Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 303.5

  (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.