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INCOME TAX ASSESSMENT ACT 1997 - SECT 304.20

Excess payments from release authorities--paying debt account discharge liability for a superannuation interest

             (1)  Despite section 303-20, a * superannuation benefit that you receive (or are taken to receive), paid in relation to a release authority issued to you in respect of a * release entitlement you have, is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (2).

Note:          Section 303-20 makes superannuation benefits received under a release authority non-assessable non-exempt income.

             (2)  The amount is the amount of the * release entitlement, 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 section 303-20 of this Act in relation to that release entitlement.

Table of Subdivisions

             Guide to Division 305

305-A   Superannuation benefits from Australian non-complying superannuation funds

305-B    Superannuation benefits from foreign superannuation funds

Guide to Division 305



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