Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012 (75 of 2012)
Schedule 4 Refund of excess concessional contributions
Part 1 Main amendments
Income Tax Assessment Act 1997
3 At the end of Division 303
Add:
303-15 Payments from release authorities for refunded excess concessional contributions
(1) A *superannuation benefit that you are taken to receive under section 307-15, paid in relation to a release authority issued in relation to you in accordance with section 292-420, is not assessable income and is not *exempt income.
(2) Section 307-125 (the proportioning rule) does not apply to such a *superannuation benefit.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
