Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 293.105

Low tax contributions-- modification for defined benefit interests

    Despite section   293 - 25, if you have a * defined benefit interest or interests in a * financial year, the amount of your low tax contributions for the financial year is worked out as follows:

Method statement

Step 1.   Start with the low tax contributed amounts covered by section   293 - 30 for the * financial year, to the extent to which they do not relate to the * defined benefit interest or interests.

Step 2.   Subtract your * excess concessional contributions for the * financial year (if any).

  Note:   The result of step 2 could be nil, or a negative amount.

Step 3.   Add your * defined benefit contributions for the * financial year in respect of the * defined benefit interest or interests.

  The result (but not less than nil) is the amount of your low tax contributions for the financial year.

Note:   Modifications in Subdivision   293 - E (about constitutionally protected State higher level office holders) and Subdivision   293 - F (about Commonwealth justices) affect the amount of low tax contributions.


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