Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 305.80

  (1)   This section applies if:

  (a)   section   305 - 70 applies to a * superannuation lump sum that is paid from a * foreign superannuation fund; and

  (b)   you are taken to receive the lump sum under section   307 - 15; and

  (c)   all of the lump sum is paid into a * complying superannuation fund; and

  (d)   immediately after the lump sum is paid into the complying superannuation fund, you no longer have a * superannuation interest in the foreign superannuation fund.

  (2)   You may choose for all or part of your * applicable fund earnings worked out under section   305 - 75 (but not exceeding the amount of the lump sum) to be included in the assessable income of the * complying superannuation plan.

Note:   Section   295 - 200 provides for the amount specified in the choice to be included in the assessable income of the complying superannuation plan.

  (3)   Your choice:

  (a)   must be in writing; and

  (b)   must comply with the requirements (if any) specified in the regulations.