Document ID: chunk:federal_register_of_legislation:C2013A00118:clause:1_1:p1
Version: federal_register_of_legislation:C2013A00118
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 1/5)
Character Range: 12193–15373

1  After Division 290
Insert:

Division 291—Excess concessional contributions

Table of Subdivisions
 Guide to Division 291
291‑A Object of this Division
291‑B Excess concessional contributions
291‑C Modifications for defined benefit interests
291‑D Other provisions

Guide to Division 291

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.
      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 a charge you may be liable to pay, and about releasing the excess concessional contributions from superannuation.

Subdivision 291‑A—Object of this Division

Table of sections
291‑5 Object of this Division

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.

Subdivision 291‑B—Excess concessional contributions

Guide to Subdivision 291‑B

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

Operative provisions

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 2: You may be liable to pay excess concessional contributions charge: see Division 95 in Schedule 1 to the Taxation Administration Act 1953.
Note 3: You can elect to release excess concessional contributions from superannuation: see Division 96 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 2013‑2014 financial