Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 303.3

Effect of exceeding defined benefit income cap on tax offsets

                   Despite sections 301-100 and 302- 85, if:

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

                              (i)  that are * defined benefit income; and

                             (ii)  in relation to which you are entitled, or apart from this section you would be entitled, to one or more * tax offsets under section 301-100 or 302- 85; and

                     (b)  the sum of all of the superannuation income stream benefits you receive during the financial year:

                              (i)  that are defined benefit income; and

                             (ii)  to which section 301-10, 301-100, 302- 65 or 302- 85 applies;

                            exceeds your * defined benefit income cap for the financial year;

the sum of those tax offsets is reduced (but not below zero) by an amount equal to 10% of that excess.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback