Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_25:p3
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 25 (pt 3/7)
Character Range: 252016–254968

contributions are made in respect of a person (the first person) in either or both of the following periods:
 (i) 10 May 2006 to 30 June 2006;
 (ii) 1 July 2006 to 30 June 2007; and
 (b) those contributions are allowable as a deduction for another person under subsection 82AAC(1) of the Income Tax Assessment Act 1936 (apart from subsection 82AAC(2) of that Act).

 (6) The amount to be included in the first person's amount of non‑concessional contributions under subparagraph (3)(b)(ii) is the sum of:
 (a) the amount of those contributions made in the period mentioned in subparagraph (5)(a)(i), to the extent that they exceed the first person's deduction limit (within the meaning of subsection 82AAC(2A) of the Income Tax Assessment Act 1936) for the income year of the other person in which the contributions were made; and
 (b) the amount of those contributions made in the period mentioned in subparagraph (5)(a)(ii), to the extent that they exceed the first person's deduction limit (within the meaning of subsection 82AAC(2A) of the Income Tax Assessment Act 1936) for the income year of the other person in which the contributions were made.

292‑80A  Transitional release authority

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

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

 (3) The transitional release authority must:
 (a) state the amount of excess non‑concessional contributions mentioned in subsection (2); and
 (b) be dated; and
 (c) contain any other information that the Commissioner considers relevant.

 (4) For the purposes of this section, disregard contributions made in respect of the person after 6 December 2006 in working out:
 (a) whether the person has excess non‑concessional contributions as mentioned in subsection (2); and
 (b) the amount of those excess non‑concessional contributions.

292‑80B  Giving a transitional release authority to a superannuation provider

  The person may give the transitional release authority to a superannuation provider that holds a superannuation interest (other than a defined benefit interest) for the person within 21 days after the date of the release authority.

292‑80C  Superannuation provider given transitional release authority must pay amount

 (1) A superannuation provider that has been given a transitional release authority in accordance with section 292‑80B must pay to the person within 30 days after receiving the release authority the least of the following amounts:
 (a) if the person requests the provider in writing to pay a specified amount in relation to the release authority—that amount;
 (b)