Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 303 - Superannuation benefits paid in special circumstances  

SECTION 303-15  

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 .