Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.
Guide to Division 305
305 - A Superannuation benefits from Australian non - complying superannuation funds
305 - B Superannuation benefits from foreign superannuation funds