Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
Your assessable income, for the income year that corresponds to the *financial year for which you requested the release authority, includes an amount that is equal to the sum of the following amounts stated in the *first home super saver determination:
(a) your *concessional contributions;
(b) your associated earnings. 313-20(2)
However, if the sum of the *FHSS released amounts is less than the *FHSS maximum release amount stated in the determination, the amount included in your assessable income for the income year is:
(a) the amount worked out under subsection (1); less
(b) the difference between the FHSS maximum release amount and the sum of the FHSS released amounts. 313-20(3)
If the amount worked out under subsection (2) is negative, the amount included in your assessable income for the income year is nil.
Division 313
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First home super saver scheme
Subdivision 313-B
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Assessable income and tax offset
Operative provisions
SECTION 313-20
Amount included in assessable income
313-20(1)
Your assessable income, for the income year that corresponds to the *financial year for which you requested the release authority, includes an amount that is equal to the sum of the following amounts stated in the *first home super saver determination:
(a) your *concessional contributions;
(b) your associated earnings. 313-20(2)
However, if the sum of the *FHSS released amounts is less than the *FHSS maximum release amount stated in the determination, the amount included in your assessable income for the income year is:
(a) the amount worked out under subsection (1); less
(b) the difference between the FHSS maximum release amount and the sum of the FHSS released amounts. 313-20(3)
If the amount worked out under subsection (2) is negative, the amount included in your assessable income for the income year is nil.
Note 1:
The release authorities are issued under Division 131 in Schedule 1 to the Taxation Administration Act 1953 .
Note 2:
Any amounts paid in response to the release authorities are non-assessable non-exempt income (see section 303-15).
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