Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 305.65

  (1)   A * superannuation lump sum you receive is not assessable income and is not * exempt income if:

  (a)   you receive it in consequence of:

  (i)   the termination of your employment as an employee, or as the holder of an office, in a foreign country; or

  (ii)   the termination of your engagement on qualifying service on an approved project (within the meaning of section   23AF of the Income Tax Assessment Act 1936 ), in relation to a foreign country; and

  (b)   it relates only to the period of that employment, holding of office, or engagement; and

  (c)   you were an Australian resident during the period of the employment, holding of office or engagement; and

  (d)   you receive the lump sum within 6 months after the termination; and

  (e)   the lump sum is not exempt from taxation under the law of the foreign country; and

  (f)   for a period of employment or holding an office--your foreign earnings from the employment or office are exempt from income tax under section   23AG of the Income Tax Assessment Act 1936 ; and

  (g)   for a period of engagement on qualifying service on an approved project--your eligible foreign remuneration from the service is exempt from income tax under section   23AF of that Act.

Note:   If you received the lump sum after that period of 6 months, the lump sum will fall within section   305 - 70.

  (2)   For the purposes of subsection   (1), treat the termination of employment, holding of office, or engagement as including:

  (a)   retirement from the employment, office or engagement; and

  (b)   cessation of the employment, office or engagement because of death.