INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 303 - Superannuation benefits paid in special circumstances  

SECTION 303-10   Superannuation lump sum member benefit paid to member having a terminal medical condition  

303-10(1)  
This section applies to a superannuation member benefit that you receive during the 2007-08 financial year and that:


(a) is a superannuation lump sum; and


(b) is:


(i) paid from a complying superannuation plan; or

(ii) a superannuation guarantee payment, a small superannuation account payment, an unclaimed money payment, a superannuation co-contribution benefit payment or a superannuation annuity payment.

303-10(2)  
The lump sum is not assessable income and is not exempt income if a terminal medical condition exists in relation to you at a time in the period:


(a) starting when you receive the lump sum; and


(b) ending at the later of:


(i) 90 days after you receive it; and

(ii) 30 June 2008.



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