Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

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History

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Division 301 - Superannuation member benefits paid from complying plans etc.  

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Div 301 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

Subdivision 301-C - Member benefits: elements untaxed in fund  

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Subdiv 301-C inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

Member benefits (element untaxed in fund) - recipient aged 60 or above

SECTION 301-100   Superannuation income stream - element untaxed in fund attracts 10% offset  

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301-100(1)    
If you are 60 years or over when you receive a *superannuation income stream benefit, the *element untaxed in the fund of the benefit is assessable income.

301-100(2)    
You are entitled to a *tax offset equal to 10% of the *element untaxed in the fund of the benefit.

Note:

If your superannuation income stream benefit is defined benefit income, see Subdivision 303-A .

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S 301-100 amended by No 81 of 2016, s 3 and Sch 1 item 28, by inserting the note, effective 1 January 2017 and applicable in relation to the financial year starting on 1 July 2017 and later financial years.

S 301-100 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

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