Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012 (75 of 2012)

Schedule 4   Refund of excess concessional contributions

Part 1   Main amendments

Income Tax Assessment Act 1997

3   At the end of Division 303

Add:

303-15 Payments from release authorities for refunded excess concessional contributions

(1) A *superannuation benefit that you are taken to receive under section 307-15, paid in relation to a release authority issued in relation to you in accordance with section 292-420, is not assessable income and is not *exempt income.

(2) Section 307-125 (the proportioning rule) does not apply to such a *superannuation benefit.