Document ID: chunk:federal_register_of_legislation:C2012A00075:clause:4_2:p1
Version: federal_register_of_legislation:C2012A00075
Segment Type: clause
Provision Reference: sch 4 cl 2 (pt 1/3)
Character Range: 18381–21316

2  After section 292‑465
Insert:

292‑467  Refunded excess concessional contributions
 (1) If:
 (a) the Commissioner is satisfied you have *excess concessional contributions for a *financial year; and
 (b) the amount of those excess concessional contributions is $10,000 or less; and
 (c) disregarding any previous application of this section, you do not have excess concessional contributions for an earlier financial year beginning on or after 1 July 2011; and
 (d) you have lodged an *income tax return with the Commissioner for the income year that corresponds to that financial year:
 (i) within 12 months after the end of that income year; or
 (ii) within such longer period as the Commissioner allows; and
 (e) you accept an offer made by the Commissioner in accordance with subsection (3);
the Commissioner may make a written determination that, for the purposes of this Division, the excess concessional contributions mentioned in paragraph (a) for that financial year are to be disregarded.
 (2) If the Commissioner makes the determination:
 (a) an amount equal to the *excess concessional contributions is included in your assessable income for your income year that corresponds to that *financial year; and
 (b) you are entitled to a *tax offset for that income year equal to 15% of the excess concessional contributions.
 (3) If the Commissioner is satisfied you have *excess concessional contributions for the *financial year, the Commissioner may issue a notice to you, in writing, offering to make a determination under this section. You may accept the offer, in the *approved form:
 (a) within 28 days after the Commissioner issues the notice; or
 (b) within such longer period as the Commissioner allows.
 (4) The Commissioner must notify you in writing of the determination.
 (5) Notification of the determination may be included in a notice of *assessment.
 (6) The Commissioner may take such action as the Commissioner considers necessary to give effect to the determination.

292‑468  Variations etc. of refunded excess concessional contributions determinations
 (1) This section applies in relation to a determination under section 292‑467 if the Commissioner is satisfied that the amount of *excess concessional contributions mentioned in that section for a *financial year is incorrect.
 (2) The Commissioner may revoke the determination at any time before receiving a payment made in accordance with subsection 292‑420(4) in relation to the amount, if the Commissioner is satisfied that:
 (a) the person to whom the determination relates has *excess concessional contributions greater than $10,000 for the *financial year; or
 (b) the person has no excess concessional contributions for the financial year.
 (3) The Commissioner may vary the determination at any time before receiving a payment made in accordance with subsection 292‑420(4) in relation to the amount, if the Commissioner is satisfied that the