Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (SUPERANNUATION) ACT 1992 No. 208 of 1992 - SECT 5

5. Section 82AAT of the Principal Act is amended by omitting subsection (2)
and substituting the following subsections:

"(2) The total of the deductions allowable to a taxpayer under this section
for a year of income must not exceed the lesser of the following:

   (a)  the sum of:

        (i)    $3,000; and

        (ii)   75% of the amount (if any) by which the total amount of the
               contributions exceeds $3,000;

   (b)  the taxpayer's deduction limit for the year of income (worked out
        under subsection (2A)).

"(2A) A taxpayer's deduction limit for a year of income is worked out:

   (a)  by identifying the day in the year of income, or the last day in the
        year of income, on which the taxpayer made a contribution to a fund,
        where a deduction would have been allowable to the taxpayer under this
        section in respect of the contribution (assuming that subsections (1A)
        and (2) had not been enacted); and

   (b)  by working out the age reached by the taxpayer as at the end of that
        day; and

   (c)  if the year of income is the 1994-95 year of income-by applying the
        following table:
         Age in years           Deduction limit

           under 35                 $ 9,000

           35 to 49                 $25,000

         50 and over                $62,000              ; and


   (d)  if the year of income is a later year of income-by applying the table
        subject to the indexation arrangements set out in subsection (2B).

"(2B) The table in subsection (2A) applies for the 1995-96 year of income as
if each indexable amount were replaced by the amount worked out using the
formula:
           Indexation factor   x   Previous indexable amount
where:
'Indexation factor' means the indexation factor for the year of income worked
out under section 159SG;
'Previous indexable amount' means the indexable amount concerned for the
previous year of income.

"(2C) In subsection (2B):
'indexable amount' means:

   (a)  an amount of $9,000, $25,000 or $62,000 specified in the table in
        subsection (2A); or

   (b)  if any such amount has previously been altered under subsection
        (2B)-the altered amount.".