History
S 304-15(3) amended by No 118 of 2013.
S 304-15 repealed by No 81 of 2016, s 3 and Sch 10 item 24, effective 1 July 2018. For application provisions, see note under s
292-1
. S 304-15 formerly read:
SECTION 304-15 Excess payments from release authorities
304-15(1)
This section applies to a *superannuation benefit that you receive, paid in relation to a release authority given in relation to you in accordance with section 292-410.
History
S 304-15(1) substituted by No 15 of 2007, s 3 and Sch 1 item 219, applicable to the 2007-2008 income year and later years. S 304-15(1) formerly read:
304-15(1)
This section applies to a *superannuation benefit that you receive, paid in relation to a release authority given in relation to you in accordance with:
(a)
section
292-410
; or
(b)
section
292-80B
of the
Income Tax (Transitional Provisions) Act 1997
.
304-15(2)
The *superannuation benefit is not assessable income and is not *exempt income to the extent that it does not exceed the amount mentioned in subsection (3).
304-15(3)
The amount is the amount of *excess non-concessional contributions tax stated in the release authority, reduced (but not below zero) by the amount of any *superannuation benefit that was not assessable income and not *exempt income under a previous operation of subsection (2) in relation to the release authority.
History
S 304-15(3) amended by No 118 of 2013, s 3 and Sch 1 item 72, by inserting
"
non-concessional
"
, effective 29 June 2013. For application, transitional and saving provisions see note under Div
291
heading.
304-15(4)
The *superannuation benefit is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (3).
S 304-15 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable on and after 1 July 2007.
View history note
Hide history note