Income Tax Assessment Act 1997
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Hide history noteSECTION 301-115 Superannuation lump sum - element untaxed in fund taxed at 30% up to untaxed plan cap amount, top rate on remainder 301-115(1)
If you are under your *preservation age when you receive a *superannuation lump sum from a *superannuation plan, the *element untaxed in the fund of the lump sum is assessable income.
301-115(2)
You are entitled to a *tax offset that ensures that the rate of income tax on the amount mentioned in subsection (3) does not exceed 30%.
Note:
The remainder of the element untaxed in the fund is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 .
301-115(3)
The amount is so much of the *element untaxed in the fund as does not exceed your *untaxed plan cap amount for the *superannuation plan at the time you receive the benefit.
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