Tax Laws Amendment (2011 Measures No. 9) Act 2012 (12 of 2012)

Schedule 6  

Part 26   Untaxed plan cap

Income Tax Assessment Act 1997

214   Subsection 307-350(2)

Repeal the subsection, substitute:

Reductions and increases

(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.

(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.