Document ID: chunk:federal_register_of_legislation:C2013A00082:clause:3_1:p1
Version: federal_register_of_legislation:C2013A00082
Segment Type: clause
Provision Reference: sch 3 cl 1 (pt 1/6)
Character Range: 8977–12191

1  After Division 292
Insert:

Division 293—Sustaining the superannuation contribution concession

Table of Subdivisions
 Guide to Division 293
293‑A Object of this Division
293‑B Sustaining the superannuation contribution concession
293‑C When tax is payable
293‑D Modifications for defined benefit interests
293‑E Modifications for constitutionally protected State higher level office holders
293‑F Modifications for Commonwealth justices
293‑G Modifications for temporary residents who depart Australia

Guide to Division 293

293‑1  What this Division is about

      This Division reduces the concessional tax treatment of certain superannuation contributions made for very high income individuals.
      The high income threshold is $300,000.
      There are special rules for defined benefit interests, constitutionally protected State higher level office holders, certain Commonwealth justices and temporary residents who depart Australia.
Note: Part 3‑20 in Schedule 1 to the Taxation Administration Act 1953 contains rules about the administration of the Division 293 tax.

Subdivision 293‑A—Object of this Division

Table of sections

Operative provisions
293‑5 Object of this Division

Operative provisions

293‑5  Object of this Division
  The object of this Division is to reduce the concessional tax treatment of superannuation contributions for very high income individuals.

Subdivision 293‑B—Sustaining the superannuation contribution concession

Guide to Subdivision 293‑B

293‑10  What this Subdivision is about

      This Subdivision reduces the superannuation tax concession for very high income earners.
      An individual's income is added to certain superannuation contributions and compared to the high income threshold of $300,000. A tax is payable on the excess, or on the superannuation contributions (whichever is less).
      The tax is not payable in respect of excess concessional contributions that have been taxed under Division 292 (or refunded under section 292‑467).

Table of sections

Liability for tax
293‑15 Liability for tax
293‑20 Your taxable contributions

Low tax contributions
293‑25 Your low tax contributions
293‑30 Low tax contributed amounts
293‑35 Effect of determination relating to refunded excess concessional contributions

Liability 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 $300,000, 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