Commonwealth of Australia Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 292.20

             (1)  You have excess concessional contributions for a * financial year if the amount of your * concessional contributions for the year exceeds your * concessional contributions cap for the year. The amount of the excess concessional contributions is the amount of the excess.

             (2)  Your concessional contributions cap is:

                     (a)  for the 2007-2008 * financial year--$50,000; or

                     (b)  for the 2008-2009 financial year--$50,000; or

                     (c)  for the 2009-2010 financial year--$25,000; or

                     (d)  for the 2010-2011 financial year or a later financial year--the amount worked out by indexing annually the amount mentioned in paragraph (c).

Note 1:       Subdivision 960-M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the cap: see section 960-285.

Note 2:       For transitional rules about the period from 1 July 2007 to 30 June 2012, see section 292-20 of the Income Tax (Transitional Provisions) Act 1997 .