Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 305.60

    A * superannuation lump sum you receive from a * foreign superannuation fund is not assessable income and is not * exempt income if:

  (a)   you receive it within 6 months after you become an Australian resident; and

  (b)   it relates only to a period:

  (i)   when you were not an Australian resident; or

  (ii)   starting after you became an Australian resident and ending before you receive the payment; and

  (c)   it does not exceed the amount in the fund that was vested in you when you received the payment.

Note:   If you received the lump sum after that period of 6 months, or the lump sum exceeds the vested amount, the payment will fall within section   305 - 70.