Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 303.10

  (1)   This section applies to a * superannuation member benefit that:

  (a)   is a * superannuation lump sum; and

  (b)   is:

  (i)   paid from a * complying superannuation plan; or

  (ii)   a * superannuation guarantee payment, a * small superannuation account payment, an * unclaimed money payment, a * superannuation co - contribution benefit payment or a * superannuation annuity payment.

  (2)   The lump sum is not assessable income and is not * exempt income if a * terminal medical condition exists in relation to you when you receive the lump sum or within 90 days after you receive it.

Note:   For a lump sum you receive in the 2007 - 08 financial year, the period of 90 days may be extended until 30   June 2008: see section   303 - 10 of the Income Tax (Transitional Provisions) Act 1997 .