 2026 (s 2(1) item 1)

s 290-85 — Contributions for former employees etc.

(1) Section 290 ‑ 60 applies as modified by this section if a contribution you make in respect of another person: (a) results in you having a lower * individual final superannuation guarantee shortfall for the other person and one or more * QE days than what you would have otherwise because of section 15B of the Superannuation Guarantee (Administration) Act 1992 ; or (b) is a one ‑ off payment in lieu of qualifying earnings (within the meaning of that Act) that relate to a period of service during which the other person was your employee. (1AA) Section 290 ‑ 60 also applies as modified by this section if: (a) a contribution you make in respect of another person relates to a period of service during which the other person was your employee; and (b) you make the contribution within 4 months after the person stops being your employee; and (c) you would have been entitled to a deduction in relation to the contribution if: (i) you had made it at a time when the other person was your employee; and (ii) the law that applied to your entitlement to the deduction at that time had been the same as it was at the time you actually made the contribution. (1AB) Section 290 ‑ 60 also applies as modified by this section if: (a) a contribution you make in respect of another person relates to a period of service during which the other person was your employee; and (b) the contribution relates to a * defined benefit interest of the other person; and (c) you are at * arm’s length with the other person in relation to the contribution; and (d) you obtain an * actuary’s certificate that: (i) complies with the requirements (if any) specified by the regulations for the purposes of this paragraph; and (ii) is to the effect that the contribution does not exceed the amount required by the relevant * superannuation fund to meet the fund’s liabilities in connection with defined benefit interests; and (e) you would have been entitled to a deduction in relation to the contribution if: (i) you had made it at a time when the other person was your employee; and (ii) the law that applied to your entitlement to the deduction at that time had been the same as it was at the time you actually made the contribution. (1A) Section 290 ‑ 60 also applies as modified by this section if: (a) you make a contribution in respect of another person at a time; and (b) the other person had been employed by a company or other entity before that time; and (c) section 290 ‑ 90 would apply in relation to the contribution if the other person were employed by the company or entity at that time; and (d) the contribution: (i) results in the company or entity having a lower * individual final superannuation guarantee shortfall for the other person and one or more * QE days than what it would have otherwise because of section 15B of the Superannuation Guarantee (Administration) Act 1992 ; or (ii) is a one ‑ off payment in lieu of salary or wages that relate to a period of service during which the other person was the company’s or entity’s employee; or (iii) if subsection (1B) or (1C) applies—relates to a period of service during which the other person was the company’s or entity’s employee. (1B) This subsection applies if: (a) you make the contribution within 4 months after the person stops being the company’s or entity’s employee; and (b) you would have been entitled to a deduction in relation to the contribution if you had made it while the other person was the company’s or entity’s employee. (1C) This subsection applies if: (a) the contribution relates to a * defined benefit interest of the other person; and (b) you and the company are at * arm’s length with the other person in relation to the contribution; and (c) you obtain an * actuary’s certificate that: (i) complies with the requirements (if any) specified by the regulations for the purposes of this paragraph; and (ii) is to the effect that the contribution does not exceed the amount required by the relevant * superannuation fund or * RSA to meet the fund’s or RSA’s liabilities in connection with defined benefit interests; and (d) you would have been entitled to a deduction in respect of the contribution if you had made it while the other person was the company’s or entity’s employee. (2) Treat the other person as your employee for the purposes of subsection 290 ‑ 60(1). (3) Despite subsection 290 ‑ 60(2): (a) if subsection (1) or (1AA) applies—the condition in section 290 ‑ 70 must be satisfied at the most recent time when the other person was your employee (apart from subsection (2) of this section); or (b) if subsection (1A) applies: (i) the condition in section 290 ‑ 70 need not be satisfied; and (ii) instead, the condition in subsection 290 ‑ 90(4) must be satisfied at the most recent time when the other person was the company’s or entity’s employee.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 57 of 2025, effective sch 1 (items 79 ‑ 98, 181, 183): 1 July 2026 (s 2(1) item 1)

s 290-90 — Controlling interest deductions

(1) Section 290 ‑ 60 applies as modified by this section if you make a contribution in respect of another person at a time, and at that time: (a) the other person is an employee of a company in which you have a controlling interest; or (b) you are connected to the other person in the circumstances set out in subsection (5); or (c) you are a company connected to the other person in the circumstances described in subsection (6). (2) Treat the other person as your employee at that time for the purposes of subsection 290 ‑ 60(1). Note 1: A deduction may be denied by section 85 ‑ 25 if the employee is your associate. Note 2: Section 86 ‑ 60 (read together with section 86 ‑ 75) limits the extent to which superannuation contributions by personal service entities are deductions. (3) Despite subsection 290 ‑ 60(2), for you to deduct the contribution the condition in subsection (4) needs to be satisfied instead of the condition in section 290 ‑ 70. (4) The other person must be: (aa) an employee (within the expanded meaning of employee given by section 12 of the Superannuation Guarantee (Administration) Act 1992 ) of the other person’s employer; or (a) engaged in producing the assessable income of the other person’s employer; or (b) an Australian resident engaged in the business of the other person’s employer. (5) For the purposes of paragraph (1)(b), the circumstances are: (a) you are the beneficial owner of shares in a company of which the other person is an employee, but you do not have a controlling interest in the company; and (b) you are at * arm’s length with the other person in relation to the contribution; and (c) neither the other person, nor a * relative of the other person: (i) has set apart an amount as a fund, or has made a contribution to a fund, for the purpose of providing * superannuation benefits for you or a relative of yours; or (ii) has made an * arrangement under which the other person or relative will or may do so. Company controlling interest deductions (6) For the purposes of paragraph (1)(c), the circumstances are: (a) the other person is an employee of an entity that has a controlling interest in the company; or (b) an entity that has a controlling interest in the company also has a controlling interest in a company of which the other person is an employee.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011

s 290-100 — Returned contributions assessable

(1) Your assessable income includes a payment, or the value of a benefit, you receive in the income year so far as it reasonably represents the direct or indirect return of: (a) a contribution for which you or another entity have deducted or can deduct an amount for any income year; or (b) earnings on a contribution of that kind. Note: An example of an indirect return of a contribution is if the fund to which it was made transfers to another fund assets that include the contribution, and the other fund returns the contribution to the person who made it. (2) Subsection (1) does not apply if you receive the payment, or the value of the benefit, as a * superannuation benefit.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 290-150 — Personal contributions deductible

(1) You can deduct a contribution you make to a * superannuation fund, or an * RSA, for the purpose of providing * superannuation benefits for yourself (regardless whether the benefits are payable to your * SIS dependants if you die before or after becoming entitled to receive the benefits). Note: Other provisions of this Act and the Income Tax Assessment Act 1936 may reduce, increase or deny the deduction in certain circumstances. For example, see section 26 ‑ 55 of this Act. (2) However, the conditions in sections 290 ‑ 155, 290 ‑ 165, 290 ‑ 167, 290 ‑ 168, 290 ‑ 169 and 290 ‑ 170 must also be satisfied for you to deduct the contribution. (3) You can deduct the contribution only for the income year in which you made the contribution. (4) If the contribution is attributable in whole or part to a * capital gain from a * CGT event: (a) if you disregarded all or part of the capital gain from the CGT event under subsection 152 ‑ 305(1) and you were under 55 just before you made the choice mentioned in that subsection—you cannot deduct the contribution to the extent that it is attributable to the capital gain; or (b) if a company or trust disregarded all or part of the capital gain from the CGT event under subsection 152 ‑ 305(2) and you were under 55 just before the contribution was made—you cannot deduct the contribution to the extent that it is attributable to the capital gain.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)

s 290-155 — Complying superannuation fund condition

(1) If the contribution is made to a * superannuation fund: (a) the fund must be a * complying superannuation fund, for the income year of the fund in which you made the contribution, that is not: (i) a * Commonwealth public sector superannuation scheme in which you have a * defined benefit interest; or (ii) a superannuation fund that would not include the contribution in its assessable income under section 295 ‑ 190; or (iii) a superannuation fund of a kind prescribed by the regulations for the purposes of this subparagraph; and (b) the contribution must not be a contribution of a kind prescribed by the regulations that is made to a superannuation fund of a kind prescribed by the regulations for the purposes of this paragraph. (2) In determining for the purposes of subparagraph (1)(a)(ii) whether section 295 ‑ 190 would apply in relation to a contribution, disregard Subdivision 295 ‑ D. (3) The Commissioner may publish, in such manner as the Commissioner thinks fit, lists of: (a) the * superannuation funds to which subparagraph (1)(a)(i), (ii) or (iii) applies for an income year; and (b) the kinds of contributions to which paragraph (1)(b) applies for an income year, and the superannuation funds to which those contributions have been or would be made.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed and substituted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 290-165 — Age ‑ related conditions

