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, 65A, 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, 66 or 66A 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, or who has a terminal medical condition.)
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.

Note:

This means that the benefit is a superannuation benefit for you but not for the other person.

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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