Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 2/3)
Character Range: 4828095–4830838

for the next income year (but not below zero) by the total of the amounts that:
 (a) are included in your assessable income for the first year in respect of those lump sums; and
 (b) are counted towards your entitlement to a *tax offset under subsection 301‑20(2) or 301‑105(4) for the first year.
 (3) At the start of each income year after the 2007‑2008 income year, increase your low rate cap amount by the amount (if any) by which the index amount for that income year exceeds the index amount for the previous income year.
 (4) For the purposes of subsection (3), the index amount for the 2007‑2008 income year is $140,000. The index amount is then indexed annually.
Note: Subdivision 960‑M shows how to index amounts. However, annual indexation does not necessarily increase the index amount: see section 960‑285.

307‑350  Untaxed plan cap amount
 (1) Your untaxed plan cap amount for a *superannuation plan at the start of the 2007‑2008 income year is $1,000,000.

Reductions and increases
 (1A) Subsection (2) applies if:
 (a) you receive one or more *superannuation member benefits from a *superannuation plan at a time; and
 (b) the benefit, or one or more of the benefits:
 (i) is a *superannuation lump sum; and
 (ii) includes an *element untaxed in the fund.
 (2) Reduce your untaxed plan cap amount just after that time:
 (a) if the total of the *elements untaxed in the fund of the *superannuation member benefits to which paragraph (1A)(b) applies falls short of your untaxed plan cap amount at that time—by that total; or
 (b) otherwise—to nil.
 (2A) For the purposes of subsections (1A) and (2), disregard subsection 307‑5(8).
 (2B) For the purposes of the application of this section in relation to *superannuation lump sums paid by the Commissioner under subsections 17(2), 20H(2), (2AA), (2A) and (3), 20QF(2), 21E(2), 22B(2) and 24G(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999, treat all such lump sums as if they were paid from a single *superannuation plan.
 (3) At the start of each income year after the 2007‑2008 income year, increase your untaxed plan cap amount for the *superannuation plan by the amount (if any) by which the index amount for that income year exceeds the index amount for the previous income year.
 (4) For the purposes of subsection (3), the index amount for the 2007‑2008 income year is $1,000,000. The index amount is then indexed annually.
Note: Subdivision 960‑M shows how to index amounts. However, annual indexation does not necessarily increase the index amount: see section 960‑285.

Subdivision 307‑G—Other concepts

Table of sections
307‑400 Meaning of service period for a superannuation lump sum

307‑400  Meaning of service period for a superannuation lump