Income Tax Assessment (1997 Act) Regulations 2021
291‑25.01 Concessional contributions for291‑25.01 Concessional contributions for a financial year
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291‑25.01 Concessional contributions for a financial year
(1) For the purposes of subsection 291‑25(3) of the Act, this section specifies conditions for the allocation of an amount in a complying superannuation plan.
Note: If the amount meets the conditions of this section it will be an amount covered under subsection 291‑25(3) of the Act. Such amounts are counted in determining an individual’s concessional contributions for a financial year.
(2) The conditions are that the amount is: (a) allocated under Division 7.2 of the SIS Regulations; and (b) an assessable contribution; and (c) not an amount mentioned in item 2 of the table in subsection 295‑190(1) of the Act; and (d) not an amount mentioned in subsection 295‑200(2) of the Act; and (e) not an amount mentioned in subsection 99G(6) of the Superannuation Industry (Supervision) Act 1993 that is refunded in accordance with that subsection. (6) If the amount is allocated from a reserve in lieu of a contribution to the complying superannuation plan (less any allowance for tax) which would have been assessable income of the complying superannuation plan, the amount that is allocated is to be multiplied by 1.176.