Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
PART 3-20
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SUPERANNUATION
Division 133
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Division 293 tax
Subdivision 133-A
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Deferral determination
Operative provisions
SECTION 133-15 DEFINED BENEFIT TAX 133-15(1)
Your defined benefit tax for an income year is the amount worked out using the formula:
(a) work out the lesser of the following for the corresponding * financial year:
(b) subtract from the result of paragraph (a) the difference (if any) between:
Exception - defined benefit contribution component is nil or less
133-15(2)
However, if the defined benefit contribution component mentioned in subsection (1) is nil, or a negative amount, no part of the * Division 293 tax for the income year is defined benefit tax .
View history note
Hide history noteNote: See section 3AA .
Chapter 3 - Collection, recovery and administration of other taxesSECTION 133-15 DEFINED BENEFIT TAX 133-15(1)
Your defined benefit tax for an income year is the amount worked out using the formula:
| * Division 293 tax for the income year | × |
Defined benefit contribution component
* Taxable contributions for the income year |
where:
defined benefit contribution component
means the amount worked out as follows:
(a) work out the lesser of the following for the corresponding * financial year:
(i) your * low tax contributions;
(ii) the total amount of your * defined benefit contributions in respect of all * defined benefit interests you have in the financial year;
(b) subtract from the result of paragraph (a) the difference (if any) between:
(i) your * taxable contributions for the income year; and
(ii) your low tax contributions for the corresponding financial year.
Note:
A difference may exist for paragraph (b) because of the $250,000 high income threshold: see subsection 293-20(1) of the Income Tax Assessment Act 1997 .
Exception - defined benefit contribution component is nil or less
133-15(2)
However, if the defined benefit contribution component mentioned in subsection (1) is nil, or a negative amount, no part of the * Division 293 tax for the income year is defined benefit tax .
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