Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:2_8
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 2 cl 8
Character Range: 87796–90114

8  After Subdivision 291‑C
Insert:

Subdivision 291‑CA—Contributions that do not result in excess contributions

Guide to Subdivision 291‑CA

291‑365  What this Subdivision is about
      Some contributions and other amounts are treated as always being within your concessional contributions cap, and therefore cannot be excess concessional contributions.

Table of sections

Operative provisions
291‑370 Contributions that do not result in excess contributions

Operative provisions

291‑370  Contributions that do not result in excess contributions
 (1) In working out your *concessional contributions for a *financial year, treat the sum of the following as an amount equal to your *concessional contributions cap under subsection 291‑20(2) for the financial year:
 (a) contributions made in respect of you for the financial year to a *constitutionally protected fund that would (disregarding this section) be concessional contributions;
 (b) if any of your *notional taxed contributions for the financial year:
 (i) are worked out under section 291‑170 of the Income Tax (Transitional Provisions) Act 1997; or
 (ii) are not worked out under that section, but only because those notional taxed contributions did not meet the requirements of paragraph 291‑170(2)(b) or (4)(b) of that Act;
  the amount of those notional taxed contributions;
 (c) if your *defined benefit contributions for the financial year (other than contributions and amounts covered by paragraph (a)) exceed your notional taxed contributions for the financial year—the amount of that excess;
if that sum would otherwise exceed your concessional contributions cap under subsection 291‑20(2) for the financial year.
Note: This subsection does not take into account any increase in your concessional contributions cap under subsection 291‑20(4).
 (2) For the purposes of paragraph (1)(a), treat any amounts covered by subsection 291‑25(3) or paragraph 291‑165(1)(b) or (c) for the *financial year that relate to a *superannuation interest of yours in the fund as if they were contributions made in respect of you for the financial year to the fund.
 (3) This section has effect despite sections 291‑25 and 291‑165 of this Act and section 291‑170 of the Income Tax (Transitional Provisions) Act 1997.

Income Tax (Transitional Provisions) Act 1997