INCOME TAX ASSESSMENT ACT 1997 - SECT 301.95 Superannuation lump sum--element untaxed in fund taxed at 15% up to untaxed plan cap amount, top rate on remainder
INCOME TAX ASSESSMENT ACT 1997 - SECT 301.95
Superannuation lump sum--element untaxed in fund taxed at 15% up to untaxed plan cap amount, top rate on remainder(1) If you are 60 years or over 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 mentioned in subsection (3) does not exceed 15%.
Note: The remainder of the element untaxed in the fund is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 .
(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.