Tax Laws Amendment (2008 Measures No. 2) Act 2008 (38 of 2008)

Schedule 7   Superannuation lump sum paid to a member having a terminal medical condition

Part 1   Amendments

Income Tax Assessment Act 1997

2   At the end of Division 303

Add:

303-10 Superannuation lump sum member benefit paid to member having a terminal medical condition

(1) This section applies to a *superannuation member benefit that:

(a) is a *superannuation lump sum; and

(b) is:

(i) paid from a *complying superannuation plan; or

(ii) a *superannuation guarantee payment, a *small superannuation account payment, an *unclaimed money payment, a *superannuation co-contribution benefit payment or a *superannuation annuity payment.

(2) The lump sum is not assessable income and is not *exempt income if a *terminal medical condition exists in relation to you when you receive the lump sum or within 90 days after you receive it.

Note: For a lump sum you receive in the 2007-08 financial year, the period of 90 days may be extended until 30 June 2008: see section 303-10 of the Income Tax (Transitional Provisions) Act 1997.