Income Tax Assessment Act 1997
If you are under 60 years but have reached your *preservation age when you receive a *superannuation lump sum, the *taxable component of the lump sum is assessable income.
For taxable component , see Subdivision 307-C .
If your lump sum includes an element untaxed in the fund, see Subdivision 301-C.301-20(2)
You are entitled to a *tax offset that ensures that the rate of income tax on the amount mentioned in subsection (3) does not exceed 0%. 301-20(3)
The amount is so much of the total of the *taxable components included in your assessable income for the income year under subsection (1) as does not exceed your *low rate cap amount (see section 307-345 ) for the income year. 301-20(4)
You are entitled to a *tax offset that ensures that the rate of income tax on the amount mentioned in subsection (5) does not exceed 15%. 301-20(5)
The amount is so much of the total of the *taxable components included in your assessable income for an income year under subsection (1) as exceeds your *low rate cap amount for the income year.
This amount will be nil if the total of the taxable components falls short of your low rate cap amount for the income year.
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