INCOME TAX ASSESSMENT ACT 1997 - SECT 301.225 Superannuation lump sum member benefits less than $200 are tax free

INCOME TAX ASSESSMENT ACT 1997 - SECT 301.225

  (1)   Despite anything else in this Division (apart from Subdivision   301 - D), a * superannuation member benefit that you receive is not assessable income and is not * exempt income if:

  (a)   the benefit is a * superannuation lump sum; and

  (b)   the amount of the benefit is less than $200; and

  (c)   the * value of the * superannuation interest from which the benefit is paid is nil just after the benefit is paid; and

  (d)   the requirements (if any) specified in the regulations in relation to the benefit are satisfied.

  (2)   Despite anything else in this Division (apart from Subdivision   301 - D), a * superannuation member benefit that you receive is not assessable income and is not * exempt income if:

  (a)   the benefit is a * superannuation lump sum; and

  (b)   the benefit is paid to you:

  (i)   under subsection   20QF(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in a case covered by paragraph   (d) of that subsection; or

  (ia)   under subsection   21E(2) of that Act in a case covered by paragraph   (d) of that subsection; or

  (ib)   under subsection   22B(2) of that Act in a case covered by paragraph   (d) of that subsection; or

  (ii)   under subsection   24G(2) of that Act in a case covered by paragraph   (d) of that subsection; and

  (c)   the amount of the benefit is less than $200.

Table of sections

301 - 275   Veterans' superannuation (invalidity pension) tax offset