TAX AND SUPERANNUATION LAWS AMENDMENT (INCREASED CONCESSIONAL CONTRIBUTIONS CAP AND OTHER MEASURES) ACT 2013 (NO. 82, 2013) - SCHEDULE 1 Superannuation concessional contributions cap

TAX AND SUPERANNUATION LAWS AMENDMENT (INCREASED CONCESSIONAL CONTRIBUTIONS CAP AND OTHER MEASURES) ACT 2013 (NO. 82, 2013) - SCHEDULE 1

Income Tax Assessment Act 1997

1  Section 292-20 (note 2)

Repeal the note, substitute:

Note 2:       For transitional rules for older Australians, see section 292-20 of the Income Tax (Transitional Provisions) Act 1997 .

Income Tax (Transitional Provisions) Act 1997

2  Section 292-20

Repeal the section, substitute:

292-20   Concessional contributions cap for older Australians--$35,000

             (1)  Despite section 292-20 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 292-20 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.