Condition if you are under 18 (1) If you were under the age of 18 at the end of the income year in which you made the contribution, you must have * derived income in the income year: (a) from the carrying on of a * business; or (b) attributable to activities, or circumstances, that result in you being treated as an employee for the purposes of the Superannuation Guarantee (Administration) Act 1992 (assuming that subsection 12(11) of that Act had not been enacted). Work test condition for ages 67 to 75 (1A) If you made the contribution during the period starting on the day you turn 67 and ending on the day that is 28 days after the end of the month in which you turn 75: (a) you must have been * gainfully employed for at least 40 hours in any period of 30 consecutive days during the income year in which the contribution was made; or (b) if you do not satisfy paragraph (a)—you must satisfy the following requirements: (i) you were gainfully employed for at least 40 hours in any period of 30 consecutive days during the income year (the previous income year ) ending before the income year in which the contribution was made; (ii) you had a * total superannuation balance of less than $300,000 at the end of the previous income year; (iii) you have not deducted a contribution in the previous income year or any earlier income years on the basis of satisfying the requirements in this paragraph; (iv) no contribution made by you, or in respect of you, in the previous income year or any earlier income years, was accepted by a * superannuation fund or an * RSA under a prescribed provision of regulations made for the purposes of the Superannuation Industry (Supervision) Act 1993 or the Retirement Savings Accounts Act 1997 . Maximum age condition (2) You cannot deduct the contribution if it is made after the day that is 28 days after the end of the month in which you turn 75.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 10 of 2022, effective sch 3-5: 1 Apr 2022 (s 2(1) item 3)

s 290-167 — Contribution must not be a downsizer contribution

You cannot deduct the contribution if it is a contribution that is covered under section 292 ‑ 102 (about downsizer contributions).

Amendment history: Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)

s 290-168 — Contribution must not be a re ‑ contribution under the first home super saver scheme

You cannot deduct the contribution if you notified the Commissioner about the contribution under section 313 ‑ 50 (about contributing amounts to superannuation that were previously released under the * first home super saver scheme).

Amendment history: Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)

s 290-169 — Contribution must not be a COVID ‑ 19 re ‑ contribution

You cannot deduct the contribution if it is a contribution that is covered under section 292 ‑ 103 (about COVID ‑ 19 re ‑ contributions).

Amendment history: Inserted by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)

s 290-170 — Notice of intent to deduct conditions

Deductibility of contributions (1) To deduct the contribution, or a part of the contribution: (a) you must give to the trustee of the fund or the * RSA provider a valid notice, in the * approved form, of your intention to claim the deduction; and (b) the notice must be given before: (i) if you have lodged your * income tax return for the income year in which the contribution was made on a day before the end of the next income year—the end of that day; or (ii) otherwise—the end of the next income year; and (c) the trustee or provider must have given you an acknowledgment of receipt of the notice. Validity of notices (2) The notice is not valid if at least one of these conditions is satisfied: (a) the notice is not in respect of the contribution; (b) the notice includes all or a part of an amount covered by a previous notice; (c) when you gave the notice: (i) you were not a member of the fund or the holder of the * RSA; or (ii) the trustee or * RSA provider no longer holds the contribution; or (iii) the trustee or RSA provider has begun to pay a * superannuation income stream based in whole or part on the contribution; (d) before you gave the notice: (i) you had made a contributions ‑ splitting application (within the meaning given by the regulations) in relation to the contribution; and (ii) the trustee or RSA provider to which you made the application had not rejected the application; (e) if the contribution is made to a * superannuation fund—the condition in section 290 ‑ 155 is not satisfied in relation to the fund and the contribution. Acknowledgment of notice (3) The trustee or provider must, without delay, give you an acknowledgment of a valid notice, subject to subsection (4). (4) The trustee or provider may refuse to give you an acknowledgment of receipt of a valid notice if the * value of the * superannuation interest to which the notice relates, at the end of the day on which the trustee or * RSA provider received the notice, is less than the tax that would be payable in respect of your contribution (or part of the contribution) if the trustee or provider were to acknowledge receipt of the notice. Application to successor funds (5) Subsections (1) to (4) and section 290 ‑ 180 apply as if: (a) references in those provisions to the fund or * RSA were references to a * successor fund; and (b) references in those provisions to the trustee or * RSA provider were references to the trustee or RSA provider of the successor fund; if: (c) after making your contribution, all of the * superannuation interest to which the notice relates is transferred to the successor fund; and (d) you have not previously given a valid notice under this section to any * superannuation provider in relation to the contribution.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 290-175 — Deduction limited by amount specified in notice

You cannot deduct more for the contribution (or a part of the contribution) than the amount stated in the notice.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 290-180 — Notice may be varied but not revoked or withdrawn

(1) You cannot revoke or withdraw a valid notice in relation to the contribution (or a part of the contribution). (2) You can vary a valid notice, but only so as to reduce the amount stated in relation to the contribution (including to nil). You do so by giving notice to the trustee or the * RSA provider in the * approved form. (3) However, you cannot vary a valid notice after: (a) if you have lodged your * income tax return for the income year in which the contribution was made on a day before the end of the next income year—the end of that day; or (b) otherwise—the end of the next income year. (3A) The variation is not effective if, when you make it: (a) you were not a member of the fund or the holder of the * RSA; or (b) the trustee or * RSA provider no longer holds the contribution; or (c) the trustee or RSA provider has begun to pay a * superannuation income stream based in whole or part on the contribution. (4) Subsection (3) does not apply to a variation if: (a) you claimed a deduction for the contribution (or a part of the contribution); and (b) the deduction is not allowable (in whole or in part); and (c) the variation reduces the amount stated in relation to the contribution by the amount not allowable as a deduction. Application to successor funds (5) Subsections (2) and (3A) apply as if: (a) the reference in subsection (3A) to the fund or * RSA were a reference to a * successor fund; and (b) references in those subsections to the trustee or * RSA provider were references to the trustee or RSA provider of the successor fund; if, after a valid notice is given under section 290 ‑ 170 in relation to the contribution, all of the * superannuation interest to which the notice relates is transferred to the successor fund.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8)

s 290-230 — Offset for spouse contribution

(1) You are entitled to a * tax offset for an income year for a contribution you make in the income year to a * superannuation fund, or an * RSA, for the purpose of providing * superannuation benefits for your * spouse (regardless whether the benefits are payable to your spouse’s * SIS dependants if your spouse dies before or after becoming entitled to receive the benefits). (2) You are entitled to the * tax offset only if: (a) he or she was your * spouse when you made the contribution; and (b) both you and your spouse were Australian residents when you made the contribution; and (c) the total of your spouse’s: (i) assessable income, disregarding your spouse’s * assessable FHSS released amount for the income year; and (ii) * reportable fringe benefits total; and (iii) * reportable employer superannuation contributions; for the income year is less than $40,000; and (d) you have not deducted and cannot deduct an amount for the contribution under section 290 ‑ 60 (employer contributions); and (e) if the contribution is made to a * superannuation fund—it is a * complying superannuation fund for the income year of the fund in which you make the contribution. (3) You are not entitled to the * tax offset if, when you make the contribution, you are living separately and apart from your * spouse on a permanent basis. (4) You are not entitled to the * tax offset for an amount paid by you, as mentioned in regulations under the Family Law Act 1975 , to a * regulated superannuation fund, or to an * RSA, to be held for the benefit of your * non ‑ member spouse in satisfaction of his or her entitlement in respect of the * superannuation interest concerned. (4A) You are not entitled to the * tax offset for an income year if: (a) your * spouse’s * non ‑ concessional contributions for the * financial year corresponding to the income year exceed your spouse’s * non ‑ concessional contributions cap for the financial year; or (b) immediately before the start of the financial year, your spouse’s * total superannuation balance equals or exceeds the * general transfer balance cap for the financial year. (5) For the purposes of subparagraph (2)(c)(iii), reduce (but not below zero) the * reportable employer superannuation contributions by the amount of any * excess concessional contributions your * spouse has for the * financial year corresponding to the income year.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009 | Amended by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)

s 290-235 — Limit on amount of tax offsets

(1) The total of the amounts of * tax offset to which you are entitled for contributions you make for an income year cannot exceed 18% of the lesser of the following: (a) $3,000 reduced by the amount (if any) by which the total mentioned in paragraph 290 ‑ 230(2)(c) for the income year exceeds $37,000; (b) the sum of the * spouse contributions you make in the income year. (2) The maximum * tax offset to which you are entitled for an income year is $540, even if you are entitled to a tax offset for more than 1 * spouse.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 290-240 — Tax file number

If you are entitled to the * tax offset for the contribution, you may, with your * spouse’s consent, quote your spouse’s * tax file number to the trustee (or * RSA provider) of the * superannuation fund (or * RSA) to which the contribution is made.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 291-1 — What this Division is about

There is a cap on the amount of superannuation contributions that may receive concessional tax treatment for an individual in a financial year. You can carry forward unused concessional contributions cap from the previous 5 financial years and use it to increase your cap in a later financial year (unless your total superannuation balance equals or exceeds $500,000). Superannuation contributions that exceed your concessional contributions cap are included in your assessable income for the corresponding income year. A tax offset compensates for the tax that generally applies to the contributions in the superannuation fund. Note: Part 2 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 contains rules about releasing the excess concessional contributions from superannuation.

