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  

Lump sums received within 6 months after Australian residency or termination of foreign employment etc.

SECTION 305-60   305-60   Lump sums tax free - foreign resident period  


A *superannuation lump sum you receive from a *foreign superannuation fund is not assessable income and is not *exempt income if:


(a) you receive it within 6 months after you become an Australian resident; and


(b) it relates only to a period:


(i) when you were not an Australian resident; or

(ii) starting after you became an Australian resident and ending before you receive the payment; and


(c) it does not exceed the amount in the fund that was vested in you when you received the payment.

Note:

If you received the lump sum after that period of 6 months, or the lump sum exceeds the vested amount, the payment will fall within section 305-70 .


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