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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 304.15

Excess payments from release authorities

             (1)  This section applies to a superannuation benefit that you receive, paid in relation to a release authority given in relation to you in accordance with section 292-80B.

             (2)  The superannuation benefit is not assessable income and is not exempt income to the extent that it does not exceed the amount mentioned in subsection (3).

             (3)  The amount is the amount of excess non-concessional contributions stated in the release authority in accordance with paragraph 292-80A(3)(a), reduced (but not below zero) by the amount of any superannuation benefit that was not assessable income and not exempt income under a previous operation of subsection (2) in relation to the release authority.

             (4)  The superannuation benefit is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (3).

             (5)  This section applies despite Divisions 301, 302 and 303 of the Income Tax Assessment Act 1997 .

Table of Subdivisions

305-B    Superannuation benefits from foreign superannuation funds

Table of sections

305-80      Lump sums paid into complying superannuation plans post-FIF abolition



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