INCOME TAX ASSESSMENT ACT 1997 - SECT 303.4 Meaning of defined benefit income cap

INCOME TAX ASSESSMENT ACT 1997 - SECT 303.4

  (1)   Your defined benefit income cap for a * financial year is the following amount (rounded up to the nearest dollar):

  (2)   Despite subsection   (1) of this section, if a particular day in a * financial year is the first day in relation to which section   301 - 10, 301 - 100, 302 - 65 or 302 - 85:

  (a)   applies to you in respect of an amount of * defined benefit income; or

  (b)   would apart from this Subdivision apply to you in respect of an amount of defined benefit income;

your defined benefit income cap for the financial year is the following amount (rounded up to the nearest dollar):

  (3)   Despite subsections   (1) and (2) of this section, if:

  (a)   in a case where subsection   (1) applies--during the * financial year, you receive any amounts of * defined benefit income to which none of sections   301 - 10, 301 - 100, 302 - 65 and 302 - 85 apply; or

  (b)   in a case where subsection   (2) applies--during the financial year, you receive after the day mentioned in that subsection any amounts of defined benefit income to which none of sections   301 - 10, 301 - 100, 302 - 65 and 302 - 85 apply;

your defined benefit income cap for the financial year under subsection   (1) or (2) (as the case requires) is reduced by the sum of those amounts.

Table of sections

303 - 5   Commutation of income stream if you are under 25 etc.

303 - 10   Superannuation lump sum member benefit paid to member having a terminal medical condition

303 - 15   Payments from release authorities--general

303 - 20   Payments from release authorities--paying debt account discharge liability for a superannuation interest