Income Tax Assessment Act 1997
View history note
Hide history noteA *capital gain or *capital loss is disregarded if you make it from a *CGT event happening in relation to any of the following:
(a) a right to an allowance, annuity or capital amount payable out of a *superannuation fund or *approved deposit fund;
(b) a right to an asset of such a fund;
(c) a right to any part of such an allowance, annuity, capital amount or asset.
Example:
Angela retires from her employment and receives a lump sum payment from her superannuation fund. This is an example of CGT event C2 (her rights to receive the payment ending). There are no CGT consequences for Angela.
118-305(2)
However, this exemption is not available if:
(a) you are the trustee of the fund and a *CGT event happens in relation to a *CGT asset of the fund; or
(b) an entity receives a payment or property where:
(i) the entity was not a member of the fund; and
(ii) the entity *acquired the right to the payment or property for consideration.
118-305(3)
Subsection (2) does not apply if:
(a) a *payment split applies to a *splittable payment; and
(b) as a result, a payment is made to the *non-member spouse (or to his or her *legal personal representative if the non-member spouse has died).
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