INCOME TAX ASSESSMENT ACT 1997
Your defined benefit income cap for a *financial year is the following amount (rounded up to the nearest dollar):
|The *general transfer balance cap for the *financial year|
Despite subsection (1) of this section, if a particular day in a *financial year is the first day in relation to which section 301-10 , 301-100 , 302-65 or 302-85 :
(a) applies to you in respect of an amount of *defined benefit income; or
(b) would apart from this Subdivision apply to you in respect of an amount of defined benefit income;
your defined benefit income cap for the financial year is the following amount (rounded up to the nearest dollar):
|The *general transfer balance cap for the *financial year||×||1 +||Number of days remaining in the *financial year after that day|
|16||Number of days in the *financial year|
Despite subsections (1) and (2) of this section, if:
(a) in a case where subsection (1) applies - during the *financial year, you receive any amounts of *defined benefit income to which none of sections 301-10 , 301-100 , 302-65 and 302-85 apply; or
(b) in a case where subsection (2) applies - during the financial year, you receive after the day mentioned in that subsection any amounts of defined benefit income to which none of sections 301-10 , 301-100 , 302-65 and 302-85 apply;
your defined benefit income cap for the financial year under subsection (1) or (2) (as the case requires) is reduced by the sum of those amounts.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.