Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

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History

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Division 302 - Superannuation death benefits paid from complying plans etc.  

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Div 302 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

Subdivision 302-B - Death benefits to dependant  

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Subdiv 302-B inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

Death benefits to dependant - elements untaxed in fund

SECTION 302-85   Deceased died aged 60 or above or dependant aged 60 years or above - superannuation income stream: element untaxed in fund attracts 10% offset  

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302-85(1)    
The *element untaxed in the fund of a *superannuation income stream benefit that you receive because of the death of a person of whom you are a *death benefits dependant is assessable income in either or both of the following cases:

(a) you are 60 years or over when you receive the benefit;

(b) the deceased died aged 60 or above.

302-85(2)    
You are entitled to a *tax offset equal to 10% of the *element untaxed in the fund of the benefit.

Note:

If your superannuation income stream benefit is defined benefit income, see Subdivision 303-A .

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History

S 302-85 amended by No 81 of 2016, s 3 and Sch 1 item 31, by inserting the note, effective 1 January 2017 and applicable in relation to the financial year starting on 1 July 2017 and later financial years.

S 302-85 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

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