Income Tax (Transitional Provisions) Act 1997
A transitional termination payment (or part of such a payment) is a directed termination payment if:
(a) the individual chooses, in accordance with this section, to direct the payment (or part of the payment) to be made; and
(b) the payment (or part of the payment) is made on the individual's behalf as directed. Choice to make payment 82-10F(2)
An individual may choose, within 30 days after a pre-payment statement about a transitional termination payment is given to the individual under section 82-10E , to direct the payer to use all or part of the payment to make a payment on behalf of the individual:
(a) to a complying superannuation plan; or
(b) to purchase a superannuation annuity. 82-10F(3)
To make the choice, the individual must:
(a) make it in the approved form; and
(b) give the completed form to the payer. 82-10F(4)
The payer must, immediately after receiving a completed form under subsection (3):
(a) give the entity (or entities) to which payment is directed written notice of the amount that is to be paid, and of the tax free component of the amount; and
(b) comply with the direction (or directions) in the form.
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