Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:10_7
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 10 cl 7
Character Range: 142785–143375

7  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) a corresponding amount is not released from your superannuation interests.
      An amount may be included in your assessable income, and you may become entitled to a tax offset, if your non‑concessional contributions exceed that indexed cap.