Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p69
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 69/80)
Character Range: 4516438–4519620

Act 1997.

Reductions and increases
 (2) If a contribution covered by section 292‑100 is made in respect of you at a time, reduce your CGT cap amount just after that time:
 (a) if the contribution falls short of your *CGT cap amount at that time—by the amount of the contribution; or
 (b) otherwise—to nil.
 (3) At the start of each *financial year after the 2007‑2008 financial year, increase your CGT cap amount by the amount (if any) by which the index amount for that financial year exceeds the index amount for the previous financial year.
 (4) For the purposes of subsection (3), the index amount for the 2007‑2008 *financial year is $1,000,000. The index amount is then indexed annually.
Note: Subdivision 960‑M shows how to index amounts. However, annual indexation does not necessarily increase the index amount: see section 960‑285.

Subdivision 292‑E—Excess non‑concessional contributions tax assessments

Guide to Subdivision 292‑E

292‑225  What this Subdivision is about
      The Commissioner may make an assessment of a person's liability to pay excess non‑concessional contributions tax, and the excess non‑concessional contributions on which that liability is based.

Table of sections

Operative provisions
292‑230 Commissioner must make an excess non‑concessional contributions tax assessment
292‑240 Validity of assessment
292‑245 Objections

Operative provisions

292‑230  Commissioner must make an excess non‑concessional contributions tax assessment
 (1) The Commissioner must make an assessment (an excess non‑concessional contributions tax assessment) of:
 (a) if a person has *excess non‑concessional contributions for a *financial year—the amount of the excess non‑concessional contributions; and
 (b) the amount (if any) of *excess non‑concessional contributions tax which the person is liable to pay in relation to the financial year.
 (2) The Commissioner must give the person notice in writing of an *excess non‑concessional contributions tax assessment as soon as practicable after making the assessment.

292‑240  Validity of assessment
  The validity of an *excess non‑concessional contributions tax assessment is not affected because any of the provisions of this Act have not been complied with.

292‑245  Objections
  If a person is dissatisfied with an *excess non‑concessional contributions tax assessment made in relation to the person, the person may object against the assessment in the manner set out in Part IVC of the Taxation Administration Act 1953.

Subdivision 292‑F—Amending excess non‑concessional contributions tax assessments

Guide to Subdivision 292‑F

292‑300  What this Subdivision is about
      The Commissioner may amend excess non‑concessional contributions tax assessments within certain time limits.

Table of sections

Operative provisions
292‑305 Amendments within 4 years of the original assessment
292‑310 Amended assessments are treated as excess non‑concessional contributions tax assessments
292‑315 Later amendments—on request
292‑320 Later amendments—fraud or evasion
292‑325 Further amendment of an amended particular
292‑330 Amendment on review etc.

Operative provisions

292‑305  Amendments within 4 years