Document ID: chunk:federal_register_of_legislation:C2017A00132:clause:1_1:p3
Version: federal_register_of_legislation:C2017A00132
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 3/4)
Character Range: 9771–12719

10 contributions made for the financial year are taken to have been the non‑concessional contributions, and the later contributions are taken to be the concessional contributions.

138‑35  Eligible contributions

Limits on amount of eligible contributions
 (1) For the purposes of this Subdivision:
 (a) the maximum amount of contributions that may be eligible to be released is $30,000; and
 (b) the maximum amount of contributions made in a particular *financial year that may be eligible to be released is $15,000.

Eligible contributions
 (2) A *concessional contribution, or *non‑concessional contribution, for a *financial year is not eligible to be released unless it:
 (a) is made in respect of you in the financial year; and
 (b) is:
 (i) an employer contribution that is not a mandated employer contribution (within the meaning of Part 5 of the Superannuation Industry (Supervision) Regulations 1994); or
 (ii) a member contribution (within the meaning of that Part) that is made by you;
  other than a contribution to the extent it is required to be made because of a law of the Commonwealth or of a State or Territory, or the rules of the relevant *superannuation fund; and
 (c) is not a contribution made in respect of a *defined benefit interest; and
 (d) is not a contribution to a *constitutionally protected fund.
 (3) If:
 (a) you have *excess concessional contributions for a *financial year (your excess amount); and
 (b) your excess amount is greater than your *concessional contributions for the financial year that are not eligible to be released under subsection (2) (your non‑eligible contributions);
concessional contributions that are equal to the difference between your excess amount and your non‑eligible contributions are not eligible to be released.
 (4) If:
 (a) you have *non‑concessional contributions for the *financial year that exceed your non‑concessional contributions cap for the financial year (your excess amount); and
 (b) your excess amount is greater than your non‑concessional contributions for the financial year that are not eligible to be released under subsection (2) (your non‑eligible contributions);
non‑concessional contributions that are equal to the difference between your excess amount and your non‑eligible contributions are not eligible to be released.
 (5) For the purposes of this section, disregard paragraph 292‑90(1)(b) of the Income Tax Assessment Act 1997.
Note: Under paragraph 292‑90(1)(b) of the Income Tax Assessment Act 1997, your non‑concessional contributions for a financial year would include the amount of your excess concessional contributions (if any) for the financial year.

138‑40  Associated earnings
 (1) You are taken to have associated earnings equal to the sum of the amounts worked out under subsection (2) for each contribution counted in your *FHSS releasable contributions amount.
 (2) The amount for a contribution is equal to the sum (rounded down to the