Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 307.143

Preliminary

  (1)   This section explains how to work out the * tax free component, and the * taxable component, of your * superannuation benefit that:

  (a)   is a repayment by the Commissioner under subsection   131 - 80(1) in Schedule   1 to the Taxation Administration Act 1953 of an amount (the released amount ) paid to the Commissioner in relation to you; or

  (b)   is a payment by the Commissioner under subsection   131 - 80(3) in Schedule   1 to the Taxation Administration Act 1953 of an equivalent amount to an amount (the released amount ) paid to the Commissioner in relation to you.

Tax free component

  (2)   The * tax free component of your * superannuation benefit is equal to the total amount that the released amount reduced the tax free components of your * superannuation interests.

Taxable component

  (3)   The * taxable component of your * superannuation benefit is equal to the total amount that the released amount reduced the taxable components of your * superannuation interests.