Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 305.55

Restriction to lump sums received from certain foreign superannuation funds

             (1)  This Subdivision applies if:

                     (a)  you receive a * superannuation lump sum from a * foreign superannuation fund; and

                     (b)  the fund is an entity mentioned in item 4 of the table in subsection 295-490(1) (which deals with deductions for superannuation entities).

             (2)  This Subdivision also applies if you receive a payment, other than a pension payment, from a scheme for the payment of benefits in the nature of superannuation upon retirement or death that:

                     (a)  is not, and never has been, an * Australian superannuation fund or a * foreign superannuation fund; and

                     (b)  was not established in Australia; and

                     (c)  is not centrally managed or controlled in Australia.

             (3)  This Subdivision applies to a payment mentioned in subsection (2) from a scheme mentioned in that subsection in the same way as it applies to a * superannuation lump sum from a * foreign superannuation fund.

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



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback