Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 304 - Superannuation benefits in breach of legislative requirements etc.  

Operative provisions  

SECTION 304-10   Superannuation benefits in breach of legislative requirements etc.  

304-10(1)    
Include in your assessable income the amount of a *superannuation benefit if:

(a) any of the following applies:

(i) you received the benefit from a *complying superannuation fund or from a *superannuation fund that was previously a complying superannuation fund;

(ii) the benefit is attributable to the assets of a complying superannuation fund or from a superannuation fund that was previously a complying superannuation fund; and

(b) any of the following applies:

(i) the fund was not (when you received the benefit) maintained as required by section 62 of the Superannuation Industry (Supervision) Act 1993 ;

(ii) you received the benefit otherwise than in accordance with payment standards prescribed under subsection 31(1) of the Superannuation Industry (Supervision) Act 1993 .

304-10(2)    
Include in your assessable income the amount of a *superannuation benefit if:

(a) any of the following applies:

(i) you received the benefit from a *complying approved deposit fund or from an *approved deposit fund that was previously a complying approved deposit fund;

(ii) the benefit is attributable to the assets of a complying approved deposit fund or from an approved deposit fund that was previously a complying approved deposit fund; and

(b) you received the benefit otherwise than in accordance with payment standards prescribed under subsection 32(1) of the Superannuation Industry (Supervision) Act 1993 .

304-10(3)    
Include in your assessable income the amount of a *superannuation benefit you receive from an *RSA in breach of the Retirement Savings Accounts Act 1997 , regulations under that Act or payment standards prescribed under subsection 38(2) of that Act.

304-10(4)    
However, you do not have to include the amount in your assessable income to the extent that the Commissioner is satisfied that it is unreasonable that it be included having regard to:

(a) for subsection (1) or (2) - the nature of the fund; and

(b) any other matters that the Commissioner considers relevant.

304-10(5)    

For the purposes of this section, treat your receipt of a benefit (other than a *superannuation benefit) out of, or attributable to, the assets of a *superannuation plan as your receipt of a superannuation benefit.