Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 303.10

  (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.