Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
If you receive a *superannuation lump sum because of the death of a person of whom you are not a *death benefits dependant, the *taxable component of the lump sum is assessable income.
You are entitled to a *tax offset that ensures that the rate of income tax on the *element taxed in the fund of the lump sum does not exceed 15%. 302-145(3)
You are entitled to a *tax offset that ensures that the rate of income tax on the *element untaxed in the fund of the lump sum does not exceed 30%.
Division 302
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Superannuation death benefits paid from complying plans etc.
Subdivision 302-C
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Death benefits to non-dependant
Superannuation lump sum
SECTION 302-145
Superannuation lump sum
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element taxed in the fund taxed at 15%, element untaxed in the fund taxed at 30%
302-145(1)
If you receive a *superannuation lump sum because of the death of a person of whom you are not a *death benefits dependant, the *taxable component of the lump sum is assessable income.
Note:
For taxable component , see Subdivision 307-C .
302-145(2)You are entitled to a *tax offset that ensures that the rate of income tax on the *element taxed in the fund of the lump sum does not exceed 15%. 302-145(3)
You are entitled to a *tax offset that ensures that the rate of income tax on the *element untaxed in the fund of the lump sum does not exceed 30%.
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