Commonwealth Consolidated Acts

TREASURY LAWS AMENDMENT (FAIR AND SUSTAINABLE SUPERANNUATION) ACT 2016 - SCHEDULE 7

Income Tax Assessment Act 1997

1   Paragraph 290 - 230(2)(c)

Omit "$13,800", substitute "$40,000" .

2   After subsection   290 - 230(4)

Insert:

  (4A)   You are not entitled to the * tax offset for an income year if:

  (a)   your * spouse's * non - concessional contributions for the * financial year corresponding to the income year exceed your spouse's * non - concessional contributions cap for the financial year; or

  (b)   immediately before the start of the financial year, your spouse's * total superannuation balance equals or exceeds the * general transfer balance cap for the financial year .

3   Paragraph 290 - 235(1)(a)

Omit "$10,800", substitute "$37,000" .

4   Application of amendments

The amendments made by this Schedule apply in relation to contributions made in the 2017 - 18 income year and later income years .