Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p51
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 51/80)
Character Range: 4469360–4472353

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.

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.

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).