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7) | Amended by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)

s 291-5 — Object of this Division

The object of this Division is to ensure, in relation to concessional contributions to superannuation, that the amount of concessionally taxed * superannuation benefits that an individual receives results from contributions that have been made gradually over the course of the individual’s life. Note: Division 292 has the same object, in relation to non ‑ concessional contributions.

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 291-10 — What this Subdivision is about

This Subdivision includes excess concessional contributions in your assessable income and provides a tax offset. Table of sections Operative provisions 291 ‑ 15 Excess concessional contributions—assessable income, 15% tax offset 291 ‑ 20 Your excess concessional contributions for a financial year 291 ‑ 25 Your concessional contributions for a financial year

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 291-15 — Excess concessional contributions—assessable income, 15% tax offset

If you have * excess concessional contributions for a * financial year: (a) an amount equal to the excess concessional contributions is included in your assessable income for your corresponding income year; and (b) you are entitled to a * tax offset for that income year equal to 15% of the excess concessional contributions. Note 1: This offset cannot be refunded, transferred or carried forward: see item 20 of the table in subsection 63 ‑ 10(1). Note 3: You can request the release of excess concessional contributions from superannuation: see Division 131 in that Schedule.

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)

s 291-20 — Your excess concessional contributions for a financial year

(1) You have excess concessional contributions for a * financial year if the amount of your * concessional contributions for the year exceeds your * concessional contributions cap for the year. The amount of the excess concessional contributions is the amount of the excess. (2) Your concessional contributions cap is: (a) for the 2017 ‑ 2018 financial year—$25,000; or (b) for the 2018 ‑ 2019 financial year or a later financial year—the amount worked out by indexing annually the amount mentioned in paragraph (a). Note: Subdivision 960 ‑ M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the cap: see section 960 ‑ 285. Five year carry forward of unused concessional contributions cap (3) However, your concessional contributions cap for the * financial year is increased in accordance with subsection (4) if: (a) your * concessional contributions for the year would otherwise exceed your concessional contributions cap for the year; and (b) your * total superannuation balance just before the start of the financial year is less than $500,000; and (c) you have previously unapplied * unused concessional contributions cap for one or more of the previous 5 financial years. (4) Apply your unapplied * unused concessional contributions cap for each of the previous 5 * financial years to increase your * concessional contributions cap (but not by more than the excess from paragraph (3)(a)). (5) For the purposes of increasing your * concessional contributions cap under subsection (4), apply amounts of * unused concessional contributions cap for previous * financial years in order from the earliest year to the most recent year. Your unused concessional contributions cap (6) You have unused concessional contributions cap for a * financial year if the amount of your * concessional contributions for the year falls short of your * concessional contributions cap for the year. The amount of the unused concessional contributions cap is the amount of the shortfall. (7) However, you do not have unused concessional contributions cap for a * financial year earlier than the 2018 ‑ 2019 financial year.

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 291-25 — Your concessional contributions for a financial year

(1) The amount of your concessional contributions for a * financial year is the sum of: (a) each contribution covered under subsection (2); and (b) each amount covered under subsection (3). Note: For rules about defined benefit interests, see Subdivision 291 ‑ C. (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 included in the assessable income of the * superannuation provider in relation to the plan, or, 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); and (c) it is not an amount mentioned in subsection 295 ‑ 200(2); and (d) it is not an amount mentioned in item 2 of the table in subsection 295 ‑ 190(1); and (e) it is not an amount mentioned in subsection 99G(6) of the Superannuation Industry (Supervision) Act 1993 that is refunded in accordance with that subsection. (3) An amount in a * complying superannuation plan is covered under this subsection if it is allocated by the * superannuation provider in relation to the plan for you for the year in accordance with conditions specified in the regulations. (4) 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).

Amendment history: Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)

s 291-155 — What this Subdivision is about

This Subdivision modifies the meaning of concessional contributions relating to defined benefits interests. Table of sections Operative provisions 291 ‑ 160 Application 291 ‑ 165 Concessional contributions—special rules for defined benefit interests 291 ‑ 170 Notional taxed contributions 291 ‑ 175 Defined benefit interest

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 291-160 — Application

This Subdivision applies if, in a * financial year, you have: (a) a * superannuation interest that is or includes a * defined benefit interest; or (b) more than one superannuation interest that is or includes a defined benefit interest.

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 291-165 — Concessional contributions—special rules for defined benefit interests

(1) Despite section 291 ‑ 25, the amount of your concessional contributions for the * financial year is the sum of: (a) the contributions covered by subsection 291 ‑ 25(2), and the amounts covered by subsection 291 ‑ 25(3), to the extent to which they do not relate to the * defined benefit interest or interests; and (b) your * notional taxed contributions for the financial year in respect of the defined benefit interest or interests; and (c) the amount (if any) by which your * defined benefit contributions for the financial year in respect of the defined benefit interest or interests exceed those notional taxed contributions. Note: Section 291 ‑ 370 prevents some contributions from causing your concessional contributions for a financial year to exceed the concessional contributions cap. (2) In working out your * defined benefit contributions for the * financial year for the purposes of paragraph (1)(c): (a) if Subdivision 293 ‑ E applies to you for the income year corresponding to the financial year—disregard subsection 293 ‑ 150(3); and (b) if Subdivision 293 ‑ F applies to you—disregard subsection 293 ‑ 195(2). Note: Section 291 ‑ 370 prevents some contributions from causing your concessional contributions for a financial year to exceed the concessional contributions cap.

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 291-170 — Notional taxed contributions

(1) Your notional taxed contributions for a * financial year in respect of a * defined benefit interest has the meaning given by the regulations. Note: For transitional provisions about notional taxed contributions that were previously in former subsections 292 ‑ 170(6) to (9), see Subdivision 291 ‑ C of the Income Tax (Transitional Provisions) Act 1997 . (2) Regulations made for the purposes of subsection (1) may provide for a method of determining the amount of the notional taxed contributions . (3) Regulations made for the purposes of subsection (1) may define the * notional taxed contributions, and the amount of notional taxed contributions, in different ways depending on any of the following matters: (a) the individual who has the * superannuation interest that is or includes the * defined benefit interest; (b) the * superannuation plan in which the superannuation interest exists; (c) the * superannuation provider in relation to the superannuation plan; (d) any other matter. (4) Regulations made for the purposes of subsection (1) may specify circumstances in which the amount of * notional taxed contributions for a * financial year is nil. (5) Subsections (2), (3) and (4) do not limit the regulations that may be made for the purposes of this section.

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 291-175 — Defined benefit interest

(1) An individual’s * superannuation interest is a defined benefit interest to the extent that it defines the individual’s entitlement to * superannuation benefits payable from the interest by reference to one or more of the following matters: (a) the individual’s salary, or allowance in the nature of salary, at a particular date or averaged over a period; (b) another individual’s salary, or allowance in the nature of salary, at a particular date or averaged over a period; (c) a specified amount; (d) specified conversion factors. (2) However, an individual’s * superannuation interest is not a defined benefit interest if it defines that entitlement solely by reference to one or more of the following: (a) * disability superannuation benefits; (b) * superannuation death benefits; (c) payments of amounts mentioned in paragraph 307 ‑ 10(a) (temporary disability payments).

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 291-365 — What this Subdivision is about

Some contributions and other amounts are treated as always being within your concessional contributions cap, and therefore cannot be excess concessional contributions. Table of sections Operative provisions 291 ‑ 370 Contributions that do not result in excess contributions

Amendment history: Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 291-370 — Contributions that do not result in excess contributions

(1) In working out your * concessional contributions for a * financial year, treat the sum of the following as an amount equal to your * concessional contributions cap under subsection 291 ‑ 20(2) for the financial year: (a) contributions made in respect of you for the financial year to a * constitutionally protected fund that would (disregarding this section) be concessional contributions; (b) if any of your * notional taxed contributions for the financial year: (i) are worked out under section 291 ‑ 170 of the Income Tax (Transitional Provisions) Act 1997 ; or (ii) are not worked out under that section, but only because those notional taxed contributions did not meet the requirements of paragraph 291 ‑ 170(2)(b) or (4)(b) of that Act; the amount of those notional taxed contributions; (c) if your * defined benefit contributions for the financial year (worked out excluding contributions and amounts covered by paragraph (a)) exceed your notional taxed contributions for the financial year (also worked out excluding contributions and amounts covered by paragraph (a))—the amount of that excess; if that sum would otherwise exceed your concessional contributions cap under subsection 291 ‑ 20(2) for the financial year. Note: This subsection does not take into account any increase in your concessional contributions cap under subsection 291 ‑ 20(4). (2) For the purposes of paragraph (1)(a), treat any amounts covered by subsection 291 ‑ 25(3) or paragraph 291 ‑ 165(1)(b) or (c) for the * financial year that relate to a * superannuation interest of yours in the fund as if they were contributions made in respect of you for the financial year to the fund. (3) This section has effect despite sections 291 ‑ 25 and 291 ‑ 165 of this Act and section 291 ‑ 170 of the Income Tax (Transitional Provisions) Act 1997 .

