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-B - Member benefits: general rules  

Member benefits - recipient aged under preservation age

SECTION 301-35   Superannuation lump sum - taxable component taxed at 20%  

301-35(1)  
If you are under your *preservation age when you receive a *superannuation lump sum, the *taxable component of the lump sum is assessable income.

Note:

For taxable component , see Subdivision 307-C .

301-35(2)  
You are entitled to a *tax offset that ensures that the rate of income tax on the *taxable component of the lump sum does not exceed 20%.

Note:

If your lump sum includes an element untaxed in the fund, see Subdivision 301-C .


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