Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-F - 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:


(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 .


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