ATO Interpretative Decision

ATO ID 2002/307

Superannuation

Superannuation, retirement and employment termination: Superannuation Pension Rebate/Tax Offset
FOI status: may be released

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CAUTION: This is an edited and summarised record of a Tax Office decision. This record is not published as a form of advice. It is being made available for your inspection to meet FOI requirements, because it may be used by an officer in making another decision.

This ATOID provides you with the following level of protection:

If you reasonably apply this decision in good faith to your own circumstances (which are not materially different from those described in the decision), and the decision is later found to be incorrect you will not be liable to pay any penalty or interest. However, you will be required to pay any underpaid tax (or repay any over-claimed credit, grant or benefit), provided the time limits under the law allow it. If you do intend to apply this decision to your own circumstances, you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed. You may wish to obtain further advice from the Tax Office or from a professional adviser.

Issue

Is a taxpayer entitled to receive a refund of the superannuation pension rebate/tax offset where it exceeds the amount of income tax otherwise payable?

Decision

No. The sum of the rebates/tax offsets allowable to a taxpayer can only reduce the amount of income tax otherwise payable by the taxpayer to nil

Facts

The taxpayer received a rebatable superannuation pension for a financial year.

The amount of tax rebates/offsets was greater than the amount of tax payable on the taxable income for the financial year.

Reasons for Decision

Pursuant to section 4-10(3) of the Income Tax Assessment Act 1997 (ITAA 1997); and section 160AD of the Income Tax Assessment Act 1936 (ITAA 1936). The sum of tax rebates/offsets allowable to a taxpayer can only reduce the amount of income tax otherwise payable by the taxpayer to nil. If the sum of the tax rebates/offsets exceeds the amount of income tax otherwise payable, the taxpayer is not entitled to a refund of the excess amount.

Date of decision:  20 July 2001

Legislative References:
Income Tax Assessment Act 1997
   Subsection 4-10(3)

Income Tax Assessment Act 1936
   Section 160AD

Keywords
Superannuation contributions rebates
Superannuation pensions

Business Line:  Superannuation

Date of publication:  28 March 2002

ISSN: 1445-2782

history
  Date: Version:
You are here 20 July 2001 Original statement
  9 April 2010 Archived

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