Income Tax Assessment Act 1997
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View history notePart 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.
Div 307 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.
Subdiv 307-A inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.
A superannuation benefit is a payment described in the table or in subsection (1A) .
| Types of superannuation benefits | |||
| Item | Column 1 | Column 2 | Column 3 |
| Superannuation benefit type | Superannuation member benefit | Superannuation death benefit | |
| 1 | superannuation fund payment | A payment to you from a * superannuation fund because you are a fund member. | A payment to you from a superannuation fund, after another person ' s death, because the other person was a fund member. |
| 2 | RSA payment | A payment to you from an * RSA because you are the holder of the RSA. | A payment to you from an RSA, after another person ' s death, because the other person was the holder of the RSA. |
| 3 | approved deposit fund payment | A payment to you from an * approved deposit fund because you are a depositor with the fund. | A payment to you from an approved deposit fund after another person ' s death, because the other person was a depositor with the fund. |
| 4 | small superannuation account payment | A payment to you under section
63
,
64
,
65
,
65A
,
66
,
67
or
67A
, or subsection
76(6)
, of the
Small Superannuation Accounts Act 1995
.
(These provisions authorise payment of money held under the Act.) |
A payment to you under section
68
or subsection
76(7)
of the
Small Superannuation Accounts Act 1995
.
(These provisions authorise payment of money held under the Act to the legal personal representative of the deceased.) |
| 5 | unclaimed money payment | A payment to you:
(a) under subsection 17(1) , (2) or (2AB) , 20F(1) or 20H(2) , (2AA) or (2A), section 20QD or subsection 20QF(2) or (5) , section 21C or subsection 21E(2) or (5) , section 22 or subsection 22B(2) or (5) , section 24E or subsection 24G(2) or (3A) or 24NA(2) , (3) or (4) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; or (b) as mentioned in subsection 18(4) or (5) of that Act; otherwise than because of another person ' s death. |
A payment to you:
(a) under subsection 17(1) , (2) , (2AB) or (2AC) , 20H(2) , (2AA) , (2A) or (3) , 20QF(2) , (5) or (6) , 21E(2) , (5) or (6) , 22B(2) , (5) or (6) or 24G(2) , (3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; or (b) as mentioned in subsection 18(4) or (5) of that Act; because of another person ' s death. |
| 6 | superannuation co-contribution benefit payment | A payment to you under paragraph 15(1)(c) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 . | A payment to you under paragraph 15(1)(d) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 . |
| 7 | superannuation guarantee payment | A payment to you under section
65A
,
66
or
66A
of the
Superannuation Guarantee (Administration) Act 1992
.
(This provides for money collected under the Act to be paid to a person who retires because of incapacity or invalidity, or who has a terminal medical condition.) |
A payment to you under section
67
of the
Superannuation Guarantee (Administration) Act 1992
.
(This provides for money collected under the Act to be paid to the legal personal representative of the deceased.) |
| 8 | superannuation annuity payment | A payment to you:
(a) from a * superannuation annuity; or (b) arising from the commutation of a superannuation annuity; because you are the annuitant. |
A payment to you:
(a) from a superannuation annuity; or (b) arising from the commutation of a superannuation annuity; because of the death of the annuitant. |
| 9 | repayment when an entitlement to a credit ceases for a release authority relating to an FHSS determination | A payment relating to you under subsection 131-80(1) or (3) in Schedule 1 to the Taxation Administration Act 1953 . |
S 307-5(1) amended by No 90 of 2024, s 3 and Sch 2 item 2, by inserting " or in subsection (1A) " , effective 2 October 2024.
S 307-5(1) amended by No 75 of 2023, s 3 and Sch 4 item 4, by inserting table item 9, effective 15 September 2024. For application and transitional provisions, see note under s 306-10 .
S 307-5(1) amended by No 24 of 2021, s 3 and Sch 2 items 3 and 4, by inserting " section 22 or subsection 22B(2) or (5), " in table item 5, column 2 and " , 22B(2), (5) or (6) " in table item 5, column 3, effective 29 March 2021.
S 307-5(1) amended by No 24 of 2021, s 3 and Sch 1 items 3 and 4, by inserting " section 21C or subsection 21E(2) or (5), " in table item 5, column 2 and " , 21E(2), (5) or (6) " in table item 5, column 3, effective 23 March 2021.
S 307-5(1) amended by No 141 of 2020, s 3 and Sch 4 item 92, by substituting " or subsection 24G(2) or (3A) or 24NA(2), (3) or (4) " for " or subsection 24G(2) or (3A) " in table item 5, column 2, effective 1 January 2021 and applicable in relation to payments made by the Commissioner on or after 13 March 2019.
S 307-5(1) amended by No 16 of 2019, s 3 and Sch 3 items 3 and 4, by inserting " section 20QD or subsection 20QF(2) or (5), " in table item 5 column 2 and " , 20QF(2), (5) or (6) " in table item 5 column 3, effective 13 March 2019. No 16 of 2019, s 3 and Sch 3 item 38 contain the following application and transitional provisions:
Part 2 - Application and transitional provisions
38 Application of this Schedule
38(1)
The amendments made by this Schedule apply in relation to unclaimed money days that occur on or after 30 June 2019.
38(2)
However, a period during which a member ' s account in a fund is inactive is to be taken into account for the purposes of paragraphs 20QA(1)(a) and (b) and subsection (1A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , as inserted by item 30 of this Schedule, even if the period begins before 30 June 2019.
