Income Tax Assessment Act 1997
View history note
Hide history noteWork out the tax free component of the *superannuation benefit under subsection (2) if the benefit is a *superannuation lump sum and a *disability superannuation benefit.
Note:
This section does not apply to an unclaimed money payment.
307-145(2)
The tax free component is the sum of:
(a) the *tax free component of the benefit worked out apart from this section; and
(b) the amount worked out under subsection (3).
However, the tax free component cannot exceed the amount of the benefit.
307-145(3)
Work out the amount by applying the following formula:
| Amount of benefit × |
Days to retirement
Service days + Days to retirement |
days to retirement
is the number of days from the day on which the person stopped being capable of being *gainfully employed to his or her *last retirement day.
service days
is the number of days in the *service period for the lump sum.
307-145(4)
The balance of the *superannuation benefit is the taxable component of the benefit.
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