Amendment history: Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7)

s 291-460 — What this Subdivision is about

The Commissioner has a discretion to disregard concessional contributions or allocate them to a different financial year. Table of sections Operative provisions 291 ‑ 465 Commissioner’s discretion to disregard contributions etc. in relation to a financial year

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 291-465 — Commissioner’s discretion to disregard contributions etc. in relation to a financial year

(1) The Commissioner may make a written determination that, for the purposes of working out the amount of your * excess concessional contributions for a * financial year, all or part of your * concessional contributions for a financial year is to be: (a) disregarded; or (b) allocated instead for the purposes of another financial year specified in the determination. Conditions for making of determination (2) The Commissioner may make the determination only if: (a) you apply for the determination in accordance with this section; and (b) the Commissioner considers that: (i) there are special circumstances; and (ii) making the determination is consistent with the object of this Division and Division 292. (2A) Paragraph (2)(a) does not apply if: (a) the determination relates to a contribution that is an amount the Commissioner pays for your benefit under Part 8 of the Superannuation Guarantee (Administration) Act 1992 ; and (b) the amount represents an amount of a charge payment (within the meaning of section 63A of that Act) paid as a result of a disclosure to which paragraph 74(1)(a) of that Act applies; and (c) the entity making the disclosure qualified, under section 74 of that Act, for an amnesty in relation to the * superannuation guarantee shortfall to which the charge payment relates. Matters to which regard may be had (3) In making the determination the Commissioner may have regard to the following: (a) whether a contribution made in the relevant * financial year would more appropriately be allocated towards another financial year instead; (b) whether it was reasonably foreseeable, when a relevant contribution was made, that you would have * excess concessional contributions or * excess non ‑ concessional contributions for the relevant financial year, and in particular: (i) if the relevant contribution is made in respect of you by another individual—the terms of any agreement or arrangement between you and that individual as to the amount and timing of the contribution; and (ii) the extent to which you had control over the making of the contribution; (c) any other relevant matters. Requirements for application (4) The application: (a) must be in the * approved form; and (b) can only be made after all of the contributions sought to be disregarded or reallocated have been made; and (c) if you receive an * excess concessional contributions determination for the * financial year—must be given to the Commissioner within: (i) 60 days after receiving the determination; or (ii) a further period allowed by the Commissioner. Notification (5) The Commissioner must give you: (a) a copy of the determination; or (b) if the Commissioner decides not to make a determination—notice of that decision. Review (7) If you are dissatisfied with: (a) a determination made under this section in relation to you; or (b) a decision the Commissioner makes not to make such a determination; you may object against the determination, or the decision, as the case requires, in the manner set out in Part IVC of the Taxation Administration Act 1953 . (8) To avoid doubt: (a) subject to subsection 14ZVB(3) of the Taxation Administration Act 1953 , you may also object, on the ground that you are dissatisfied with such a determination or decision, relating to all or part of your * concessional contributions for a * financial year: (i) under section 175A of the Income Tax Assessment Act 1936 against an assessment made in relation to you for the corresponding income year; or (ii) under section 97 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 against an * excess concessional contributions determination made in relation to you for the financial year; and (b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , the making of a determination under this section is a decision forming part of the process of making an assessment of tax, and making a calculation of charge, under this Act.

Amendment history: Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 21 of 2020, effective Sch 1 (items 1–9): 1 Apr 2020 (s 2(1) item 2)

s 292-1 — What this Division is about

This Division limits the superannuation contributions made in a financial year that receive concessional tax treatment. You become liable for tax if: (a) your non ‑ concessional contributions exceed an indexed cap; and (b) a corresponding amount is not released from your superannuation interests. An amount may be included in your assessable income, and you may become entitled to a tax offset, if your non ‑ concessional contributions exceed that indexed cap.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed and substituted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 292-5 — Object of this Division

The object of this Division is to ensure, in relation to non ‑ concessional contributions to superannuation, that the amount of concessionally taxed * superannuation benefits that an individual receives results from contributions that have been made gradually over the course of the individual’s life. Note: Division 291 has the same object, in relation to concessional contributions.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed and substituted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-15 — What this Subdivision is about

An amount is included in your assessable income, and you are entitled to a tax offset, if: (a) your non ‑ concessional contributions exceed an indexed cap; and (b) you are not liable to pay excess non ‑ concessional contributions tax for the financial year on the full amount of the excess. This amount included in your assessable income relates to: (a) your associated earnings on those excess contributions; and (b) any amounts that have been released from your superannuation interests. Table of sections 292 ‑ 20 Amount in assessable income, and tax offset, relating to your non ‑ concessional contributions 292 ‑ 25 Amount included in assessable income 292 ‑ 30 Amount of the tax offset

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 292-20 — Amount in assessable income, and tax offset, relating to your non ‑ concessional contributions

Your assessable income for an income year includes an amount, and you are entitled to a * tax offset for the income year, if: (a) you receive one or more * excess non ‑ concessional contributions determinations for a * financial year that corresponds to the income year; and (b) you are not liable to pay * excess non ‑ concessional contributions tax for the financial year on the full amount of the excess stated in the most recent of those determinations.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 62 of 2009, effective Schedule 3 (items 1–10): Royal Assent | Amended by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Amended by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Repealed by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 292-25 — Amount included in assessable income

(1) The amount included in your assessable income for the income year is equal to the amount of associated earnings stated in the most recent of those determinations. (2) However, if: (a) the sum of any amounts paid in response to release authorities issued in relation to those determinations (the total amount ) is less than the amount of the excess stated in the most recent of those determinations; and (b) section 292 ‑ 467 does not apply to you for the * financial year; the amount included in your assessable income for the income year is equal to the amount of associated earnings that would have been stated in that most recent determination if the total amount had been the amount of the excess stated in that determination. Note 1: The release authorities are issued under Division 131, or former Division 96, in Schedule 1 to the Taxation Administration Act 1953 . Note 2: Any amounts paid in response to the release authorities are non ‑ assessable non ‑ exempt income (see section 303 ‑ 15 or former sections 303 ‑ 15 and 303 ‑ 17).

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Repealed by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 292-30 — Amount of the tax offset

The * tax offset is equal to 15% of the amount included in your assessable income for the income year under section 292 ‑ 25. Note 1: This tax offset compensates for any tax liability of the superannuation provider on earnings from investments made with the contributions making up the excess amount stated in the most recent determination. Note 2: This offset cannot be refunded, transferred or carried forward (see item 20 of the table in subsection 63 ‑ 10(1)).

Amendment history: Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)

s 292-75 — What this Subdivision is about

This Subdivision defines non ‑ concessional contributions and excess non ‑ concessional contributions , and sets liability to pay excess non ‑ concessional contributions tax. Table of sections Operative provisions 292 ‑ 80 Liability for excess non ‑ concessional contributions tax 292 ‑ 85 Your excess non ‑ concessional contributions for a financial year 292 ‑ 90 Your non ‑ concessional contributions for a financial year 292 ‑ 95 Contributions arising from structured settlements or orders for personal injuries 292 ‑ 100 Contribution relating to some CGT small business concessions 292 ‑ 102 Downsizer contributions

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 292-103 — COVID ‑ 19 re ‑ contributions

(1) A contribution is covered by this section if: (a) the contribution is made by you to a * complying superannuation plan in respect of you in a * financial year; and (b) the contribution is made in the financial year beginning on 1 July 2021, or a later financial year ending on or before 30 June 2030; and (c) one or more amounts (the COVID ‑ 19 early release amounts ) have been paid to you from a complying superannuation plan, in either or both of the financial years beginning on 1 July 2019 or 1 July 2020, because you satisfied: (i) a condition of release specified in item 107A or 207AA of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 ; or (ii) a condition of release specified in item 109AA of the table in Schedule 2 to the Retirement Savings Accounts Regulations 1997 ; and (d) the amount of the contribution is not more than the total of your COVID ‑ 19 early release amounts; and (e) if you made one or more previous contributions covered by this section—the sum of: (i) the amount of the contribution; and (ii) the amounts of those previous contributions; is not more than the total of your COVID ‑ 19 early release amounts; and (f) you choose, in accordance with subsection (2), to apply this section to the contribution. (2) To make a choice for the purposes of paragraph (1)(f), you must: (a) make the choice in the * approved form; and (b) give it to the * superannuation provider in relation to the * complying superannuation plan on or before the time when the contribution is made.

