INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 303 - Superannuation benefits paid in special circumstances  

Subdivision 303-A - Modifications for defined benefit income  

Operative provisions

SECTION 303-2   Effect of exceeding defined benefit income cap on assessable income  

303-2(1)  
Despite sections 301-10 and 302-65 , if:

(a) during a *financial year, you receive one or more *superannuation income stream benefits:

(i) that are *defined benefit income; and

(ii) to which either section 301-10 or 302-65 applies; and

(b) the sum of all of those benefits (other than any *elements untaxed in the fund of those benefits) exceeds your *defined benefit income cap for the financial year;

50% of that excess is assessable income.

303-2(2)  
Defined benefit income is a *superannuation income stream benefit that is paid from a *capped defined benefit income stream.