Document ID: chunk:federal_register_of_legislation:C2013A00118:clause:1_98
Version: federal_register_of_legislation:C2013A00118
Segment Type: clause
Provision Reference: sch 1 cl 98
Character Range: 62113–63011

98  After Subdivision 291‑A
Insert:

Subdivision 291‑B—Excess concessional contributions

Table of sections
291‑20  Concessional contributions cap for older Australians—$35,000

291‑20  Concessional contributions cap for older Australians—$35,000
 (1) Despite section 291‑20 of the Income Tax Assessment Act 1997, your concessional contributions cap is $35,000:
 (a) for the 2013‑2014 financial year—if you are 59 years or over on 30 June 2013; or
 (b) for the 2014‑2015 financial year or a later financial year—if you are 49 years or over on the last day of the previous financial year.
Note: This amount is not indexed.
 (2) This section does not apply to a financial year for which the concessional contributions cap worked out under section 291‑20 of the Income Tax Assessment Act 1997 is $35,000 or more.
 (3) This section does not apply for the purposes of subsection 292‑85(2) of that Act.