Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 82.10G

    A directed termination payment made on your behalf, that you are taken to receive under section   80 - 20 of the Income Tax Assessment Act 1997 , is not assessable income and is not exempt income.

Note 1:   Directed termination payments are paid into a complying superannuation plan (or to purchase a superannuation annuity) on your behalf: see section   82 - 10F.

Note 2:   The taxable component of the payment is included in the assessable income of the entity receiving the payment: see section   295 - 190 of the Income Tax Assessment Act 1997 .

Note 3:   In addition, income tax may be payable on a benefit you later receive from the plan to which the directed termination payment is made: see Divisions   301 - 307 of the Income Tax Assessment Act 1997 .

Table of sections

82 - 10H   Transitional termination payments may reduce ETP cap amount for payments under section   82 - 10 after 1   July 2012