Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_1:p13
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 13/29)
Character Range: 39585–42535

for personal injuries
292‑100 Contribution relating to some CGT small business concessions
292‑105 CGT cap amount

Operative provisions

292‑80  Liability for excess non‑concessional contributions tax

  You are liable to pay *excess non‑concessional contributions tax imposed by the Superannuation (Excess Non‑concessional Contributions Tax) Act 2007 if you have *excess non‑concessional contributions for a *financial year.

Note: The amount of the tax is set out in that Act.

292‑85  Your excess non‑concessional contributions for a financial year

 (1) You have excess non‑concessional contributions for a *financial year if the amount of your *non‑concessional contributions for the year exceeds your *non‑concessional contributions cap for the year. The amount of the excess non‑concessional contributions is the amount of the excess.

 (2) Your non‑concessional contributions cap for the year is the amount that is 3 times your *concessional contributions cap for the year.

 (3) However, subsection (4) applies instead of subsection (2) in determining your non‑concessional contributions cap for a *financial year (the first year) if:
 (a) your *non‑concessional contributions for the first year exceed the amount mentioned in subsection (2) for that year; and
 (b) you are under 65 years at any time in the first year; and
 (c) a previous operation of subsection (4) does not determine your non‑concessional contributions cap for the first year.

 (4) Work out your non‑concessional contributions cap for the first year and for the following 2 *financial years (the second year and third year) as follows:
 (a) your cap for the first year is 3 times the amount mentioned in subsection (2) for the first year;
 (b) your cap for the second year is:
 (i) if your *non‑concessional contributions for the first year fall short of your cap for the first year (worked out under paragraph (a))—the shortfall; or
 (ii) otherwise—nil;
 (c) your cap for the third year is:
 (i) if your *non‑concessional contributions for the second year fall short of your cap for the second year (worked out under paragraph (b))—the shortfall; or
 (ii) otherwise—nil.

292‑90  Your non‑concessional contributions for a financial year

 (1) The amount of your non‑concessional contributions for a *financial year is the sum of:
 (a) each contribution covered under subsection (2); and
 (b) the amount of your *excess concessional contributions (if any) for the financial year.

 (2) A contribution is covered under this subsection if:
 (a) it is made in the *financial year to a *complying superannuation plan in respect of you; and
 (b) it is not included in the assessable income of the *superannuation provider in relation to the *superannuation plan; and
 (c) it is not any of the following:
 (i) a Government co‑contribution made under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003;
 (ii) a contribution covered under section