Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_1:p11
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 11/29)
Character Range: 34020–37119

in respect of the *superannuation interest concerned.

290‑235  Limit on amount of tax offsets

 (1) The total of the amounts of *tax offset to which you are entitled for contributions you make for an income year cannot exceed 18% of the lesser of the following:
 (a) $3,000 reduced by the amount (if any) by which the total mentioned in paragraph 290‑230(2)(c) for the income year exceeds $10,800;
 (b) the sum of the *spouse contributions you make in the income year.

 (2) The maximum *tax offset to which you are entitled for an income year is $540, even if you are entitled to a tax offset for more than 1 *spouse.

290‑240  Tax file number

  If you are entitled to the *tax offset for the contribution, you may, with your *spouse's consent, quote your spouse's *tax file number to the trustee (or *RSA provider) of the *superannuation fund (or *RSA) to which the contribution is made.

Division 292—Excess contributions tax

Table of Subdivisions

 Guide to Division 292
292‑A Object of this Division
292‑B Excess concessional contributions tax
292‑C Excess non‑concessional contributions tax
292‑D Modifications for defined benefit interests
292‑E Excess contributions tax assessments
292‑F Amending excess contributions tax assessments
292‑G Collection and recovery
292‑H Other provisions

Guide to Division 292

292‑1  What this Division is about

      This Division limits the superannuation contributions made in a financial year for a person that receive concessionally taxed treatment.

Subdivision 292‑A—Object of this Division

Table of sections

292‑5 Object of this Division

292‑5  Object of this Division

  The object of this Division is to ensure that the amount of concessionally taxed *superannuation benefits that a person receives results from superannuation contributions that have been made gradually over the course of the person's life.

Subdivision 292‑B—Excess concessional contributions tax

292‑10  What this Subdivision is about

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

Table of sections

Operative provisions

292‑15 Liability for excess concessional contributions tax
292‑20 Your excess concessional contributions for a financial year
292‑25 Your concessional contributions for a financial year

Operative provisions

292‑15  Liability for excess concessional contributions tax

  You are liable to pay *excess concessional contributions tax imposed by the Superannuation (Excess Concessional Contributions Tax) Act 2007 if you have *excess concessional contributions for a *financial year.

Note: The amount of the tax is set out in that Act.

292‑20  Your excess concessional contributions for a financial year

 (1) You have excess concessional 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