Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (118 of 2013)

Schedule 1   Fairer taxation of excess concessional contributions

Part 3   Other consequential amendments

Income Tax Assessment Act 1997

24   Section 303-15

Repeal the section, substitute:

303-15 Payments from release authorities - excess concessional contributions

A *superannuation benefit that you receive (or are taken to receive), paid in relation to a release authority issued in relation to an election you make under section 96-5 in Schedule 1 to the Taxation Administration Act 1953, is not assessable income and is not *exempt income.