Inserts for
Tax and Superannuation Laws Amendment (2013 Measures No. 3) Bill 2013: Superannuation concessional contributions cap

EXPOSURE DRAFT

Commencement information	
Column 1	Column 2	Column 3	
Provision(s)	Commencement	Date/Details	
1.  Schedule #—Superannuation concessional contributions cap	The day this Act receives the Royal Assent.		
Schedule #—Superannuation concessional contributions cap
  
Income Tax Assessment Act 1997
1  Section 292‑20 (note 2)
Repeal the note, substitute:
Note 2:	For transitional rules for older Australians, see section 292‑20 of the Income Tax (Transitional Provisions) Act 1997.
Income Tax (Transitional Provisions) Act 1997
2  Section 292‑20
Repeal the section, substitute:
292‑20  Concessional contributions cap for older Australians—$35,000
	(1)	Despite section 292‑20 of the Income Tax Assessment Act 1997, your concessional contributions cap is $35,000:
	(a)	for the 2013‑2014 financial year—if you are 59 years or over on 30 June 2013; or
	(b)	for the 2014‑2015 financial year or a later financial year—if you are 49 years or over on the last day of the previous financial year.
Note:	This amount is not indexed.
	(2)	This section does not apply to a financial year for which the concessional contributions cap worked out under section 292‑20 of the Income Tax Assessment Act 1997 is $35,000 or more.
	(3)	This section does not apply for the purposes of subsection 292‑85(2) of that Act.