INCOME TAX ASSESSMENT ACT 1997 - SECT 301.40 Superannuation income stream--taxable component is assessable income, 15% offset for disability benefit

INCOME TAX ASSESSMENT ACT 1997 - SECT 301.40

  (1)   If you are under your * preservation age when you receive a * superannuation income stream benefit, the * taxable component of the benefit is assessable income.

Note:   For taxable component , see Subdivision   307 - C.

Offset for disability benefit

  (2)   If the benefit is a * superannuation income stream benefit and a * disability superannuation benefit, you are entitled to a * tax offset equal to 15% of the * taxable component of the benefit.

Table of sections

301 - 90   Tax free component and element taxed in fund dealt with under Subdivision   301 - B, but element untaxed in the fund dealt with under this Subdivision

Member benefits (element untaxed in fund)--recipient aged 60 or above

301 - 95   Superannuation lump sum--element untaxed in fund taxed at 15% up to untaxed plan cap amount, top rate on remainder

301 - 100   Superannuation income stream--element untaxed in fund attracts 10% offset

Member benefits (element untaxed in fund)--recipient aged over preservation age and under 60

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

301 - 110   Superannuation income stream--element untaxed in fund is assessable income

Member benefits (element untaxed in fund)--recipient aged under preservation age

301 - 115   Superannuation lump sum--element untaxed in fund taxed at 30% up to untaxed plan cap amount, top rate on remainder

301 - 120   Superannuation income stream--element untaxed in fund is assessable income

Miscellaneous

301 - 125   Unclaimed money payments by the Commissioner