Amendment history: Inserted by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)

s 292-80 — Liability for excess non ‑ concessional contributions tax

You are liable to pay * excess non ‑ concessional contributions tax imposed by the Superannuation (Excess Non ‑ concessional Contributions Tax) Act 2007 if you have * excess non ‑ concessional contributions for a * financial year. Note: The amount of the tax is set out in that Act.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 292-85 — Your excess non ‑ concessional contributions for a financial year

Your excess non ‑ concessional contributions (1) You have excess non ‑ concessional contributions for a * financial year if: (a) you receive one or more * excess non ‑ concessional contributions determinations for the financial year; and (b) the excess amount stated in the most recent of those determinations exceeds the sum of any amounts paid in response to release authorities issued in relation to those determinations; and (c) section 292 ‑ 467 of this Act does not apply to you for the financial year. Note: The release authorities are issued under Division 131, or former Division 96, in Schedule 1 to the Taxation Administration Act 1953 . (1A) The amount of your excess non ‑ concessional contributions is: (a) if no amounts were paid as described in paragraph (1)(b)—the excess amount stated in that most recent determination; or (b) otherwise—the amount of the excess worked out under paragraph (1)(b). Note: Any excess non ‑ concessional contributions determination you receive after the first one for a financial year is an amended determination. Your non ‑ concessional contributions cap—general rule (2) Your non ‑ concessional contributions cap for a * financial year is: (a) unless paragraph (b) applies—the amount (the general non ‑ concessional contributions cap for the year) that is 4 times your * concessional contributions cap under subsection 291 ‑ 20(2) for the year; or (b) if, immediately before the start of the year, your * total superannuation balance equals or exceeds the * general transfer balance cap for the year—nil. Note: This subsection does not take into account any increase in your concessional contributions cap under subsection 291 ‑ 20(4). When you can bring forward your non ‑ concessional contributions cap (3) Despite subsection (2), work out your non ‑ concessional contributions cap for a * financial year (the first year ) under subsection (5), and your non ‑ concessional contributions caps for the following 2 financial years (the second year and third year ) under subsections (6) and (7), if: (a) your * non ‑ concessional contributions for the first year exceed the general non ‑ concessional contributions cap for that year; and (b) paragraph (2)(b) does not apply to you in relation to the first year; and (c) you are under 75 years at any time in the first year; and (d) a previous operation of subsection (6) or (7) does not determine your non ‑ concessional contributions cap for the first year; and (e) the difference (the first year cap space ) between the * general transfer balance cap for the first year and your * total superannuation balance immediately before the start of the first year exceeds the general non ‑ concessional contributions cap for the first year. (4) However, do not work out your * non ‑ concessional contributions cap for the third year under subsection (7) if the first year cap space does not exceed an amount equal to twice the general non ‑ concessional contributions cap for the first year. Note: If this subsection applies, your non ‑ concessional contributions cap for the third year will be worked out under subsection (2) (unless the third year becomes a new first year under a further application of subsection (3)). First year of bring forward (5) Your non ‑ concessional contributions cap for the first year is an amount equal to: (a) if the first year cap space does not exceed an amount equal to twice the general non ‑ concessional contributions cap for the first year—twice the general non ‑ concessional contributions cap for the first year; or (b) otherwise—3 times the general non ‑ concessional contributions cap for the first year. Second year of bring forward (6) Your non ‑ concessional contributions cap for the second year is: (a) if: (i) your * total superannuation balance immediately before the start of the second year is less than the * general transfer balance cap for the second year; and (ii) your * non ‑ concessional contributions for the first year fall short of your cap for the first year (worked out under subsection (5)); that shortfall; or (b) otherwise—nil. Third year of bring forward (7) Your non ‑ concessional contributions cap for the third year is: (a) if: (i) your * total superannuation balance immediately before the start of the third year is less than the * general transfer balance cap for the third year; and (ii) your * non ‑ concessional contributions for the second year fall short of your cap for the second year (worked out under subsection (6)); that shortfall; or (b) if: (i) your total superannuation balance immediately before the start of the third year is less than the general transfer balance cap for the third year; and (ii) your cap for the second year is nil; and (iii) your non ‑ concessional contributions for the first year fall short of your cap for the first year (worked out under subsection (5)); that shortfall; or (c) otherwise—nil.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 62 of 2009, effective Schedule 3 (items 1–10): Royal Assent | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3) | Amended by No 10 of 2022, effective sch 3-5: 1 Apr 2022 (s 2(1) item 3)

s 292-90 — Your non ‑ concessional contributions for a financial year

(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); 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); (iiib) a contribution covered by section 292 ‑ 103 (COVID ‑ 19 re ‑ 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).

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)

s 292-95 — Contributions arising from structured settlements or orders for personal injuries

(1) A contribution is covered under this section if: (a) the contribution arises from: (i) the settlement of a claim that satisfies the conditions in subsection (3); or (ii) the settlement of a claim in relation to a personal injury suffered by you under a law of the Commonwealth or of a State or Territory relating to workers compensation; or (iii) the order of a court that satisfies the conditions in subsection (4); and (b) the contribution is made within 90 days, or such longer period as the Commissioner allows, after the later of the following: (i) the day of receipt of the payment from which the contribution is made; or (ii) in relation to subparagraph (a)(i) or (iii)—the day mentioned in subsection (2); and (c) 2 legally qualified medical practitioners have certified that, because of the personal injury, it is unlikely that you can ever be * gainfully employed in a capacity for which you are reasonably qualified because of education, experience or training; and (d) no later than the time the contribution is made to a * superannuation plan, you or your * legal personal representative notify the * superannuation provider in relation to the plan, in the * approved form, that this section is to apply to the contribution. (2) For the purposes of subparagraph (1)(b)(ii), the day is: (a) for a settlement mentioned in subparagraph (a)(i): (i) the day on which the agreement mentioned in paragraph (3)(c) was entered into; or (ii) if that agreement depends, for its effectiveness, on being approved (however described) by an order of a court, or on being embodied in a consent order made by a court—the day on which that order was made; or (b) for an order mentioned in subparagraph (1)(a)(iii)—the day on which the order was made. (3) For the purposes of subparagraph (1)(a)(i), the conditions are as follows: (a) the claim: (i) is for compensation or damages for, or in respect of, personal injury suffered by you; and (ii) is made by you or your * legal personal representative; (b) the claim is based on the commission of a wrong, or on a right created by statute; (c) the settlement takes the form of a written agreement between the parties to the claim (whether or not that agreement is approved by an order of a court, or is embodied in a consent order made by a court). (4) For the purposes of subparagraph (1)(a)(iii), the conditions are as follows: (a) the order is made in respect of a claim that: (i) is for compensation or damages for, or in respect of, personal injury suffered by you; and (ii) is made by you or your * legal personal representative; (b) the claim is based on the commission of a wrong, or on a right created by statute; (c) the order is not an order approving or endorsing an agreement as mentioned in paragraph (3)(c). (5) If a claim is both: (a) for compensation or damages for personal injury suffered by you; and (b) for some other remedy (for example, compensation or damages for loss of, or damage to, property); subsections (3) and (4) apply to the claim, but only to the extent that it relates to the compensation or damages referred to in paragraph (a), and only to amounts that, in the settlement agreement, or in the order, are identified as being solely in payment of that compensation or those damages. (6) If: (a) you requested the Commissioner to allow a longer period under paragraph (1)(b); and (b) you are dissatisfied with: (i) a decision under that paragraph allowing a longer period; or (ii) a decision the Commissioner makes not to allow a longer period; you may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 . (7) To avoid doubt: (a) subject to subsection 14ZVC(3) of the Taxation Administration Act 1953 , you may also object, on the ground that you are dissatisfied with such a decision, relating to all or part of your contributions for a * financial year: (i) under section 175A of the Income Tax Assessment Act 1936 against an assessment made in relation to you for the corresponding income year; or (ii) under section 97 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 against an * excess non ‑ concessional contributions determination made in relation to you for the financial year; and (b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , the making of a decision under paragraph (1)(b) of this section is a decision forming part of the process of making an assessment of tax, and making a calculation of charge, under this Act.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 292-100 — Contribution relating to some CGT small business concessions

