Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-20 - SUPERANNUATION  

Division 133 - Division 293 tax  

Subdivision 133-A - Deferral determination  

Operative provisions

SECTION 133-15   DEFINED BENEFIT TAX  

133-15(1)  
Your defined benefit tax for an income year is the amount worked out using the formula:


* Division 293 tax for the income year ×   Defined benefit contribution component  
* Taxable contributions for the income year

where:

defined benefit contribution component
means the amount worked out as follows:


(a) work out the lesser of the following for the corresponding * financial year:


(i) your * low tax contributions;

(ii) the total amount of your * defined benefit contributions in respect of all * defined benefit interests you have in the financial year;


(b) subtract from the result of paragraph (a) the difference (if any) between:


(i) your * taxable contributions for the income year; and

(ii) your low tax contributions for the corresponding financial year.

Note:

A difference may exist for paragraph (b) because of the $250,000 high income threshold: see subsection 293-20(1) of the Income Tax Assessment Act 1997 .

Exception - defined benefit contribution component is nil or less

133-15(2)  
However, if the defined benefit contribution component mentioned in subsection (1) is nil, or a negative amount, no part of the * Division 293 tax for the income year is defined benefit tax .




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