Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 305.5

    A * superannuation benefit that you receive from a * non - complying superannuation fund that is an * Australian superannuation fund (for the income year in which the benefit is paid) is * exempt income if:

  (a)   the fund:

  (i)   has never been a * complying superannuation fund; or

  (ii)   last stopped being a complying superannuation fund for the income year in which 1   July 1995 occurred or a later income year; and

  (b)   the fund:

  (i)   has never been a * foreign superannuation fund; or

  (ii)   last stopped being a foreign superannuation fund for the income year in which 1   July 1995 occurred or a later income year.

Table of sections

Application of Subdivision

305 - 55   Restriction to lump sums received from certain foreign superannuation funds

Lump sums received within 6 months after Australian residency or termination of foreign employment etc.

305 - 60   Lump sums tax free--foreign resident period

305 - 65   Lump sums tax free--Australian resident period

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

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

305 - 75   Lump sums-- applicable fund earnings

305 - 80   Lump sums paid into complying superannuation plans--choice