Income Tax Assessment Act 1997
View history note
Hide history noteThis section applies to a *superannuation death benefit that is a *superannuation lump sum, in relation to which a deduction has been, or is to be, claimed under section 295-465 or 295-470 .
Note 1:
Those sections allow deductions for insurance premiums that have been paid, and for liability for future benefits.
Note 2:
Deductions made under former section 279 or 279B of the Income Tax Assessment Act 1936 are treated for the purposes of this section as having been made under section 295-465 or 295-470 (see section 307-290 of the Income Tax (Transitional Provisions) Act 1997 ).
307-290(2)
The *taxable component of the *superannuation lump sum includes an element taxed in the fund worked out as follows:
(a) first, work out the amount under the formula in subsection (3);
(b) next, reduce that amount (but not below zero) by the *tax free component (if any) of the superannuation lump sum.
307-290(3)
For the purposes of paragraph (2)(a), the formula is:
| Amount of *superannuation lump sum | × |
Service days
Service days + Days to retirement |
where:
days to retirement
is the number of days from the day on which the deceased died to the deceased
'
s *last retirement day.
service days
is the number of days in the *service period for the lump sum.
307-290(4)
The element untaxed in the fund of the *taxable component is the balance of the taxable component.
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