INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-A - Superannuation benefits generally  

SECTION 307-5   What is a superannuation benefit ?  

307-5(1)  


A superannuation benefit is a payment described in the table.


Types of superannuation benefits
Item Column 1 Column 2 Column 3
Superannuation benefit type Superannuation member benefit Superannuation death benefit
1 superannuation fund payment A payment to you from a *superannuation fund because you are a fund member. A payment to you from a superannuation fund, after another person's death, because the other person was a fund member.
2 RSA payment A payment to you from an *RSA because you are the holder of the RSA. A payment to you from an RSA, after another person's death, because the other person was the holder of the RSA.
3 approved deposit fund payment A payment to you from an *approved deposit fund because you are a depositor with the fund. A payment to you from an approved deposit fund after another person's death, because the other person was a depositor with the fund.
4 small superannuation account payment A payment to you under section 63, 64, 65, 66, 67 or 67A, or subsection 76(6), of the Small Superannuation Accounts Act 1995.
(These provisions authorise payment of money held under the Act.)
A payment to you under section 68 or subsection 76(7) of the Small Superannuation Accounts Act 1995.
(These provisions authorise payment of money held under the Act to the legal personal representative of the deceased.)
5 unclaimed money payment A payment to you:
(a) under subsection 17(1), (2) or (2AB), 20F(1) or 20H(2), (2AA) or (2A), section 24E or subsection 24G(2) or (3A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999; or
(b) as mentioned in subsection 18(4) or (5) of that Act;
otherwise than because of another person's death.
A payment to you:
(a) under subsection 17(1), (2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999; or
(b) as mentioned in subsection 18(4) or (5) of that Act;
because of another person's death.
6 superannuation co-contribution benefit payment A payment to you under paragraph 15(1)(c) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003. A payment to you under paragraph 15(1)(d) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003.
7 superannuation guarantee payment A payment to you under section 65A or 66 of the Superannuation Guarantee (Administration) Act 1992.
(This provides for money collected under the Act to be paid to a person who retires because of incapacity or invalidity.)
A payment to you under section 67 of the Superannuation Guarantee (Administration) Act 1992.
(This provides for money collected under the Act to be paid to the legal personal representative of the deceased.)
8 superannuation annuity payment A payment to you:
(a) from a *superannuation annuity; or
(b) arising from the commutation of a superannuation annuity;
because you are the annuitant.
A payment to you:
(a) from a superannuation annuity; or
(b) arising from the commutation of a superannuation annuity;
because of the death of the annuitant.

307-5(2)  
A superannuation member benefit is a payment described in column 2 of the table.

307-5(3)  
(Repealed by No 81 of 2016)

307-5(3A)  
(Repealed by No 81 of 2016)

307-5(3B)  
(Repealed by No 81 of 2016)

307-5(4)  
A superannuation death benefit is a payment described in column 3 of the table.

307-5(5)  
Subsection (6) applies if a *contributions-splitting superannuation benefit or a *family law superannuation payment is paid to you because another person is a member of a *superannuation fund, holder of an *RSA or depositor with an *approved deposit fund, or the annuitant under a *superannuation annuity.

307-5(6)  
For the purposes of this section (and despite section 307-15):


(a) treat yourself as a member of the fund, holder of the *RSA, depositor with the fund or annuitant under the *superannuation annuity; and


(b) do not treat the other person as a member of the fund, holder of the RSA, depositor with the fund or annuitant under the superannuation annuity.

307-5(7)  
A family law superannuation payment is a payment that:


(a) is a payment of any of the following kinds:


(i) a payment in accordance with Part VIIIB of the Family Law Act 1975;

(ii) a payment in accordance with the Family Law (Superannuation) Regulations 2001;

(iii) a payment in accordance with Part 7A of the Superannuation Industry (Supervision) Regulations 1994;

(iv) a payment in accordance with Part 4A of the Retirement Savings Accounts Regulations 1997;

(v) a payment specified in the regulations; and


(b) satisfies the requirements (if any) specified in the regulations. Treatment of amounts transferred within a superannuation plan

307-5(8)  
If an amount is transferred from one *superannuation interest in a *superannuation plan to another superannuation interest in the same plan, treat the transfer as a payment in determining whether the transfer of the amount is a superannuation benefit or a roll-over superannuation benefit.


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