Income Tax (Transitional Provisions) Act 1997
This section applies to a superannuation benefit that you receive, paid in relation to a release authority given in relation to you in accordance with section 292-80B .
304-15(2)
The superannuation benefit is not assessable income and is not exempt income to the extent that it does not exceed the amount mentioned in subsection (3).
304-15(3)
The amount is the amount of excess non-concessional contributions stated in the release authority in accordance with paragraph 292-80A(3)(a) , 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 subsection (2) in relation to the release authority.
304-15(4)
The superannuation benefit is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (3).
304-15(5)
This section applies despite Divisions 301 , 302 and 303 of the Income Tax Assessment Act 1997 .
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