Document ID: chunk:federal_register_of_legislation:C2018C00085:clause:1_6
Version: federal_register_of_legislation:C2018C00085
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 16334–17022

6  Section 292‑1
Repeal the section, substitute:

292‑1  What this Division is about

      This Division limits the superannuation contributions made in a financial year that receive concessional tax treatment.
      You become liable for tax if:
             (a) your non‑concessional contributions exceed an indexed cap; and
             (b) you do not release a corresponding amount from your superannuation interests;
            unless the value of your superannuation interests is nil.
      An amount will be included in your assessable income, and you will become entitled to a tax offset, if you release such an amount or if the value of your superannuation interests is nil.