Commonwealth Consolidated Acts

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Directed termination payments not assessable income and not exempt income

                   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

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