Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 305 - Superannuation benefits paid from non-complying superannuation plans  

Subdivision 305-B - Superannuation benefits from foreign superannuation funds  

Application of Subdivision

SECTION 305-55   Restriction to lump sums received from certain foreign superannuation funds  

305-55(1)  
This Subdivision applies if:

(a) you receive a *superannuation lump sum from a *foreign superannuation fund; and

(b) the fund is an entity mentioned in item 4 of the table in subsection 295-490(1) (which deals with deductions for superannuation entities).

305-55(2)  

This Subdivision also applies if you receive a payment, other than a pension payment, from a scheme for the payment of benefits in the nature of superannuation upon retirement or death that:

(a) is not, and never has been, an *Australian superannuation fund or a *foreign superannuation fund; and

(b) was not established in Australia; and

(c) is not centrally managed or controlled in Australia.

305-55(3)  

This Subdivision applies to a payment mentioned in subsection (2) from a scheme mentioned in that subsection in the same way as it applies to a *superannuation lump sum from a *foreign superannuation fund.