Income Tax Assessment Act 1997
This section applies to a *superannuation lump sum you receive from a *foreign superannuation fund if:
(a) you are an Australian resident when you receive the lump sum; and
(b) sections 305-60 and 305-65 do not apply to the lump sum. Assessable part 305-70(2)
Include in your assessable income so much of the lump sum (excluding any amount mentioned in subsection (4)) as equals:
(a) your *applicable fund earnings (worked out under section 305-75 ); or
(b) if you have made a choice under section 305-80 - your applicable fund earnings, less the amount covered by the choice.
Under section 305-80 , if your lump sum is paid into a complying superannuation plan, you can choose to have some or all of the applicable fund earnings excluded from your assessable income. The amount you choose is included in the assessable income of the plan: see section 295-200 .Non-assessable, non-exempt part 305-70(3)
The remainder of the lump sum is not assessable income and is not *exempt income. Amount paid into another foreign superannuation fund 305-70(4)
Any part of the lump sum that is paid into another *foreign superannuation fund is not assessable income and is not *exempt income.
However, your applicable fund earnings under section 305-75 in relation to a later lump sum payment out of the other foreign superannuation fund may include an amount ( previously exempt fund earnings ) attributable to the lump sum.