INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 305 - Superannuation benefits paid from non-complying superannuation plans  

Subdivision 305-B - Superannuation benefits from foreign superannuation funds  

Lump sums to which sections 305-60 and 305-65 do not apply

SECTION 305-70   Lump sums received more than 6 months after Australian residency or termination of foreign employment etc.  

Superannuation lump sums to which section applies

305-70(1)  
This section applies to a *superannuation lump sum you receive from a *foreign superannuation fund if:


(a) you are an Australian resident when you receive the lump sum; and


(b) sections 305-60 and 305-65 do not apply to the lump sum. Assessable part

305-70(2)  
Include in your assessable income so much of the lump sum (excluding any amount mentioned in subsection (4)) as equals:


(a) your *applicable fund earnings (worked out under section 305-75 ); or


(b) if you have made a choice under section 305-80 - your applicable fund earnings, less the amount covered by the choice.

Note:

Under section 305-80 , if your lump sum is paid into a complying superannuation plan, you can choose to have some or all of the applicable fund earnings excluded from your assessable income. The amount you choose is included in the assessable income of the plan: see section 295-200 .

Non-assessable, non-exempt part

305-70(3)  
The remainder of the lump sum is not assessable income and is not *exempt income. Amount paid into another foreign superannuation fund

305-70(4)  
Any part of the lump sum that is paid into another *foreign superannuation fund is not assessable income and is not *exempt income.

Note:

However, your applicable fund earnings under section 305-75 in relation to a later lump sum payment out of the other foreign superannuation fund may include an amount ( previously exempt fund earnings ) attributable to the lump sum.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.