Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_8:p10
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 8 (pt 10/11)
Character Range: 223687–226319

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 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

 (2) If you receive one or more *superannuation member benefits including an *element untaxed in the fund from a *superannuation plan at a time, reduce your untaxed plan cap amount just after that time:
 (a) if the total of the elements untaxed in the fund falls short of your *untaxed plan cap amount at that time—by the amount of the benefit or of the total of the benefits; or
 (b) otherwise—to nil.

 (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 sum

 (1) The service period for a *superannuation lump sum consists of each day that is in the period worked out under the table or a period covered by subsection (2).

Service period for superannuation lump sum types
Item                                              For this superannuation lump sum type:  The service period includes: