Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 305.55

  (1)   This Subdivision applies if:

  (a)   you receive a * superannuation lump sum from a * foreign superannuation fund; and

  (b)   the fund is an entity mentioned in item   4 of the table in subsection   295 - 490(1) (which deals with deductions for superannuation entities).

  (2)   This Subdivision also applies if you receive a payment, other than a pension payment, from a scheme for the payment of benefits in the nature of superannuation upon retirement or death that:

  (a)   is not, and never has been, an * Australian superannuation fund or a * foreign superannuation fund; and

  (b)   was not established in Australia; and

  (c)   is not centrally managed or controlled in Australia.

  (3)   This Subdivision applies to a payment mentioned in subsection   (2) from a scheme mentioned in that subsection in the same way as it applies to a * superannuation lump sum from a * foreign superannuation fund.