Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 304 - Superannuation benefits in breach of legislative requirements etc.  

Operative provisions  

SECTION 304-20   Excess payments from release authorities - paying debt account discharge liability for a superannuation interest  

304-20(1)  
Despite section 303-20 , a * superannuation benefit that you receive (or are taken to receive), paid in relation to a release authority issued to you in respect of a * release entitlement you have, is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (2).

Note:

Section 303-20 makes superannuation benefits received under a release authority non-assessable non-exempt income.

304-20(2)  
The amount is the amount of the * release entitlement, reduced (but not below zero) by the amount of any * superannuation benefit that was not assessable income and not * exempt income under a previous operation of section 303-20 of this Act in relation to that release entitlement.


 

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.