Document ID: chunk:federal_register_of_legislation:C2013A00082:clause:3_10
Version: federal_register_of_legislation:C2013A00082
Segment Type: clause
Provision Reference: sch 3 cl 10
Character Range: 64113–64922

10  At the end of Division 304
Add:

304‑20  Excess payments from release authorities—Division 293 tax
 (1) Despite section 303‑20, a *superannuation benefit that you receive (or are taken to receive), paid in relation to a release authority issued to you in respect of a *release entitlement you have, is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (2).
Note: Section 303‑20 makes superannuation benefits received under a release authority non‑assessable non‑exempt income.
 (2) The amount is the amount of the *release entitlement, reduced (but not below zero) by the amount of any *superannuation benefit that was not assessable income and not *exempt income under a previous operation of section 303‑20 of this Act in relation to that release entitlement.