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 304 - Superannuation benefits in breach of legislative requirements etc.  

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History

Div 304 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

Operative provisions  

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

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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.

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History

S 304-20 inserted by No 82 of 2013, s 3 and Sch 3 item 10, effective 28 June 2013. For application provision see note under Div 293 heading.

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