Commonwealth Consolidated Acts

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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.

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