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