Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 301 - Superannuation member benefits paid from complying plans etc.  

Subdivision 301-E - Superannuation lump sum member benefits less than $200  

SECTION 301-225   Superannuation lump sum member benefits less than $200 are tax free  

301-225(1)  
Despite anything else in this Division (apart from Subdivision 301-D ), a *superannuation member benefit that you receive is not assessable income and is not *exempt income if:


(a) the benefit is a *superannuation lump sum; and


(b) the amount of the benefit is less than $200; and


(c) the *value of the *superannuation interest from which the benefit is paid is nil just after the benefit is paid; and


(d) the requirements (if any) specified in the regulations in relation to the benefit are satisfied.

301-225(2)  


Despite anything else in this Division (apart from Subdivision 301-D ), a *superannuation member benefit that you receive is not assessable income and is not *exempt income if:


(a) the benefit is a *superannuation lump sum; and


(b) the benefit is paid to you:


(i) under subsection 20QF(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in a case covered by paragraph (d) of that subsection; or

(ii) under subsection 24G(2) of that Act in a case covered by paragraph (d) of that subsection; and


(c) the amount of the benefit is less than $200.


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