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 (Transitional Provisions) Act 1997
4 After Division 302
Insert:
Division 303 - Superannuation benefits paid in special circumstances
Table of sections
303-10 Superannuation lump sum paid to member having a terminal medical condition
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 you receive during the 2007-08 financial year and 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 at a time in the period:
(a) starting when you receive the lump sum; and
(b) ending at the later of:
(i) 90 days after you receive it; and
(ii) 30 June 2008.