Australian Tax Treaties

Icelandic Convention  

CONVENTION BETWEEN AUSTRALIA AND ICELAND FOR THE ELIMINATION OF DOUBLE TAXATION WITH RESPECT TO TAXES ON INCOME AND THE PREVENTION OF TAX EVASION AND AVOIDANCE  

SECTION 6.  

6.    
With reference to paragraph 3 of Article 17 :

It is understood that " a retirement benefit scheme " means an arrangement in which the individual participates in order to secure retirement benefits. It is also understood that in the case of lump sums arising in Australia:

(a) a retirement benefit scheme includes:

(i) a " retirement savings account " as defined in the Retirement Savings Accounts Act 1997 ;

(ii) a " complying superannuation life insurance policy " as defined in the Income Tax Assessment Act 1997 ; and

(iii) an " exempt life insurance policy " as defined in the Income Tax Assessment Act 1997 , other than a policy referred to in subparagraphs (e)(i) or (iii) of subsection 320-246(1) of that Act; and

(b) a payment by the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 shall be treated as a lump sum paid under a retirement benefit scheme.