INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 302 - Superannuation death benefits paid from complying plans etc.  

Subdivision 302-C - Death benefits to non-dependant  

Superannuation lump sum

SECTION 302-145   Superannuation lump sum - element taxed in the fund taxed at 15%, element untaxed in the fund taxed at 30%  

302-145(1)  
If you receive a *superannuation lump sum because of the death of a person of whom you are not a *death benefits dependant, the *taxable component of the lump sum is assessable income.

Note:

For taxable component , see Subdivision 307-C .

302-145(2)  
You are entitled to a *tax offset that ensures that the rate of income tax on the *element taxed in the fund of the lump sum does not exceed 15%.

302-145(3)  
You are entitled to a *tax offset that ensures that the rate of income tax on the *element untaxed in the fund of the lump sum does not exceed 30%.


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