Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 1/3)
Character Range: 4825338–4828314

4                          an amount paid to the Commissioner under section 24E of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person                                                                                                                     a *superannuation benefit paid from a *superannuation plan                                                                                            the *element taxed in the fund of the *taxable component of that superannuation benefit

Note 1: Section 65AA of the Superannuation Guarantee (Administration) Act 1992 requires certain shortfall components to be treated as amounts paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999.
 The effect of excluding such shortfall components from item 3 of the table in this subsection is that the element untaxed in the fund includes so much of the superannuation benefit as is attributable to such a shortfall component.
Note 2: The table in this subsection does not cover interest paid by the Commissioner under subsection 20H(2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999.
 The effect of this is that the element untaxed in the fund of the taxable component includes so much of the superannuation benefit as is attributable to such interest.
 (3A) The element taxed in the fund is nil, if the *superannuation benefit is paid under subsection 20H(2AA) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest).
Note: The taxable component of a superannuation benefit paid by the Commissioner under subsection 17(2AB) or (2AC), 20QF(5) or (6), 21E(5) or (6), 22B(5) or (6) or 24G(3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999, or under subsection 20H(2AA) in respect of a person who is not a former temporary resident, is nil: see subsections 307‑142(3B) and (4) of this Act.

Element untaxed in the fund
 (4) The element untaxed in the fund of the *taxable component is so much (if any) of the taxable component as is not the element taxed in the fund.

Subdivision 307‑F—Low rate cap and untaxed plan cap amounts

Table of sections
307‑345 Low rate cap amount
307‑350 Untaxed plan cap amount

307‑345  Low rate cap amount

Starting amount
 (1) Your low rate cap amount for the 2007‑2008 income year is $140,000.
Note: However, if you became entitled to a rebate under the corresponding provision of the Income Tax Assessment Act 1936, see section 307‑345 of the Income Tax (Transitional Provisions) Act 1997.

Reductions and increases
 (2) If you receive one or more *superannuation member benefits that are *superannuation lump sums in an income year, reduce your low rate cap amount 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