Income Tax Assessment Act 1997



Division 305 - Superannuation benefits paid from non-complying superannuation plans  

Subdivision 305-B - Superannuation benefits from foreign superannuation funds  

Lump sums to which sections 305-60 and 305-65 do not apply

SECTION 305-70   Lump sums received more than 6 months after Australian residency or termination of foreign employment etc.  

Superannuation lump sums to which section applies

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

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

The remainder of the lump sum is not assessable income and is not *exempt income.

Amount paid into another foreign superannuation fund

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.

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