Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

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History

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Division 307 - Key concepts relating to superannuation benefits  

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Div 307 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

Subdivision 307-D - Superannuation interests  

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Subdiv 307-D inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

SECTION 307-210   Tax free component of superannuation interest  

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307-210(1)    
The tax free component of a *superannuation interest is so much of the *value of the interest as consists of:

(a) the *contributions segment of the interest; and

(b) the *crystallised segment of the interest.

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S 307-210 amended by No 21 of 2015, s 3 and Sch 4 items 11 and 12, by inserting " (1) " before " The " and repealing the note, effective 1 July 2015. The note formerly read:

Note:

If superannuation benefits have been paid from the superannuation interest, the amount of the tax free component of the interest will be reduced by the tax free components of those superannuation benefits: see section 307-125 .

S 307-210 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

Tax free component reduces if a benefit is paid

307-210(2)    

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If a *superannuation benefit is paid from the *superannuation interest:

(a) the *crystallised segment of the interest is reduced (but not below zero) by an amount equal to the *tax free component of the benefit; and

(b) if any of that amount remains, the *contributions segment of the interest is reduced (but not below zero) by that remaining amount.

Note:

This has the effect of reducing the interest ' s tax free component by the amount of the benefit ' s tax free component.

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S 307-210(2) inserted by No 21 of 2015, s 3 and Sch 4 item 13, effective 1 July 2015.

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