Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 296 - Better targeted superannuation concessions  

Subdivision 296-B - Better targeted superannuation concessions  

Taxable superannuation earnings and related concepts

SECTION 296-40   Your taxable superannuation earnings  

296-40(1)    
You have taxable superannuation earnings for an income year of the amount worked out using the following formula if:

(a)    your * total superannuation balance just before the start of the year, or at the end of the year, is greater than the * large superannuation balance threshold for the year; and

(b)    the amount of your * total superannuation earnings for the year is greater than nil:

	The percentage worked out under subsections (2) and (3)	×	The amount of your * total superannuation earnings for the year

296-40(2)    
For the purposes of the formula in subsection (1) , the percentage is the amount (expressed as a percentage) worked out using the following formula:

Your total superannuation balance reference amount − The * large superannuation balance threshold for the year	× 100
Your total superannuation balance reference amount

where:

your total superannuation balance reference amount
is the greater of:

(a) your * total superannuation balance (if any) just before the start of the year; and

(b) your total superannuation balance (if any) at the end of the year.

296-40(3)    
The result of the formula in subsection (2) must be rounded to 2 decimal places (rounding up if the third decimal place is 5 or more).