Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 303.2

Effect of exceeding defined benefit income cap on assessable income

             (1)  Despite sections 301-10 and 302- 65, if:

                     (a)  during a * financial year, you receive one or more * superannuation income stream benefits:

                              (i)  that are * defined benefit income; and

                             (ii)  to which either section 301-10 or 302- 65 applies; and

                     (b)  the sum of all of those benefits (other than any * elements untaxed in the fund of those benefits) exceeds your * defined benefit income cap for the financial year;

50% of that excess is assessable income.

             (2)  Defined benefit income is a * superannuation income stream benefit that is paid from a * capped defined benefit income stream.



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