Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 (82 of 2013)

Schedule 3   Sustaining the superannuation contribution concession

Part 2   Other amendments

Income Tax Assessment Act 1997

10   At the end of Division 304

Add:

304-20 Excess payments from release authorities - Division 293 tax

(1) Despite section 303-20, a *superannuation benefit that you receive (or are taken to receive), paid in relation to a release authority issued to you in respect of a *release entitlement you have, is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (2).

Note: Section 303-20 makes superannuation benefits received under a release authority non-assessable non-exempt income.

(2) The amount is the amount of the *release entitlement, 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 section 303-20 of this Act in relation to that release entitlement.