Income Tax Assessment Act 1997
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:
(i) is a *superannuation lump sum; and
(ii) includes an *element untaxed in the fund.
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.
For the purposes of subsections (1A) and (2), disregard subsection 307-5(8) .
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.
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.
[ CCH Note: The indexed untaxed plan cap amounts are: