INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 304 - Superannuation benefits in breach of legislative requirements etc.  

Operative provisions  

SECTION 304-20   Excess payments from release authorities - paying debt account discharge liability for a superannuation interest  

304-20(1)  
Despite section 303-20 , a * superannuation benefit that you receive (or are taken to receive), paid in relation to a release authority issued to you in respect of a * release entitlement you have, is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (2).

Note:

Section 303-20 makes superannuation benefits received under a release authority non-assessable non-exempt income.

304-20(2)  
The amount is the amount of the * release entitlement, 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 section 303-20 of this Act in relation to that release entitlement.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.