Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_1:p12
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 12/29)
Character Range: 36843–39909

contributions for a *financial year if the amount of your *concessional contributions for the year exceeds your *concessional contributions cap for the year. The amount of the excess concessional contributions is the amount of the excess.

 (2) Your concessional contributions cap for the 2007‑2008 *financial year is $50,000. This amount is indexed annually.

Note: Subdivision 960‑M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the cap: see section 960‑285.

Note 2: For transitional rules about the period from 1 July 2007 to 30 June 2012, see section 292‑20 of the Income Tax (Transitional Provisions) Act 1997.

292‑25  Your concessional contributions for a financial year

 (1) The amount of your concessional contributions for a *financial year is the sum of:
 (a) each contribution covered under subsection (2); and
 (b) each amount covered under subsection (3).

Note: For rules about defined benefit interests, see Subdivision 292‑D.

 (2) A contribution is covered under this subsection if:
 (a) it is made in the *financial year to a *complying superannuation plan in respect of you; and
 (b) it is included in the assessable income of the *superannuation provider in relation to the plan; and
 (c) it is not any of the following:
 (i) an amount mentioned in subsection 295‑200(2);
 (ii) an amount mentioned in item 2 of the table in subsection 295‑190(1);
 (iii) a contribution made to a *constitutionally protected fund.

 (3) An amount in a *complying superannuation plan is covered under this subsection if it is allocated by the *superannuation provider in relation to the plan for you for the year (other than an amount paid for or by you to the plan) to the extent to which the allocated amount exceeds an amount that, according to rules specified in the regulations, is reasonable having regard to:
 (a) the amounts paid for or by you to the superannuation plan; and
 (b) the plan's investment earnings relating to your *superannuation interest or interests in the plan; and
 (c) any other relevant matters.

 (4) Disregard Subdivision 295‑D for the purposes of paragraph (2)(b).

Subdivision 292‑C—Excess non‑concessional contributions tax

292‑75  What this Subdivision is about

      This Subdivision defines non‑concessional contributions and excess non‑concessional contributions, and sets liability to pay excess non‑concessional contributions tax.

Table of sections

Operative provisions

292‑80 Liability for excess non‑concessional contributions tax
292‑85 Your excess non‑concessional contributions for a financial year
292‑90 Your non‑concessional contributions for a financial year
292‑95 Contributions arising from structured settlements or orders for personal injuries
292‑100 Contribution relating to some CGT small business concessions
292‑105 CGT cap amount

Operative provisions

292‑80  Liability for excess non‑concessional contributions tax

  You are liable to pay *excess non‑concessional contributions tax imposed by the Superannuation (Excess Non‑concessional