Income Tax Assessment Act 1997
Work out the tax free component of the *superannuation benefit under subsection (2) if the benefit is a *superannuation lump sum and a *disability superannuation benefit.
This section does not apply to an unclaimed money payment.
The tax free component is the sum of:
(a) the *tax free component of the benefit worked out apart from this section; and
(b) the amount worked out under subsection (3).
However, the tax free component cannot exceed the amount of the benefit.307-145(3)
Work out the amount by applying the following formula:
|Amount of benefit ×||
Days to retirement
Service days + Days to retirement
The balance of the *superannuation benefit is the taxable component of the benefit.