Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p2
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 2/8)
Character Range: 1041820–1044696

the meaning of end benefit, see section 133‑130.
 (4) Subsection (1) does not apply if the Commissioner ascertains that no part of your *assessed Division 293 tax for an income year is *defined benefit tax attributable to a *superannuation interest.

133‑15  Defined benefit tax
 (1) Your defined benefit tax for an income year is the amount worked out using the formula:

where:
defined benefit contribution component means the amount worked out as follows:
 (a) work out the lesser of the following for the corresponding *financial year:
 (i) your *low tax contributions;
 (ii) the total amount of your *defined benefit contributions in respect of all *defined benefit interests you have in the financial year;
 (b) subtract from the result of paragraph (a) the difference (if any) between:
 (i) your *taxable contributions for the income year; and
 (ii) your low tax contributions for the corresponding financial year.
Note: A difference may exist for paragraph (b) because of the $250,000 high income threshold: see subsection 293‑20(1) of the Income Tax Assessment Act 1997.

Exception—defined benefit contribution component is nil or less
 (2) However, if the defined benefit contribution component mentioned in subsection (1) is nil, or a negative amount, no part of the *Division 293 tax for the income year is defined benefit tax.

133‑20  How to attribute the defined benefit tax to defined benefit interests
 (1) If you have one *defined benefit interest in a *financial year, your *defined benefit tax for the corresponding income year is attributable to that interest.
 (2) If you have more than one *defined benefit interest in a *financial year, your *defined benefit tax for the corresponding income year is attributable to each such interest in proportion to the *defined benefit contributions for the interest for the financial year.

133‑25  Determination reducing tax deferred to a debt account
 (1) If an amount of *assessed Division 293 tax that is *deferred to a debt account for a *superannuation interest is reduced as a result of an amended assessment, the Commissioner must make a determination under this section in respect of the reduced amount.
 (2) The amount so determined is a deferral reversal for the *superannuation interest.
Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.

133‑30  General provisions applying to determinations under this Subdivision
 (1) The Commissioner must:
 (a) make a determination as soon as practicable after:
 (i) for a determination under section 133‑10—assessing the amount (whether by way of a first assessment or an amended assessment); or
 (ii) for a determination under section 133‑25—amending the assessment; and
 (b) give you notice in writing of the determination as soon as practicable after making it.
 (3) The validity of the determination is not affected