Coronavirus Economic Response Package Omnibus Act 2020 (22 of 2020)

Schedule 13   Early release of superannuation

Income Tax (Transitional Provisions) Act 1997

1   At the end of Division 303

Add:

303-15 Superannuation lump sum member benefit paid to member on compassionate ground relating to the coronavirus

A superannuation member benefit that is a superannuation lump sum is not assessable income and is not exempt income if:

(a) it is paid from a complying superannuation plan; and

(b) it is paid because you satisfy:

(i) a condition of release specified in item 107A or 207AA of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994; or

(ii) a condition of release specified in item 109AA of the table in Schedule 2 to the Retirement Savings Accounts Regulations 1997.