Introduced with the Superannuation (Excess Concessional Contributions Charge) Bill 2013, the bill amends: the
Income Tax Assessment Act 1997 and
Taxation Administration Act 1953 to: provide that excess concessional contributions in an individual’s assessable income are taxed at their marginal rate; provide for a non-refundable tax offset equal to 15 per cent of an individual’s excess concessional contributions; and enable individuals to elect to have up to 85 per cent of excess concessional contributions for a financial year released from superannuation; and nine Acts to make consequential and contingent amendments. Also repeals the
Superannuation (Excess Concessional Contributions Tax) Act 2007.