Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p75
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 75/80)
Character Range: 4532856–4535819

for tax

293‑15  Liability for tax
  You are liable to pay *Division 293 tax if you have *taxable contributions for an income year.
Note: The amount of the tax is set out in the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013.

293‑20  Your taxable contributions
 (1) If the sum of:
 (a) your *income for surcharge purposes for an income year (disregarding your *reportable superannuation contributions); and
 (b) your *low tax contributions for the corresponding *financial year;
exceeds $250,000, you have taxable contributions for the income year equal to the lesser of the low tax contributions and the amount of the excess.
 (2) However, you do not have taxable contributions for an income year if the amount of your *low tax contributions is nil.

Low tax contributions

293‑25  Your low tax contributions
  The amount of your low tax contributions for a *financial year is:
 (a) the low tax contributed amounts covered by section 293‑30 for the financial year; less
 (b) your *excess concessional contributions for the financial year (if any).
Note 1: Low tax contributions are modified for defined benefit interests (see Subdivision 293‑D).
Note 2: Modifications in Subdivision 293‑E (about constitutionally protected State higher level office holders) and Subdivision 293‑F (about Commonwealth justices) affect the amount of low tax contributions.

293‑30  Low tax contributed amounts
 (1) The low tax contributed amounts covered by this section for a *financial year are the sum of the contributions covered by subsection (2) and the amounts covered by subsection (5) for the financial year.
Note: Low tax contributed amounts covered by this section are modified for State higher level office holders (see Subdivision 293‑E).

Contributions to complying superannuation plans
 (2) A contribution is covered under this section for a *financial year if:
 (a) it is made in the financial year to a *complying superannuation plan in respect of you; and
 (b) it is included:
 (i) in the assessable income of the *superannuation provider in relation to the plan; or
 (ii) by way of a *roll‑over superannuation benefit, in the assessable income of a *complying superannuation fund or *RSA provider in the circumstances mentioned in subsection 290‑170(5) (about successor funds).
 (3) For the purposes of paragraph (2)(b), disregard:
 (a) table item 5.3 in section 50‑25 (about income tax exemption for constitutionally protected funds); and
 (b) Subdivision 295‑D (about excluded contributions).

Exceptions
 (4) Despite subsection (2), a contribution is not covered under this section if it is any of the following:
 (a) an amount mentioned in subsection 295‑200(2) (about amounts transferred from foreign superannuation funds);
 (b) an amount mentioned in item 2 of the table in subsection 295‑190(1) (about certain roll‑over superannuation benefits);
 (c) an amount that the Commissioner pays for your benefit under