Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 10   Administrative streamlining

Part 1   Release authority harmonisation

Division 2   Other amendments

Income Tax Assessment Act 1997

22   Sections 303-15 and 303-17

Repeal the sections, substitute:

303-15 Payments from release authorities - general

A *superannuation benefit that you receive (or are taken to receive) is not assessable income and is not *exempt income if it is paid in response to a release authority issued under section 131-15 in Schedule 1 to the Taxation Administration Act 1953 in relation to you.

Note: In some cases, a related amount may still be included in your assessable income (see Subdivision 292-B and section 304-20).