Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_25:p1
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 25 (pt 1/7)
Character Range: 246704–249649

25  After Part 3‑6
Insert:

Part 3‑30—Superannuation

Division 290—Contributions

Table of sections

290‑10 Directed termination payments not deductible etc.

290‑10  Directed termination payments not deductible etc.

  Division 290 of the Income Tax Assessment Act 1997 does not apply to a contribution that is a directed termination payment (within the meaning of section 82‑10F).

Division 292—Excess contributions tax

Table of sections

292‑20 Concessional contributions cap for a financial year
292‑25 Excess directed termination payments included in concessional contributions
292‑80 Application of excess non‑concessional contributions tax from 10 May 2006 to 1 July 2007
292‑80A Transitional release authority
292‑80B Giving a transitional release authority to a superannuation provider
292‑80C Superannuation provider given transitional release authority must pay amount

292‑20  Concessional contributions cap for a financial year

 (1) This section applies if:
 (a) you have excess concessional contributions for a financial year that:
 (i) begins on or after 1 July 2007; and
 (ii) ends before 1 July 2012; and
 (b) you are 50 years or over on the last day of that financial year.

 (2) Despite section 292‑20 of the Income Tax Assessment Act 1997, your concessional contributions cap for that financial year is $100,000.

Note: This amount is not indexed.

 (3) Subsection (2) does not apply for the purposes of subsection 292‑85(2) of that Act.

292‑25  Excess directed termination payments included in concessional contributions

 (1) A directed termination payment (within the meaning of section 82‑10F) made in a financial year on behalf of you is not included in your concessional contributions (see section 292‑25 of the Income Tax Assessment Act 1997) for the financial year, to the extent that it does not exceed the amount mentioned in subsection (2).

 (2) The amount is $1,000,000, reduced by every transitional termination payment (within the meaning of section 82‑10) made to you during the period:
 (a) starting on 1 July 2007; and
 (b) ending just before the directed termination payment was made.

292‑80  Application of excess non‑concessional contributions tax from 10 May 2006 to 1 July 2007

 (1) The object of this section is to apply (with modifications) provisions relating to excess non‑concessional contributions tax in respect of certain contributions made during the period that:
 (a) begins on 10 May 2006; and
 (b) ends just before 1 July 2007.

 (2) The provisions are as follows:
 (a) Subdivision 292‑C of the Income Tax Assessment Act 1997 (excess non‑concessional contributions tax);
 (b) any other provision of that Act, or of any instrument made under that Act, to the extent that it relates to the operation of that Subdivision;
 (c) any other provision of any other Act, or of any instrument made under any other Act, to the extent that it relates to the operation of that Subdivision.