INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 303 - Superannuation benefits paid in special circumstances  

Subdivision 303-A - Modifications for defined benefit income  

Operative provisions

SECTION 303-4   Meaning of defined benefit income cap  

303-4(1)  
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
16

303-4(2)  
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

303-4(3)  
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.


 

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