Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
Division 307
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Key concepts relating to superannuation benefits
Subdivision 307-F
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Low rate cap and untaxed plan cap amounts
SECTION 307-350
Untaxed plan cap amount
307-350(1)
Your untaxed plan cap amount for a *superannuation plan at the start of the 2007-2008 income year is $1,000,000.
Reductions and increases
307-350(1A)
Subsection (2) applies if: (a) you receive one or more *superannuation member benefits from a *superannuation plan at a time; and (b) the benefit, or one or more of the benefits:
307-350(2)
Reduce your untaxed plan cap amount just after that time: (a) if the total of the *elements untaxed in the fund of the *superannuation member benefits to which paragraph (1A)(b) applies falls short of your untaxed plan cap amount at that time - by that total; or (b) otherwise - to nil.
307-350(2A)
For the purposes of subsections (1A) and (2), disregard subsection 307-5(8) .
307-350(2B)
For the purposes of the application of this section in relation to *superannuation lump sums paid by the Commissioner under subsections 17(2) , 20H(2) , (2AA) , (2A) and (3) , 20QF(2) , 21E(2) , 22B(2) and 24G(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , treat all such lump sums as if they were paid from a single *superannuation plan.
307-350(3)
At the start of each income year after the 2007-2008 income year, increase your untaxed plan cap amount for the *superannuation plan by the amount (if any) by which the index amount for that income year exceeds the index amount for the previous income year.
307-350(4)
For the purposes of subsection (3), the index amount for the 2007-2008 income year is $1,000,000. The index amount is then indexed annually.
View history note
Hide history noteYour untaxed plan cap amount for a *superannuation plan at the start of the 2007-2008 income year is $1,000,000.
Reductions and increases
307-350(1A)
Subsection (2) applies if: (a) you receive one or more *superannuation member benefits from a *superannuation plan at a time; and (b) the benefit, or one or more of the benefits:
(i) is a *superannuation lump sum; and
(ii) includes an *element untaxed in the fund.
307-350(2)
Reduce your untaxed plan cap amount just after that time: (a) if the total of the *elements untaxed in the fund of the *superannuation member benefits to which paragraph (1A)(b) applies falls short of your untaxed plan cap amount at that time - by that total; or (b) otherwise - to nil.
307-350(2A)
For the purposes of subsections (1A) and (2), disregard subsection 307-5(8) .
307-350(2B)
For the purposes of the application of this section in relation to *superannuation lump sums paid by the Commissioner under subsections 17(2) , 20H(2) , (2AA) , (2A) and (3) , 20QF(2) , 21E(2) , 22B(2) and 24G(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , treat all such lump sums as if they were paid from a single *superannuation plan.
307-350(3)
At the start of each income year after the 2007-2008 income year, increase your untaxed plan cap amount for the *superannuation plan by the amount (if any) by which the index amount for that income year exceeds the index amount for the previous income year.
307-350(4)
For the purposes of subsection (3), the index amount for the 2007-2008 income year is $1,000,000. The index amount is then indexed annually.
Note:
Subdivision 960-M shows how to index amounts. However, annual indexation does not necessarily increase the index amount: see section 960-285 .
[ CCH Note: The indexed untaxed plan cap amounts are:
| 2008/09 | $1.045m |
| 2009/10 | $1.1m |
| 2010/11 | $1.155m |
| 2011/12 | $1.205m |
| 2012/13 | $1.255m |
| 2013/14 | $1.315m |
| 2014/15 | $1.355m |
| 2015/16 | $1.395m |
| 2016/17 | $1.415m |
| 2017/18 | $1.445m |
| 2018/19 | $1.480m |
| 2019/20 | $1.515m |
| 2020/21 | $1.565m |
| 2021/22 | $1.615m |
| 2022/23 | $1.65m |
| 2023/24 | $1.705m] |
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