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 303-5   Commutation of income stream if you are under 25 etc.  

303-5(1)  
A *superannuation lump sum that you receive from a *complying superannuation plan is not assessable income and is not *exempt income if:


(a) the superannuation lump sum arises from the commutation of a *superannuation income stream; and


(b) any of these conditions are satisfied:


(i) you are under 25 when you receive the superannuation lump sum;

(ii) the commutation takes place because you turn 25;

(iii) you are permanently disabled when you receive the superannuation lump sum; and


(c) you had received one or more *superannuation income stream benefits from the superannuation income stream before the commutation because of the death of a person of whom you are a *death benefits dependant.

303-5(2)  
Subsection (1) applies despite Divisions 301 and 302 .


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