INCOME TAX ASSESSMENT ACT 1997 - SECT 303.2 Effect of exceeding defined benefit income cap on assessable income

INCOME TAX ASSESSMENT ACT 1997 - SECT 303.2

  (1)   Despite sections   301 - 10 and 302 - 65, if:

  (a)   during a * financial year, you receive one or more * superannuation income stream benefits:

  (i)   that are * defined benefit income; and

  (ii)   to which either section   301 - 10 or 302 - 65 applies; and

  (b)   the sum of all of those benefits (other than any * elements untaxed in the fund of those benefits) exceeds your * defined benefit income cap for the financial year;

50% of that excess is assessable income.

  (2)   Defined benefit income is a * superannuation income stream benefit that is paid from a * capped defined benefit income stream.