INCOME TAX ASSESSMENT ACT 1997 - SECT 291.15 Excess concessional contributions--assessable income, 15% tax offset
INCOME TAX ASSESSMENT ACT 1997 - SECT 291.15
Excess concessional contributions--assessable income, 15% tax offsetIf you have * excess concessional contributions for a * financial year:
(a) an amount equal to the excess concessional contributions is included in your assessable income for your corresponding income year; and
(b) you are entitled to a * tax offset for that income year equal to 15% of the excess concessional contributions.
Note 1: This offset cannot be refunded, transferred or carried forward: see item 20 of the table in subsection 63 - 10(1).
Note 3: You can request the release of excess concessional
contributions from superannuation: see Division 131 in that Schedule.