Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 301.5

    This Division applies to:

  (a)   * superannuation member benefits that are paid from a * complying superannuation plan; and

  (b)   * superannuation guarantee payments; and

  (c)   * small superannuation account payments; and

  (d)   * unclaimed money payments; and

  (e)   * superannuation co - contribution benefit payments; and

  (f)   * superannuation annuity payments.

Note:   For the tax treatment of superannuation death benefits paid from complying plans, see Division   302. Superannuation benefits paid from superannuation plans that are not complying superannuation plans are dealt with in Division   305.

Table of sections

Member benefits--recipient aged 60 or above

301 - 10   All superannuation benefits are tax free

Member benefits--recipient aged over preservation age and under 60

301 - 15   Tax free status of tax free component

301 - 20   Superannuation lump sum--taxable component taxed at 0% up to low rate cap amount, 15% on remainder

301 - 25   Superannuation income stream--taxable component attracts 15% offset

Member benefits--recipient aged under preservation age

301 - 30   Tax free status of tax free component

301 - 35   Superannuation lump sum--taxable component taxed at 20%

301 - 40   Superannuation income stream--taxable component is assessable income, 15% offset for disability benefit