INCOME TAX ASSESSMENT ACT 1997 - SECT 303.5 Commutation of income stream if you are under 25 etc.
INCOME TAX ASSESSMENT ACT 1997 - SECT 303.5
Commutation of income stream if you are under 25 etc.(1) A * superannuation lump sum that you receive from a * complying superannuation plan is not assessable income and is not * exempt income if:
(a) the superannuation lump sum arises from the commutation of a * superannuation income stream; and
(b) any of these conditions are satisfied:
(i) you are under 25 when you receive the superannuation lump sum;
(ii) the commutation takes place because you turn 25;
(iii) you are permanently disabled when you receive the superannuation lump sum; and
(c) you had received one or more * superannuation income stream benefits from the superannuation income stream before the commutation because of the death of a person of whom you are a * death benefits dependant.
(2) Subsection (1) applies despite Divisions 301
and 302.