INCOME TAX ASSESSMENT ACT 1997 - SECT 302.145 Superannuation lump sum--element taxed in the fund taxed at 15%, element untaxed in the fund taxed at 30%

INCOME TAX ASSESSMENT ACT 1997 - SECT 302.145

  (1)   If you receive a * superannuation lump sum because of the death of a person of whom you are not a * death benefits dependant, the * taxable component of the lump sum is assessable income.

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

  (2)   You are entitled to a * tax offset that ensures that the rate of income tax on the * element taxed in the fund of the lump sum does not exceed 15%.

  (3)   You are entitled to a * tax offset that ensures that the rate of income tax on the * element untaxed in the fund of the lump sum does not exceed 30%.

Table of sections

302 - 195   Meaning of death benefits dependant

302 - 200   What is an interdependency relationship ?