Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

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

Operative provisions  

SECTION 304-20   Excess payments from release authorities - paying debt account discharge liability for a superannuation interest  

304-20(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.

304-20(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.