Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 303 - Superannuation benefits paid in special circumstances  

Subdivision 303-B - Other special circumstances  

SECTION 303-10   Superannuation lump sum member benefit paid to member having a terminal medical condition  

303-10(1)    
This section applies to a * superannuation member benefit that:

(a) is a * superannuation lump sum; and

(b) is:

(i) paid from a * complying superannuation plan; or

(ii) a * superannuation guarantee payment, a * small superannuation account payment, an * unclaimed money payment, a * superannuation co-contribution benefit payment or a * superannuation annuity payment.

303-10(2)    
The lump sum is not assessable income and is not * exempt income if a * terminal medical condition exists in relation to you when you receive the lump sum or within 90 days after you receive it.

Note:

For a lump sum you receive in the 2007-08 financial year, the period of 90 days may be extended until 30 June 2008: see section 303-10 of the Income Tax (Transitional Provisions) Act 1997 .