Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 305-80 Lump sums paid into complying superannuation plans - choice 305-80(1)
This section applies if:
(a) section 305-70 applies to a *superannuation lump sum that is paid from a *foreign superannuation fund; and
(b) you are taken to receive the lump sum under section 307-15 ; and
(c) all of the lump sum is paid into a *complying superannuation fund; and
(d) immediately after the lump sum is paid into the complying superannuation fund, you no longer have a *superannuation interest in the foreign superannuation fund.
305-80(2)
You may choose for all or part of your *applicable fund earnings worked out under section 305-75 (but not exceeding the amount of the lump sum) to be included in the assessable income of the *complying superannuation plan.
Note:
Section 295-200 provides for the amount specified in the choice to be included in the assessable income of the complying superannuation plan.
305-80(3)
Your choice:
(a) must be in writing; and
(b) must comply with the requirements (if any) specified in the regulations.
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