Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to the temporary budget repair levy years.
(2) Increase the percentage mentioned in section 5 by 2 percentage points.
Increase limited if certain contributions already taxed
(3) However, do not increase the percentage in relation to a person to the extent the increase would result in the sum of the following amounts payable on the person's excess concessional contributions for a temporary budget repair levy year exceeding 95% of those excess concessional contributions:
(a) income tax;
(b) excess non - concessional contributions tax.
Definitions
(4) In this section:
"excess concessional contributions" has the same meaning as in the Income Tax Assessment Act 1997 .
"income tax" has the same meaning as in the Income Tax Assessment Act 1997 .
"temporary budget repair levy year" has the same meaning as in section 4 - 11 of the Income Tax (Transitional Provisions) Act 1997 .