Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-30 - SUPERANNUATION

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Division 307 - Key concepts relating to superannuation benefits

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Subdivision 307-C - Components of a superannuation benefit

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SECTION 307-120 Components of superannuation benefit

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307-120(1)
Work out the following components of a *superannuation benefit under this Subdivision:

(a) the tax free component ;

(b) the taxable component .

307-120(2)
Work out those components under:

(a)

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if the benefit is not mentioned in paragraph (b) , (c) , (d) , (e) or (f) - section 307-125 ; or

(b) if the benefit is a *superannuation guarantee payment - section 307-130 ; or

(c) if the benefit is a *superannuation co-contribution benefit payment - section 307-135 ; or

(d) if the benefit is a *contributions-splitting superannuation benefit - section 307-140 ; or

(e)

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if the benefit is a payment under subsection 17(2) , (2AB) or (2AC) , 20H(2) , (2AA) , (2A) or (3) , 20QF(2) , (5) or (6) , 21E(2) , (5) or (6) , 22B(2) , (5) or (6) , 24G(2) , (3A) or (3B) or 24NA(2) , (3) or (4) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 - section 307-142 ; or

(f)

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if the benefit is a payment by the Commissioner under subsection 131-80(1) or (3) in Schedule 1 to the Taxation Administration Act 1953 - section 307-143 .

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History

S 307-120(2) amended by No 75 of 2023, s 3 and Sch 4 items 5 and 6, by substituting " , (e) or (f) " for " or (e) " in para (a) and inserting para (f), effective 15 September 2024. For application and transitional provisions, see note under s 306-10 .

S 307-120(2) amended by No 24 of 2021, s 3 and Sch 2 item 5, by inserting " , 22B(2), (5) or (6) " in para (e), effective 29 March 2021.

S 307-120(2) amended by No 24 of 2021, s 3 and Sch 1 item 5, by inserting " , 21E(2), (5) or (6) " in para (e), effective 23 March 2021.

S 307-120(2) amended by No 141 of 2020, s 3 and Sch 4 item 93, by substituting " , 24G(2), (3A) or (3B) or 24NA(2), (3) or (4) " for " or 24G(2), (3A) or (3B) " in para (e), effective 1 January 2021 and applicable in relation to payments made by the Commissioner on or after 13 March 2019.

S 307-120(2) amended by No 16 of 2019, s 3 and Sch 3 item 5, by inserting " , 20QF(2), (5) or (6) " in para (e), effective 13 March 2019. For application and transitional provisions, see note under s 307-5(1) .

S 307-120(2) amended by No 88 of 2013, s 3 and Sch 1 item 6, by substituting " subsection 17(2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B) " for " subsection 17(2) or section 20H or 24G " in para (e), effective 28 June 2013.

S 307-120(2) amended by No 133 of 2009, s 3 and Sch 3 item 33, by inserting " or 24G " after " section 20H " in para (e), applicable in relation to:

(a) the last unclaimed money day (within the meaning of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ) occurring before 1 July 2010; and

(b) later unclaimed money days.

S 307-120(2) amended by No 27 of 2009, s 3 and Sch 2 item 48, by inserting " subsection 17(2) or " after " payment under " in para (e), effective 27 March 2009.

S 307-120(2) amended by No 151 of 2008, s 3 and Sch 1 items 33 and 34, by substituting " , (d) or (e) " for " or (d) " in para (a) and inserting para (e) at the end, effective 18 December 2008.

307-120(3)
Those components may be modified under sections 307-145 (which deals with certain disability benefits) and 307-150 (which deals with certain *elements untaxed in fund).

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