Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-F - Low rate cap and untaxed plan cap amounts  

SECTION 307-345   Low rate cap amount  

Starting amount

307-345(1)  
Your low rate cap amount for the 2007-2008 income year is $140,000.

Note:

However, if you became entitled to a rebate under the corresponding provision of the Income Tax Assessment Act 1936 , see section 307-345 of the Income Tax (Transitional Provisions) Act 1997 .

Reductions and increases

307-345(2)  
If you receive one or more *superannuation member benefits that are *superannuation lump sums in an income year, reduce your low rate cap amount for the next income year (but not below zero) by the total of the amounts that:


(a) are included in your assessable income for the first year in respect of those lump sums; and


(b) are counted towards your entitlement to a *tax offset under subsection 301-20(2) or 301-105(4) for the first year.

307-345(3)  
At the start of each income year after the 2007-2008 income year, increase your low rate cap amount by the amount (if any) by which the index amount for that income year exceeds the index amount for the previous income year.

307-345(4)  
For the purposes of subsection (3), the index amount for the 2007-2008 income year is $140,000. The index amount is then indexed annually.

Note:

Subdivision 960-M shows how to index amounts. However, annual indexation does not necessarily increase the index amount: see section 960-285 .


 

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.