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INCOME TAX ASSESSMENT ACT 1997 - SECT 301.105 Superannuation lump sum--element untaxed in fund taxed at 15% up to low rate cap amount, 30% up to untaxed plan cap amount, top rate on remainder

INCOME TAX ASSESSMENT ACT 1997 - SECT 301.105

Superannuation lump sum--element untaxed in fund taxed at 15% up to low rate cap amount, 30% up to untaxed plan cap amount, top rate on remainder

  (1)   If you are under 60 years but have reached your * preservation age when you receive a * superannuation lump sum from a * superannuation plan, the * element untaxed in the fund of the lump sum is assessable income.

  (2)   You are entitled to a * tax offset that ensures that the rate of income tax on the amount worked out under subsection   (3) does not exceed 30%.

  (3)   The amount is so much of the * element untaxed in the fund as does not exceed your * untaxed plan cap amount for the * superannuation plan at the time you receive the benefit.

Note:   To the extent that the element untaxed in the fund exceeds the amount worked out under this subsection, it is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 .

  (4)   If you are entitled to one or more * tax offsets under subsection   (2) for * superannuation benefits that you receive in an income year, you are entitled to a tax offset that ensures that the rate of income tax on the amount worked out under subsection   (5) does not exceed 15%.

  (5)   The amount is so much of the total of the one or more amounts worked out under subsection   (3) as does not exceed your * low rate cap amount for the income year.

  (6)   If you are also entitled to a * tax offset under subsection   301 - 20(2) for the income year, reduce your * low rate cap amount for the purposes of subsection   (5) of this section for the income year by the amount mentioned in subsection   301 - 20(3).

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