Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
Despite sections 301-10 and 302-65 , if:
(a) during a *financial year, you receive one or more *superannuation income stream benefits:
(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;
Defined benefit income is a *superannuation income stream benefit that is paid from a *capped defined benefit income stream.
Division 303
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Superannuation benefits paid in special circumstances
Subdivision 303-A
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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.
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