Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 295.460

    Sections   295 - 465 (about deductions for complying funds for insurance premiums), 295 - 470 (about deductions for complying funds for future liability to pay benefits) and 295 - 475 (about deductions for * RSA providers for insurance premiums) apply to these benefits:

  (a)   a * superannuation death benefit;

  (aa)   a benefit consisting of an amount payable to an individual because a * terminal medical condition exists in relation to the individual;

  (b)   a * disability superannuation benefit;

  (c)   a benefit consisting of an amount payable to an individual under an income stream because of the individual's temporary inability to engage in * gainful employment, that is payable for no longer than:

  (i)   2 years; or

  (ii)   if an approval under section   62 of the Superannuation Industry (Supervision) Act 1993 is in force for benefits of that kind and the approval specifies a longer maximum period--that longer period; or

  (iii)   if there is no such approval in force--a longer period allowed by the Commissioner.

Note 1:   The fund can deduct amounts in relation to these benefits under either section   295 - 465 or 295 - 470, but not both.

Note 2:   The taxable component of the superannuation lump sums will contain an element untaxed in the fund: see section   307 - 290.