Document ID: chunk:federal_register_of_legislation:C2013A00082:clause:3_1:p2
Version: federal_register_of_legislation:C2013A00082
Segment Type: clause
Provision Reference: sch 3 cl 1 (pt 2/6)
Character Range: 11949–14989

However, you do not have taxable contributions for an income year if the amount of your *low tax contributions is nil.

Low tax contributions

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.

293‑30  Low tax contributed amounts
 (1) The low tax contributed amounts covered by this section for a *financial year are the sum of the contributions covered by subsection (2) and the amounts covered by subsection (5) for the financial year.
Note: Low tax contributed amounts covered by this section are modified for State higher level office holders (see Subdivision 293‑E).

Contributions to complying superannuation plans
 (2) A contribution is covered under this section for a *financial year if:
 (a) it is made in the financial year to a *complying superannuation plan in respect of you; and
 (b) it is included:
 (i) in the assessable income of the *superannuation provider in relation to the plan; or
 (ii) by way of a *roll‑over superannuation benefit, in the assessable income of a *complying superannuation fund or *RSA provider in the circumstances mentioned in subsection 290‑170(5) (about successor funds).
 (3) For the purposes of paragraph (2)(b), disregard:
 (a) table item 5.3 in section 50‑25 (about income tax exemption for constitutionally protected funds); and
 (b) Subdivision 295‑D (about excluded contributions).

Exceptions
 (4) Despite subsection (2), a contribution is not covered under this section if it is any of the following:
 (a) an amount mentioned in subsection 295‑200(2) (about amounts transferred from foreign superannuation funds);
 (b) an amount mentioned in item 2 of the table in subsection 295‑190(1) (about certain roll‑over superannuation benefits).

Amounts allocated in relation to a complying superannuation plan
 (5) An amount in a *complying superannuation plan is covered under this section if it is allocated by the *superannuation provider in relation to the plan for you for the *financial year in accordance with conditions specified by a regulation made for the purposes of subsection 292‑25(3).

293‑35  Effect of determination relating to refunded excess concessional contributions
  Disregard any determination made by the Commissioner under section 292‑467 (about refunded excess concessional contributions) in working out, for the purposes of section 293‑25, the amount of your *excess concessional contributions for a *financial year.
Note: Disregarding a section 292‑467 determination stops refunded excess concessional contributions from being taxed