Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 304 - Superannuation benefits in breach of legislative requirements etc  

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 292-80B .

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 stated in the release authority in accordance with paragraph 292-80A(3)(a) , 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.

304-15(4)    
The superannuation benefit is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (3).

304-15(5)    
This section applies despite Divisions 301 , 302 and 303 of the Income Tax Assessment Act 1997 .