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 305 - Superannuation benefits paid from non-complying superannuation plans  

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History

Div 305 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

Subdivision 305-B - Superannuation benefits from foreign superannuation funds  

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History

Subdiv 305-B inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

Application of Subdivision

SECTION 305-55   Restriction to lump sums received from certain foreign superannuation funds  

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305-55(1)    
This Subdivision applies if:

(a) you receive a *superannuation lump sum from a *foreign superannuation fund; and

(b) the fund is an entity mentioned in item 4 of the table in subsection 295-490(1) (which deals with deductions for superannuation entities).

305-55(2)    

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This Subdivision also applies if you receive a payment, other than a pension payment, from a scheme for the payment of benefits in the nature of superannuation upon retirement or death that:

(a) is not, and never has been, an *Australian superannuation fund or a *foreign superannuation fund; and

(b) was not established in Australia; and

(c) is not centrally managed or controlled in Australia.

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History

S 305-55(2) inserted by No 15 of 2007, s 3 and Sch 1 item 223, applicable to the 2007-2008 income year and later years.

305-55(3)    

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This Subdivision applies to a payment mentioned in subsection (2) from a scheme mentioned in that subsection in the same way as it applies to a *superannuation lump sum from a *foreign superannuation fund.

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History

S 305-55(3) inserted by No 15 of 2007, s 3 and Sch 1 item 223, applicable to the 2007-2008 income year and later years.

S 305-55 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

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