Document ID: chunk:federal_register_of_legislation:C2013A00118:clause:1_23
Version: federal_register_of_legislation:C2013A00118
Segment Type: clause
Provision Reference: sch 1 cl 23
Character Range: 46191–46905

23  After subsection 292‑90(1)
Insert:

Modification for released excess concessional contributions
 (1A) However, if:
 (a) you make a valid election under section 96‑5 in Schedule 1 to the Taxation Administration Act 1953 in relation to *excess concessional contributions you have for the *financial year; and
 (b) a *superannuation provider pays an amount in relation to the release authority issued under section 96‑10 in that Schedule in relation to that election;
the amount paid is first increased, by dividing it by 85%, and the increased amount is applied to reduce the amount of excess concessional contributions mentioned in paragraph (1)(b) of this section.

Non‑concessional contributions and amounts