Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (118 of 2013)
Schedule 1 Fairer taxation of excess concessional contributions
Part 3 Other consequential amendments
Income Tax Assessment Act 1997
24 Section 303-15
Repeal the section, substitute:
303-15 Payments from release authorities - excess concessional contributions
A *superannuation benefit that you receive (or are taken to receive), paid in relation to a release authority issued in relation to an election you make under section 96-5 in Schedule 1 to the Taxation Administration Act 1953, is not assessable income and is not *exempt income.
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