Commonwealth Numbered Acts

TREASURY LAWS AMENDMENT (FAIR AND SUSTAINABLE SUPERANNUATION) ACT 2016 (NO. 81, 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.