INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

SECTION 307-345   307-345   Low rate component - Effect of rebate under the Income Tax Assessment Act 1936  


If you have become entitled to a rebate under section 159SA of the Income Tax Assessment Act 1936 , your low rate cap amount for the 2007-2008 income year is, despite subsection 307-345(1) , the total of:


(a) your closing balance for the 2006-2007 income year (worked out under subsection 159SF(2) of that Act); and


(b) the amount by which $140,000 exceeds the upper limit for the 2006-2007 income year (worked out under section 159SG of that Act).




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