Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)

Schedule 1   Consequential amendments etc.

Part 2   Other consequential amendments etc.

Income Tax (Transitional Provisions) Act 1997

269   After Division 302

Insert:

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

304-15 Excess payments from release authorities

(1) 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.

(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).

(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.

(4) The superannuation benefit is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (3).

(5) This section applies despite Divisions 301, 302 and 303 of the Income Tax Assessment Act 1997.

Division 306 - Roll-overs etc.

306-10 Roll-over superannuation benefit - directed termination payment

For the purposes of the definition of specified roll-over amount in the Income Tax Assessment Act 1997, treat the taxable component of a directed termination payment (within the meaning of section 82-10F) as the element untaxed in the fund of a superannuation benefit that is a roll-over superannuation benefit.