Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-C - Components of a superannuation benefit  

SECTION 307-143   Components of a superannuation benefit that is a repayment when an entitlement to a credit ceases for a release authority relating to an FHSS determination  

Preliminary

307-143(1)    
This section explains how to work out the *tax free component, and the *taxable component, of your *superannuation benefit that:

(a)    is a repayment by the Commissioner under subsection 131-80(1) in Schedule 1 to the Taxation Administration Act 1953 of an amount (the released amount ) paid to the Commissioner in relation to you; or

(b)    is a payment by the Commissioner under subsection 131-80(3) in Schedule 1 to the Taxation Administration Act 1953 of an equivalent amount to an amount (the released amount ) paid to the Commissioner in relation to you.

Tax free component

307-143(2)    
The *tax free component of your *superannuation benefit is equal to the total amount that the released amount reduced the tax free components of your *superannuation interests.

Taxable component

307-143(3)    
The *taxable component of your *superannuation benefit is equal to the total amount that the released amount reduced the taxable components of your *superannuation interests.