Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
Division 307
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Key concepts relating to superannuation benefits
Subdivision 307-F
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Low rate cap and untaxed plan cap amounts
SECTION 307-350
Untaxed plan cap amount
307-350(1)
Your untaxed plan cap amount for a * superannuation plan at the start of the 2007-2008 income year is $ 1,000,000.
Reductions and increases
307-350(1A)
Subsection (2) applies if: (a) you receive one or more * superannuation member benefits from a * superannuation plan at a time; and (b) the benefit, or one or more of the benefits:
307-350(2)
Reduce your untaxed plan cap amount just after that time: (a) if the total of the * elements untaxed in the fund of the * superannuation member benefits to which paragraph (1A)(b) applies falls short of your untaxed plan cap amount at that time - by that total; or (b) otherwise - to nil.
307-350(2A)
For the purposes of subsections (1A) and (2), disregard subsection 307-5(8) .
307-350(2B)
For the purposes of the application of this section in relation to * superannuation lump sums paid by the Commissioner under subsections 17(2) , 20H(2) , (2AA) , (2A) and (3) , 20QF(2) , 21E(2) , 22B(2) and 24G(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , treat all such lump sums as if they were paid from a single * superannuation plan.
307-350(3)
At the start of each income year after the 2007-2008 income year, increase your untaxed plan cap amount for the * superannuation plan by the amount (if any) by which the index amount for that income year exceeds the index amount for the previous income year.
307-350(4)
For the purposes of subsection (3), the index amount for the 2007-2008 income year is $ 1,000,000. The index amount is then indexed annually.
View history note
Hide history noteYour untaxed plan cap amount for a * superannuation plan at the start of the 2007-2008 income year is $ 1,000,000.
Reductions and increases
307-350(1A)
Subsection (2) applies if: (a) you receive one or more * superannuation member benefits from a * superannuation plan at a time; and (b) the benefit, or one or more of the benefits:
(i) is a * superannuation lump sum; and
(ii) includes an * element untaxed in the fund.
307-350(2)
Reduce your untaxed plan cap amount just after that time: (a) if the total of the * elements untaxed in the fund of the * superannuation member benefits to which paragraph (1A)(b) applies falls short of your untaxed plan cap amount at that time - by that total; or (b) otherwise - to nil.
307-350(2A)
For the purposes of subsections (1A) and (2), disregard subsection 307-5(8) .
307-350(2B)
For the purposes of the application of this section in relation to * superannuation lump sums paid by the Commissioner under subsections 17(2) , 20H(2) , (2AA) , (2A) and (3) , 20QF(2) , 21E(2) , 22B(2) and 24G(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , treat all such lump sums as if they were paid from a single * superannuation plan.
307-350(3)
At the start of each income year after the 2007-2008 income year, increase your untaxed plan cap amount for the * superannuation plan by the amount (if any) by which the index amount for that income year exceeds the index amount for the previous income year.
307-350(4)
For the purposes of subsection (3), the index amount for the 2007-2008 income year is $ 1,000,000. The index amount is then indexed annually.
Note:
Subdivision 960-M shows how to index amounts. However, annual indexation does not necessarily increase the index amount: see section 960-285 .
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