Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p58
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 58/80)
Character Range: 4488607–4491827

amounts paid in response to the release authorities are non‑assessable non‑exempt income (see section 303‑15 or former sections 303‑15 and 303‑17).

292‑30  Amount of the tax offset
  The *tax offset is equal to 15% of the amount included in your assessable income for the income year under section 292‑25.
Note 1: This tax offset compensates for any tax liability of the superannuation provider on earnings from investments made with the contributions making up the excess amount stated in the most recent determination.
Note 2: This offset cannot be refunded, transferred or carried forward (see item 20 of the table in subsection 63‑10(1)).

Subdivision 292‑C—Excess non‑concessional contributions tax

292‑75  What this Subdivision is about
      This Subdivision defines non‑concessional contributions and excess non‑concessional contributions, and sets liability to pay excess non‑concessional contributions tax.

Table of sections

Operative provisions
292‑80 Liability for excess non‑concessional contributions tax
292‑85 Your excess non‑concessional contributions for a financial year
292‑90 Your non‑concessional contributions for a financial year
292‑95 Contributions arising from structured settlements or orders for personal injuries
292‑100 Contribution relating to some CGT small business concessions
292‑102 Downsizer contributions
292‑103 COVID‑19 re‑contributions
292‑105 CGT cap amount

Operative provisions

292‑80  Liability for excess non‑concessional contributions tax
  You are liable to pay *excess non‑concessional contributions tax imposed by the Superannuation (Excess Non‑concessional Contributions Tax) Act 2007 if you have *excess non‑concessional contributions for a *financial year.
Note: The amount of the tax is set out in that Act.

292‑85  Your excess non‑concessional contributions for a financial year

Your excess non‑concessional contributions
 (1) You have excess non‑concessional contributions for a *financial year if:
 (a) you receive one or more *excess non‑concessional contributions determinations for the financial year; and
 (b) the excess amount stated in the most recent of those determinations exceeds the sum of any amounts paid in response to release authorities issued in relation to those determinations; and
 (c) section 292‑467 of this Act does not apply to you for the financial year.
Note: The release authorities are issued under Division 131, or former Division 96, in Schedule 1 to the Taxation Administration Act 1953.
 (1A) The amount of your excess non‑concessional contributions is:
 (a) if no amounts were paid as described in paragraph (1)(b)—the excess amount stated in that most recent determination; or
 (b) otherwise—the amount of the excess worked out under paragraph (1)(b).
Note: Any excess non‑concessional contributions determination you receive after the first one for a financial year is an amended determination.

Your non‑concessional contributions cap—general rule
 (2) Your non‑concessional contributions cap for a *financial year is:
 (a) unless paragraph (b) applies—the amount (the general non‑concessional contributions cap for the year) that is 4 times your *concessional contributions cap under subsection 291‑20(2) for the year;