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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 303.10

Superannuation lump sum member benefit paid to member having a terminal medical condition

             (1)  This section applies to a superannuation member benefit that you receive during the 2007-08 financial year and that:

                     (a)  is a superannuation lump sum; and

                     (b)  is:

                              (i)  paid from a complying superannuation plan; or

                             (ii)  a superannuation guarantee payment, a small superannuation account payment, an unclaimed money payment, a superannuation co-contribution benefit payment or a superannuation annuity payment.

             (2)  The lump sum is not assessable income and is not exempt income if a terminal medical condition exists in relation to you at a time in the period:

                     (a)  starting when you receive the lump sum; and

                     (b)  ending at the later of:

                              (i)  90 days after you receive it; and

                             (ii)  30 June 2008.

Table of sections

304-15      Excess payments from release authorities



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