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 .