(1) A contribution is covered under this section if: (a) the contribution is made by you to a * complying superannuation plan in respect of you in a * financial year; and (b) the requirement in subsection (2), (4), (7) or (8) is met; and (c) you choose, in accordance with subsection (9), to apply this section to an amount that is all or part of the contribution. (2) The requirement in this subsection is met if: (a) the contribution is equal to all or part of the * capital proceeds from a * CGT event for which you can disregard any * capital gain under section 152 ‑ 105 (or would be able to do so, assuming that a capital gain arose from the event); and (b) the contribution is made on or before the later of the following days: (i) the day you are required to lodge your * income tax return for the income year in which the CGT event happened; (ii) 30 days after the day you receive the capital proceeds. (3) For the purposes of paragraph (2)(a), ignore the requirement in paragraph 152 ‑ 105(b) if you are permanently incapacitated at the time of the * CGT event but were not permanently incapacitated at the time the relevant * CGT asset was acquired. (4) The requirement in this subsection is met if: (a) just before a * CGT event, you were a * CGT concession stakeholder of an entity that could, under section 152 ‑ 110, disregard any * capital gain arising from the CGT event (or would be able to do so, assuming that a capital gain arose from the event); and (b) the entity makes a payment to you before the later of: (i) 2 years after the CGT event; and (ii) if the CGT event happened because the entity * disposed of the relevant * CGT asset—6 months after the latest time a possible * financial benefit becomes or could become due under a * look ‑ through earnout right relating to that CGT asset and the disposal; and (c) the contribution is equal to all or part of your stakeholder’s participation percentage (within the meaning of subsection 152 ‑ 125(2)) of the * capital proceeds from the CGT event (but not exceeding the amount of the payment mentioned in paragraph (b)); and (d) the contribution is made within 30 days after the payment mentioned in paragraph (b). (5) In determining whether the conditions in subsection (2) or (4) are satisfied for a * CGT event in relation to a * pre ‑ CGT asset, treat the asset as a * post ‑ CGT asset. (6) For the purposes of paragraph (4)(a), ignore the requirement in paragraph 152 ‑ 110(1)(b) if a * significant individual was permanently incapacitated at the time of the * CGT event but was not permanently incapacitated when the relevant * CGT asset was acquired. (7) The requirement in this subsection is met if: (a) the contribution is equal to all or part of the * capital gain from a * CGT event that you disregarded under subsection 152 ‑ 305(1); and (b) the contribution is made on or before the later of the following days: (i) the day you are required to lodge your * income tax return for the income year in which the CGT event happened; (ii) 30 days after the day you receive the * capital proceeds from the CGT event. (8) The requirement in this subsection is met if: (a) just before a * CGT event, you were a * CGT concession stakeholder of an entity that could, under subsection 152 ‑ 305(2), disregard all or part of a * capital gain arising from the CGT event; and (b) the entity makes a payment to you that satisfies the conditions in section 152 ‑ 325; and (c) the contribution is equal to all or part of the capital gain arising from the CGT event (but not exceeding the amount of the payment mentioned in paragraph (b)); and (d) the contribution is made within 30 days after the payment mentioned in paragraph (b). (9) To make a choice for the purposes of paragraph (1)(c), you must: (a) make the choice in the * approved form; and (b) give it to the * superannuation provider in relation to the * complying superannuation plan on or before the time when the contribution is made.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)

s 292-102 — Downsizer contributions

Criteria for a downsizer contribution (1) A contribution is covered under this section if: (a) the contribution is made to a * complying superannuation plan in respect of you when you are aged 55 years or over; and (b) the contribution is an amount equal to all or part of the * capital proceeds received from the * disposal of an * ownership interest (the old interest ) in a * dwelling; and (c) you or your * spouse held the old interest just before the disposal; and (d) any * capital gain or * capital loss from the disposal of the old interest: (i) for the case where you held it just before the disposal—is wholly or partially disregarded under Subdivision 118 ‑ B (or would have been if you had * acquired it on or after 20 September 1985); or (ii) otherwise—would have been wholly or partially disregarded under Subdivision 118 ‑ B had you * acquired the old interest on or after 20 September 1985 and held it for a period before the disposal; and (e) the condition in subsection (2) is met for the disposal; and (f) the dwelling is located in * Australia, and is not a caravan, houseboat or other mobile home; and (g) the contribution is made within 90 days, or such longer period as the Commissioner allows, after the time the change of ownership occurs as a result of the disposal; and (h) you choose, in accordance with subsection (8), to apply this section to the contribution; and (i) there is not already a contribution covered under this section, and made to a complying superannuation plan in respect of you, from an earlier choice you made in relation to the disposal of: (i) another ownership interest in the dwelling that was not a related spousal interest to the old interest; or (ii) an ownership interest in another dwelling. Note 1: Subparagraph (i)(i) does not prevent another contribution, made for you from the capital proceeds from the disposal of the same interest, from also being a contribution covered under this section. Note 2: That subparagraph also does not prevent another contribution, made for you from the capital proceeds from the disposal of a related spousal interest, from being a contribution covered under this section. 10 ‑ year ownership condition (2) The condition in this subsection is met for the * disposal of the old interest if either or both of the following paragraphs applies: (a) at all times during the 10 years ending just before the disposal: (i) the old interest was held by you, your * spouse or your former spouse; or (ii) an * ownership interest in the land on which the * dwelling is situated was held by you, your spouse or your former spouse; (b) if subsection 118 ‑ 147(1): (i) applies because the old interest was a substitute property interest (within the meaning of that subsection) for an old dwelling referred to in paragraph 118 ‑ 147(1)(a); or (ii) would have applied as described in subparagraph (i) if paragraph 118 ‑ 147(1)(a) were modified to refer to a dwelling (the old dwelling ) that was your main residence; you, your spouse or your former spouse * acquired an ownership interest in that old dwelling at least 10 years before the disposal. Note: Section 118 ‑ 147 deals with a dwelling replacing an earlier dwelling that was compulsorily acquired or destroyed etc. Cap on the amount of a downsizer contribution (3) Despite subsection (1), the contribution is covered under this section only to the extent that it does not exceed the lesser of: (a) $300,000, less any other contribution that is already covered under this section and made to a * complying superannuation plan in respect of you; and (b) the sum of the * capital proceeds from the disposals of: (i) the old interest; and (ii) any * related spousal interest to the old interest; less the sum of all other contributions that are already covered under this section, in relation to the disposal of the old interest or any related spousal interest to the old interest, and made to complying superannuation plans in respect of you or your * spouse. Market value substitution rule (3A) In working out * capital proceeds for the purposes of paragraph (1)(b) or (3)(b), disregard section 116 ‑ 30 to the extent that it has the effect of increasing those capital proceeds. Meaning of related spousal interest (4) A related spousal interest , to an * ownership interest in a * dwelling, is another ownership interest in the dwelling if: (a) both ownership interests are * disposed of under the same contract; and (b) just before the disposal, you * held one of the ownership interests and your * spouse held the other. When interest held by trustee of deceased estate (5) For the purposes of determining whether an individual held an interest at a particular time, if the interest was held at the particular time by the trustee of the deceased estate of an individual who was your * spouse when the individual died, the interest is taken to be held at the particular time by that individual. Review of the period for making the contribution (6) If: (a) you requested the Commissioner to allow a longer period under paragraph (1)(g); and (b) you are dissatisfied with: (i) a decision under that paragraph allowing a longer period; or (ii) a decision the Commissioner makes not to allow a longer period; you may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 . (7) To avoid doubt: (a) subject to subsection 14ZVC(3) of the Taxation Administration Act 1953 , you may also object, on the ground that you are dissatisfied with such a decision, relating to all or part of your contributions for a * financial year: (i) under section 175A of the Income Tax Assessment Act 1936 against an assessment made in relation to you for the corresponding income year; or (ii) under section 97 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 against an * excess non ‑ concessional contributions determination made in relation to you for the financial year; and (b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , the making of a decision under paragraph (1)(g) of this section is a decision forming part of the process of making an assessment of tax, and making a calculation of charge, under this Act. Requirements for choices (8) To make a choice for the purposes of paragraph (1)(h), you must: (a) make the choice in the * approved form; and (b) give it to the * superannuation provider in relation to the * complying superannuation plan at or before the time when the contribution is made. Commissioner to notify providers if contributions are not downsizer contributions (9) The Commissioner must, in writing, notify a * superannuation provider that all, or a specified part, of a contribution is not covered under this section if: (a) the Commissioner is aware that a choice referred to in subsection (8) has been given to the superannuation provider for the contribution; and (b) the Commissioner is satisfied that the contribution, or that part of the contribution, (as applicable) is not covered under this section. The Commissioner may give a copy of the notification to * APRA.

