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INCOME TAX ASSESSMENT ACT 1997 - SECT 301.225

Superannuation lump sum member benefits less than $200 are tax free

             (1)  Despite anything else in this Division (apart from Subdivision 301-D), a * superannuation member benefit that you receive is not assessable income and is not * exempt income if:

                     (a)  the benefit is a * superannuation lump sum; and

                     (b)  the amount of the benefit is less than $200; and

                     (c)  the * value of the * superannuation interest from which the benefit is paid is nil just after the benefit is paid; and

                     (d)  the requirements (if any) specified in the regulations in relation to the benefit are satisfied.

             (2)  Despite anything else in this Division (apart from Subdivision 301-D), a * superannuation member benefit that you receive is not assessable income and is not * exempt income if:

                     (a)  the benefit is a * superannuation lump sum; and

                     (b)  the benefit is paid to you:

                              (i)  under subsection 20QF(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in a case covered by paragraph (d) of that subsection; or

                             (ii)  under subsection 24G(2) of that Act in a case covered by paragraph (d) of that subsection; and

                     (c)  the amount of the benefit is less than $200.

Table of Subdivisions

             Guide to Division 302

302-A   Application

302-B    Death benefits to dependant

302-C    Death benefits to non-dependant

302-D   Definitions relating to dependants

Guide to Division 302



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