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 303-3   303-3   Effect of exceeding defined benefit income cap on tax offsets  


Despite sections 301-100 and 302-85 , if:


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


(i) that are *defined benefit income; and

(ii) in relation to which you are entitled, or apart from this section you would be entitled, to one or more *tax offsets under section 301-100 or 302-85 ; and


(b) the sum of all of the superannuation income stream benefits you receive during the financial year:


(i) that are defined benefit income; and

(ii) to which section 301-10 , 301-100 , 302-65 or 302-85 applies;
exceeds your *defined benefit income cap for the financial year;

the sum of those tax offsets is reduced (but not below zero) by an amount equal to 10% of that excess.


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