Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 293.30

  (1)   The low tax contributed amounts covered by this section for a * financial year are the sum of the contributions covered by subsection   (2) and the amounts covered by subsection   (5) for the financial year.

Note:   Low tax contributed amounts covered by this section are modified for State higher level office holders (see Subdivision   293 - E).

Contributions to complying superannuation plans

  (2)   A contribution is covered under this section for a * financial year if:

  (a)   it is made in the financial year to a * complying superannuation plan in respect of you; and

  (b)   it is included:

  (i)   in the assessable income of the * superannuation provider in relation to the plan; or

  (ii)   by way of a * roll - over superannuation benefit, in the assessable income of a * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection   290 - 170(5) (about successor funds).

  (3)   For the purposes of paragraph   (2)(b), disregard:

  (a)   table item   5.3 in section   50 - 25 (about income tax exemption for constitutionally protected funds); and

  (b)   Subdivision   295 - D (about excluded contributions).

Exceptions

  (4)   Despite subsection   (2), a contribution is not covered under this section if it is any of the following:

  (a)   an amount mentioned in subsection   295 - 200(2) (about amounts transferred from foreign superannuation funds);

  (b)   an amount mentioned in item   2 of the table in subsection   295 - 190(1) (about certain roll - over superannuation benefits);

  (c)   an amount that the Commissioner pays for your benefit under Part   8 of the Superannuation Guarantee (Administration) Act 1992 , if:

  (i)   the amount represents an amount of a charge payment (within the meaning of section   63A of that Act) paid as a result of a disclosure to which paragraph   74(1)(a) of that Act applies; and

  (ii)   the entity making the disclosure qualified, under section   74 of that Act, for an amnesty in relation to the * superannuation guarantee shortfall to which the charge payment relates;

  (d)   an amount that an entity contributes for your benefit that is offset, under section   23A of that Act, against the entity's liability to pay superannuation guarantee charge (within the meaning of that Act), if:

  (i)   the amount represents an amount of a superannuation guarantee charge covered by a disclosure to which paragraph   74(1)(a) of that Act applies; and

  (ii)   the entity qualified, under section   74 of that Act, for an amnesty in relation to the superannuation guarantee shortfall to which the superannuation guarantee charge relates.

Amounts allocated in relation to a complying superannuation plan

  (5)   An amount in a * complying superannuation plan is covered under this section if it is allocated by the * superannuation provider in relation to the plan for you for the * financial year in accordance with conditions specified by a regulation made for the purposes of subsection   291 - 25(3).