Amendment history: Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Amended by No 10 of 2022, effective sch 3-5: 1 Apr 2022 (s 2(1) item 3) | Amended by No 84 of 2022, effective sch 1 (item 16), sch 3 (items 28-33), sch 5: 1 Jan 2023 (s 2(1) items 2, 4)

s 292-105 — CGT cap amount

(1) Your CGT cap amount at the start of the 2007 ‑ 2008 * financial year is $1,000,000. Note: For transitional rules about contributions made in the period from 10 May 2006 to 30 June 2007, see section 292 ‑ 80 of the Income Tax (Transitional Provisions) Act 1997 . Reductions and increases (2) If a contribution covered by section 292 ‑ 100 is made in respect of you at a time, reduce your CGT cap amount just after that time: (a) if the contribution falls short of your * CGT cap amount at that time—by the amount of the contribution; or (b) otherwise—to nil. (3) At the start of each * financial year after the 2007 ‑ 2008 financial year, increase your CGT cap amount by the amount (if any) by which the index amount for that financial year exceeds the index amount for the previous financial year. (4) For the purposes of subsection (3), the index amount for the 2007 ‑ 2008 * financial year is $1,000,000. The index amount is then indexed annually. Note: Subdivision 960 ‑ M shows how to index amounts. However, annual indexation does not necessarily increase the index amount: see section 960 ‑ 285.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent

s 292-225 — What this Subdivision is about

The Commissioner may make an assessment of a person’s liability to pay excess non ‑ concessional contributions tax, and the excess non ‑ concessional contributions on which that liability is based. Table of sections Operative provisions 292 ‑ 230 Commissioner must make an excess non ‑ concessional contributions tax assessment 292 ‑ 240 Validity of assessment 292 ‑ 245 Objections

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-230 — Commissioner must make an excess non ‑ concessional contributions tax assessment

(1) The Commissioner must make an assessment (an excess non ‑ concessional contributions tax assessment ) of: (a) if a person has * excess non ‑ concessional contributions for a * financial year—the amount of the excess non ‑ concessional contributions; and (b) the amount (if any) of * excess non ‑ concessional contributions tax which the person is liable to pay in relation to the financial year. (2) The Commissioner must give the person notice in writing of an * excess non ‑ concessional contributions tax assessment as soon as practicable after making the assessment.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed and substituted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 292-240 — Validity of assessment

The validity of an * excess non ‑ concessional contributions tax assessment is not affected because any of the provisions of this Act have not been complied with.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-245 — Objections

If a person is dissatisfied with an * excess non ‑ concessional contributions tax assessment made in relation to the person, the person may object against the assessment in the manner set out in Part IVC of the Taxation Administration Act 1953 .

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-300 — What this Subdivision is about

The Commissioner may amend excess non ‑ concessional contributions tax assessments within certain time limits. Table of sections Operative provisions 292 ‑ 305 Amendments within 4 years of the original assessment 292 ‑ 310 Amended assessments are treated as excess non ‑ concessional contributions tax assessments 292 ‑ 315 Later amendments—on request 292 ‑ 320 Later amendments—fraud or evasion 292 ‑ 325 Further amendment of an amended particular 292 ‑ 330 Amendment on review etc.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-305 — Amendments within 4 years of the original assessment

(1) The Commissioner may amend an * excess non ‑ concessional contributions tax assessment for a person for a * financial year at any time during the period of 4 years after the * original excess non ‑ concessional contributions tax assessment day for the person for that year. (2) The original excess non ‑ concessional contributions tax assessment day for a person for a * financial year is the day on which the Commissioner gives the first * excess non ‑ concessional contributions tax assessment to the person for the financial year.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-310 — Amended assessments are treated as excess non ‑ concessional contributions tax assessments

(1) Once an amended * excess non ‑ concessional contributions tax assessment for a person for a * financial year is made, it is taken to be an excess non ‑ concessional contributions tax assessment for the person for the year. (2) If the Commissioner amends a person’s * excess non ‑ concessional contributions tax assessment, the Commissioner must give the person notice in writing of the amendment as soon as practicable after making the amendment.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed and substituted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 292-315 — Later amendments—on request

The Commissioner may amend an * excess non ‑ concessional contributions tax assessment for a person for a * financial year after the end of the period of 4 years after the * original excess non ‑ concessional contributions tax assessment day for the person for the year if, within that 4 year period: (a) the person applies for the amendment in the * approved form; and (b) the person gives the Commissioner all the information necessary for making the amendment.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-320 — Later amendments—fraud or evasion

(1) If: (a) a person (or a * superannuation provider covered under subsection (2)) does not make a full and true disclosure to the Commissioner of the information necessary for an * excess non ‑ concessional contributions tax assessment for the person for a * financial year; and (b) in making the assessment, the Commissioner makes an under ‑ assessment; and (c) the Commissioner is of the opinion that the under ‑ assessment is due to fraud or evasion; the Commissioner may amend the assessment at any time. (2) A * superannuation provider is covered under this subsection if any of the following conditions are satisfied: (a) contributions have been made to a * superannuation plan of the provider on behalf of the person in the * financial year; (b) an amount is included in the person’s * concessional contributions for the financial year under subsection 291 ‑ 25(3) because the superannuation provider allocated it to the person; (c) * notional taxed contributions are included in the person’s concessional contributions for the financial year under section 291 ‑ 165 because of the person’s * defined benefit interest in a superannuation plan of the provider.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-325 — Further amendment of an amended particular

If: (a) an * excess non ‑ concessional contributions tax assessment has been amended (the earlier amendment ) in any particular; and (b) the Commissioner is of the opinion that it would be just to further amend the assessment in that particular; the Commissioner may do so within a period of 4 years after the earlier amendment.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-330 — Amendment on review etc.

Nothing in this Subdivision prevents the amendment of an * excess non ‑ concessional contributions tax assessment: (a) to give effect to a decision on a review or appeal; or (b) as a result of an objection or pending an appeal or review. Note: If a person is dissatisfied with a statement given to the Commissioner by a superannuation provider under section 390 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 , the person may make a complaint under the AFCA scheme (within the meaning of the Corporations Act 2001 ).

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) Sch 1 (items 15, 31, 46, 58): 6 Mar 2018 (s 2(1) items 2, 6) | Amended by No 76 of 2023, effective sch 2 (items 649-659), sch 3 (item 41): 20 Oct 2023 (s 2(1) items 2, 14) sch 6 (item 32): 21 Sept 2023 (s 2(1) item 22)

s 292-380 — What this Subdivision is about

Excess non ‑ concessional contributions tax is due and payable at the end of 21 days after notice of assessment and the general interest charge applies to unpaid amounts. Money may be released from a superannuation plan to pay the tax. Table of sections Operative provisions 292 ‑ 385 Due date for payment of excess non ‑ concessional contributions tax 292 ‑ 390 General interest charge 292 ‑ 395 Refunds of amounts overpaid

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-385 — Due date for payment of excess non ‑ concessional contributions tax

* Excess non ‑ concessional contributions tax assessed for a person for a * financial year is due and payable at the end of 21 days after the Commissioner gives the person notice of the * excess non ‑ concessional contributions tax assessment.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-390 — General interest charge

If * excess non ‑ concessional contributions tax or * shortfall interest charge payable by a person remains unpaid after the time by which it is due and payable, the person is liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) starts at the beginning of the day on which the excess non ‑ concessional contributions tax or shortfall interest charge was due to be paid; and (b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the excess non ‑ concessional contributions tax or shortfall interest charge; (ii) general interest charge on any of the excess non ‑ concessional contributions tax or shortfall interest charge. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-395 — Refunds of amounts overpaid

Section 172 of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if references in that section to tax included references to * excess non ‑ concessional contributions tax.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)

s 292-465 — Commissioner’s discretion to disregard contributions etc. in relation to a financial year

(1) If you make an application in accordance with subsection (2), the Commissioner may make a written determination that, for the purposes of this Division and Subdivision 97 ‑ B in Schedule 1 to the Taxation Administration Act 1953 , all or part of your * non ‑ concessional contributions for a * financial year is to be: (a) disregarded; or (b) allocated instead for the purposes of another financial year specified in the determination. (2) You may apply to the Commissioner in the * approved form for a determination under subsection (1). The application can only be made: (a) after all of the contributions sought to be disregarded or reallocated have been made; and (b) if you receive one or more * excess non ‑ concessional contributions determinations for the * financial year—before the end of: (i) the period of 60 days starting on the day you receive the most recent of those determinations; or (ii) a longer period allowed by the Commissioner. (3) The Commissioner may make a determination under subsection (1) only if he or she considers that: (a) there are special circumstances; and (b) making the determination is consistent with the object of this Division. (4) In making a determination under subsection (1) the Commissioner may have regard to the matters in subsections (5) and (6) and any other relevant matters. (5) The Commissioner may have regard to whether a contribution made in the relevant * financial year would more appropriately be allocated towards another financial year instead. (6) The Commissioner may have regard to whether it was reasonably foreseeable, when a relevant contribution was made, that you would have * excess concessional contributions or * excess non ‑ concessional contributions for the relevant * financial year, and in particular: (a) if the relevant contribution is made in respect of you by another person—the terms of any agreement or arrangement between you and that person as to the amount and timing of the contribution; and (b) the extent to which you had control over the making of the contribution. (7) The Commissioner must give you a copy of a determination made under subsection (1). Review (9) If you are dissatisfied with: (a) a determination made under this section in relation to you; or (b) a decision the Commissioner makes not to make such a determination; you may object against the determination, or the decision, as the case requires, in the manner set out in Part IVC of the Taxation Administration Act 1953 . (10) To avoid doubt: (a) subject to subsection 14ZVC(3) of the Taxation Administration Act 1953 , you may also object, on the ground that you are dissatisfied with such a determination or decision, relating to all or part of your * non ‑ concessional contributions for a * financial year: (i) under section 175A of the Income Tax Assessment Act 1936 against an assessment made in relation to you for the corresponding income year; or (ii) under section 97 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 against an * excess non ‑ concessional contributions determination made in relation to you for the financial year; and (b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , the making of a determination under this section is a decision forming part of the process of making an assessment of tax, and making a calculation of charge, under this Act.

