Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 302.10

Superannuation death benefits paid to trustee of deceased estate

  (1)   This section applies to you if:

  (a)   you are the trustee of a deceased estate; and

  (b)   you receive a * superannuation death benefit in your capacity as trustee.

  (2)   To the extent that 1 or more beneficiaries of the estate who were * death benefits dependants of the deceased have benefited, or may be expected to benefit, from the * superannuation death benefit:

  (a)   the benefit is treated as if it had been paid to you as a person who was a death benefits dependant of the deceased; and

  (b)   the benefit is taken to be income to which no beneficiary is presently entitled.

  (3)   To the extent that 1 or more beneficiaries of the estate who were not * death benefits dependants of the deceased have benefited, or may be expected to benefit, from the * superannuation death benefit:

  (a)   the benefit is treated as if it had been paid to you as a person who was not a death benefits dependant of the deceased; and

  (b)   the benefit is taken to be income to which no beneficiary is presently entitled.

Table of sections

Lump sum death benefits to dependants are tax free

302 - 60   All of superannuation lump sum is tax free

Superannuation income stream--either deceased died aged 60 or above or dependant aged 60 or above

302 - 65   Superannuation income stream benefits are tax free

Superannuation income stream--deceased died aged under 60 and dependant aged under 60

302 - 70   Superannuation income stream--tax free status of tax free component

302 - 75   Superannuation income stream--taxable component attracts 15% offset

Death benefits to dependant--elements untaxed in fund

302 - 80   Treatment of element untaxed in the fund of superannuation income stream death benefit to dependant

302 - 85   Deceased died aged 60 or above or dependant aged 60 years or above--superannuation income stream--element untaxed in fund attracts 10% offset

302 - 90   Deceased died aged under 60 and dependant aged under 60--superannuation income stream--element untaxed in fund is assessable income


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