Taxation Administration Act 1953

For the purposes of this Subdivision:

the maximum amount of contributions that may be eligible to be released is $50,000; and

the maximum amount of contributions made in a particular *financial year that may be eligible to be released is $15,000.

A *concessional contribution, or *non‑concessional contribution, for a *financial year is not eligible to be released unless it:

is made in respect of you in the financial year; and

is:

an employer contribution that is not a mandated employer contribution (within the meaning of Part 5 of the Superannuation Industry (Supervision) Regulations 1994); or

a member contribution (within the meaning of that Part) that is made by you;

is not a contribution made in respect of a *defined benefit interest; and

is not a contribution to a *constitutionally protected fund.

If:

you have *excess concessional contributions for a *financial year (your excess amount); and

your excess amount is greater than your *concessional contributions for the financial year that are not eligible to be released under subsection (2) (your non‑eligible contributions);

If:

you have *non‑concessional contributions for the *financial year that exceed your non‑concessional contributions cap for the financial year (your excess amount); and

your excess amount is greater than your non‑concessional contributions for the financial year that are not eligible to be released under subsection (2) (your non‑eligible contributions);

For the purposes of this section, disregard paragraph 292‑90(1)(b) of the Income Tax Assessment Act 1997.

Under paragraph 292‑90(1)(b) of the Income Tax Assessment Act 1997, your non‑concessional contributions for a financial year would include the amount of your excess concessional contributions (if any) for the financial year.