Amendment history: Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 292-467 — Direction that the value of superannuation interests is nil

(1) The Commissioner must, by writing, direct that this section applies to you for a * financial year if: (a) you receive one or more * excess non ‑ concessional contributions determinations for the financial year; and (c) the sum of any amounts paid in response to release authorities issued in relation to those determinations is less than the excess amount stated in the most recent of those determinations; and (d) the Commissioner is satisfied that the * value of all of your remaining * superannuation interests is nil. Note 1: The direction means you have no excess non ‑ concessional contributions for the financial year (see paragraph 292 ‑ 85(1)(c)), even though not all of the excess amount has been released in response to release authorities issued under Division 131, or former Division 96, in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The direction does not prevent an amount from being included in your assessable income (see Subdivision 292 ‑ B). Note 3: Any excess non ‑ concessional contributions determination you receive after the first one for a financial year is an amended determination. (2) The Commissioner must give you a copy of the direction. (4) To avoid doubt: (a) you may object under section 292 ‑ 245 against an * excess non ‑ concessional contributions tax assessment made in relation to you on the ground that a direction was not made under this section; and (b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , not making a direction under this section is a decision forming part of the process of making an assessment of tax under this Act.

Amendment history: Inserted by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Repealed by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 293-1 — What this Division is about

This Division reduces the concessional tax treatment of certain superannuation contributions made for high income individuals. The high income threshold is $250,000. There are special rules for defined benefit interests, constitutionally protected State higher level office holders, certain Commonwealth justices and temporary residents who depart Australia. Note: Part 3 ‑ 20 in Schedule 1 to the Taxation Administration Act 1953 contains rules about the administration of the Division 293 tax.

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 293-5 — Object of this Division

The object of this Division is to reduce the concessional tax treatment of superannuation contributions for high income individuals.

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 293-10 — What this Subdivision is about

This Subdivision reduces the superannuation tax concession for high income earners. An individual’s income is added to certain superannuation contributions and compared to the high income threshold of $250,000. A tax is payable on the excess, or on the superannuation contributions (whichever is less). The tax is not payable in respect of excess concessional contributions. Table of sections Liability for tax 293 ‑ 15 Liability for tax 293 ‑ 20 Your taxable contributions Low tax contributions 293 ‑ 25 Your low tax contributions 293 ‑ 30 Low tax contributed amounts

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 293-15 — Liability for tax

You are liable to pay * Division 293 tax if you have * taxable contributions for an income year. Note: The amount of the tax is set out in the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013.

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)

s 293-20 — Your taxable contributions

(1) If the sum of: (a) your * income for surcharge purposes for an income year (disregarding your * reportable superannuation contributions); and (b) your * low tax contributions for the corresponding * financial year; exceeds $250,000, you have taxable contributions for the income year equal to the lesser of the low tax contributions and the amount of the excess. (2) However, you do not have taxable contributions for an income year if the amount of your * low tax contributions is nil.

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 293-25 — Your low tax contributions

The amount of your low tax contributions for a * financial year is: (a) the low tax contributed amounts covered by section 293 ‑ 30 for the financial year; less (b) your * excess concessional contributions for the financial year (if any). Note 1: Low tax contributions are modified for defined benefit interests (see Subdivision 293 ‑ D). Note 2: 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.

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)

s 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); (c) an amount that the Commissioner pays for your benefit under Part 8 of the Superannuation Guarantee (Administration) Act 1992 , if: (i) the amount represents an amount of a charge payment (within the meaning of section 63A of that Act) paid as a result of a disclosure to which paragraph 74(1)(a) of that Act applies; and (ii) the entity making the disclosure qualified, under section 74 of that Act, for an amnesty in relation to the * superannuation guarantee shortfall to which the charge payment relates. 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).

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 21 of 2020, effective Sch 1 (items 1–9): 1 Apr 2020 (s 2(1) item 2) | Amended by No 57 of 2025, effective sch 1 (items 79 ‑ 98, 181, 183): 1 July 2026 (s 2(1) item 1)

s 293-60 — What this Subdivision is about

This Subdivision has rules about payment of Division 293 tax. Table of sections Operative provisions 293 ‑ 65 When tax is payable—original assessments 293 ‑ 70 When tax is payable—amended assessments 293 ‑ 75 General interest charge

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)

s 293-65 — When tax is payable—original assessments

(1) Your * assessed Division 293 tax for an income year is due and payable at the end of 21 days after the Commissioner gives you notice of the assessment of the amount of the * Division 293 tax. Exception for tax deferred to a debt account (2) However, subsection (1) does not apply to an amount of * assessed Division 293 tax that is * deferred to a debt account for a * superannuation interest. Note 1: For assessments of Division 293 tax, see Division 155 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: For deferred to a debt account , see Division 133 in that Schedule. Note 3: For release of money from a superannuation plan to pay these amounts, see Division 131 in that Schedule.

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)

s 293-70 — When tax is payable—amended assessments

(1) If the Commissioner amends your assessment, any extra * assessed Division 293 tax resulting from the amendment is due and payable 21 days after the day the Commissioner gives you notice of the amended assessment. Exception for tax deferred to a debt account (2) However, subsection (1) does not apply to an amount of extra * assessed Division 293 tax that is * deferred to a debt account for a * superannuation interest. Note 1: For deferred to a debt account , see Division 133 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: For release of money from a superannuation plan to pay these amounts, see Division 131 in that Schedule.

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)

s 293-75 — General interest charge

If an amount of * assessed Division 293 tax or * shortfall interest charge on assessed Division 293 tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) begins on the day on which the amount was due to be paid; and (b) ends on the last day on which, at the end of the day, any of the following remains unpaid: (i) the assessed Division 293 tax or the shortfall interest charge; (ii) general interest charge on any of the assessed Division 293 tax or the shortfall interest charge. Note 1: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 . Note 2: Shortfall interest charge is worked out under Division 280 in Schedule 1 to that Act. Note 3: See section 5 ‑ 10 of this Act for when the amount of shortfall interest charge becomes due and payable.

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)

s 293-100 — What this Subdivision is about

This Subdivision modifies the meaning of low tax contributions for individuals who have a defined benefit interest or interests in a financial year. Table of sections Operative provisions 293 ‑ 105 Low tax contributions— modification for defined benefit interests 293 ‑ 115 Defined benefit contributions

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)

s 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.

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)

s 293-115 — Defined benefit contributions

(1) Your defined benefit contributions , for a * financial year in respect of a * defined benefit interest, has the meaning given by regulation. Note: There are modifications in sections 293 ‑ 150 (about constitutionally protected State higher level office holders) and 293 ‑ 195 (about Commonwealth justices). (2) A regulation made for the purposes of subsection (1) may provide for a method of determining the amount of the defined benefit contributions . (3) A regulation made for the purposes of subsection (1) may define the * defined benefit contributions, and the amount of defined benefit contributions, in different ways depending on any of the following matters: (a) the person who has the * superannuation interest that is or includes the * defined benefit interest; (b) the * superannuation plan in which the superannuation interest exists; (c) the * superannuation provider in relation to the superannuation plan; (d) any other matter. (4) A regulation made for the purposes of subsection (1) may specify circumstances in which the amount of * defined benefit contributions for a * financial year is nil. (5) Subsections (2), (3) and (4) do not limit a regulation that may be made for the purposes of this section.

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 126 of 2015, effective Sch 1 (items 299–301): 5 Mar 2016 (s 2(1) item 2) | Amended by No 78 of 2018, effective Sch 2 (item 16): 25 Aug 2018 (s 2(1) item 5) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)

s 293-140 — What this Subdivision is about

Constitutionally protected State higher level office holders do not pay Division 293 tax in respect of contributions to constitutionally protected funds, unless the contributions are made as part of a salary package. Table of sections Operative provisions 293 ‑ 145 Who this Subdivision applies to 293 ‑ 150 Low tax contributions— modification for CPFs 293 ‑ 155 High income threshold—effect of modification 293 ‑ 160 Salary packaged contributions

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)

s 293-145 — Who this Subdivision applies to

(1) This Subdivision applies to an individual for an income year if: (a) the individual has a * superannuation interest in a * constitutionally protected fund in the corresponding * financial year; and (b) at any time in the income year, the individual is declared by regulation to be an individual to whom this Subdivision applies. (3) Nothing in this Subdivision limits section 6 of the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 . Note: Section 6 of the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 provides that Division 293 tax is not imposed in relation to a person if the imposition would exceed the legislative power of the Commonwealth.

Amendment history: Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 126 of 2015, effective Sch 1 (items 299–301): 5 Mar 2016 (s 2(1) item 2) | Amended by No 78 of 2018, effective Sch 2 (item 16): 25 Aug 2018 (s 2(1) item 5) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)