S 307-5(1) amended by No 23 of 2018, s 3 and Sch 1 items 21 - 23, by inserting " 65A, " in table item 4 column 2, substituting " , 66 or 66A " for " or 66 " and inserting " , or who has a terminal medical condition " in table item 7 column 2, effective 1 April 2018. For general application and transitional provisions, see note under s 26-65 .
S 307-5(1) amended by No 88 of 2013, s 3 and Sch 1 items 4 - 5, by substituting " subsection 17(1), (2) or (2AB), 20F(1) or 20H(2), (2AA) or (2A), section 24E or subsection 24G(2) or (3A) " for " subsection 17(1) or (2) or 20F(1) or section 20H, 24E or 24G " in table item 5 column 2 and " subsection 17(1), (2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3) or 24G(2), (3A) or (3B) " for " subsection 17(1) or (2) or section 20H or 24G " in table item 5 column 3, effective 28 June 2013.
S 307-5(1) amended by No 117 of 2010, s 3 and Sch 1 item 16, by substituting table item 5, effective 17 November 2010. Table item 5 formerly read:
| " 5 | unclaimed money payment | A payment to you under subsection 17(1) or (2), section 18, subsection 20F(1) or section 20H, 24E or 24G of the Superannuation (Unclaimed Money and Lost Members) Act 1999 otherwise than because of another person ' s death. | A payment to you under subsection 17(1) or (2) or section 18, 20H or 24G of the Superannuation (Unclaimed Money and Lost Members) Act 1999 because of another person ' s death. " |
S 307-5(1) amended by No 133 of 2009, s 3 and Sch 3 items 31 and 32, by inserting " , 24E or 24G " after " section 20H " in column 2 of table item 5 and substituting " , 20H or 24G " for " or 20H " in column 3 of table item 5, applicable in relation to:
S 307-5(1) amended by No 27 of 2009, s 3 and Sch 2 items 46 and 47, by substituting " subsection 17(1) or (2), section 18 " for " section 17 or 18 " in column 2 of table item 5 and substituting " subsection 17(1) or (2) or section 18 " for " section 17, 18 " in column 3 of table item 5, effective 27 March 2009.
S 307-5(1) amended by No 151 of 2008, s 3 and Sch 1 items 31 and 32, by inserting " , subsection 20F(1) or section 20H " after " 18 " in column 2 of table item 5 and substituting " , 18 or 20H " for " or 18 " in column 3 of table item 5, effective 18 December 2008.
307-5(1A)
A payment (a PPL superannuation contribution payment ) to you under paragraph 115F(1)(c) or paragraph 115K(4)(c) of the Paid Parental Leave Act 2010 .
S 307-5(1A) inserted by No 90 of 2024, s 3 and Sch 2 item 3, effective 2 October 2024.
307-5(1B)
For the purposes of subsection (1A) , disregard any amount recovered in relation to the payment under item 3 of the table in subsection 115P(3) of the Paid Parental Leave Act 2010 .
S 307-5(1B) inserted by No 90 of 2024, s 3 and Sch 2 item 3, effective 2 October 2024.
307-5(2)
A superannuation member benefit is a payment described in column 2 of the table.
307-5(3)
(Repealed by No 81 of 2016)
S 307-5(3) repealed by No 81 of 2016, s 3 and Sch 1 item 6, effective 1 January 2017 and applicable on and after 1 July 2017. S 307-5(3) formerly read:
307-5(3)
A *superannuation benefit is also a superannuation member benefit if:
(a) the superannuation benefit arises from the commutation of a *superannuation income stream; and
(b) it would be a *superannuation death benefit apart from this subsection; and
(c) the benefit is paid after the latest of the following:
(i) 6 months after the death of the deceased person;
(ii) 3 months after the grant of probate of that deceased person ' s will or letters of administration of that deceased person ' s estate;
(iii) if the payment of the benefit is delayed because of legal action about entitlement to the benefit - 6 months after the legal action ceases;
(iv) if the payment of the benefit is delayed because of reasonable delays in the process of identifying and making initial contact with potential recipients of the benefit - 6 months after that process is completed; and
(d) the Commissioner has not made a decision about the benefit under subsection (3A).
S 307-5(3) amended by No 143 of 2007 , s 3 and Sch 5 items 9 to 13, by substituting " the latest of the following " for " the later of " in para (c), omitting " or " at the end of para (c)(i), substituting " estate; " for " estate. " ; in para (c)(ii), inserting para (c)(iii) and (iv) and inserting para (d) at the end, applicable on and after 1 July 2007.
307-5(3A)
(Repealed by No 81 of 2016)
S 307-5(3A) repealed by No 81 of 2016, s 3 and Sch 1 item 6, effective 1 January 2017 and applicable on and after 1 July 2017. S 307-5(3A) formerly read:
307-5(3A)
For the purposes of paragraph (3)(d), the Commissioner may make a decision in writing that the superannuation benefit is not a superannuation member benefit under subsection (3), if:
(a) both of these conditions are satisfied:
(i) the payment of the benefit is delayed because of legal action about entitlement to the benefit;
(ii) the benefit is paid more than 6 months after the legal action ceases; or
(b) both of these conditions are satisfied:
(i) the payment of the benefit is delayed because of reasonable delays in the process of identifying and making initial contact with potential recipients of the benefit;
(ii) the benefit is paid more than 6 months after that process is completed.
S 307-5(3A) inserted by No 143 of 2007 , s 3 and Sch 5 item 14, applicable on and after 1 July 2007.
307-5(3B)
(Repealed by No 81 of 2016)
S 307-5(3B) repealed by No 81 of 2016, s 3 and Sch 1 item 6, effective 1 January 2017 and applicable on and after 1 July 2017. S 307-5(3B) formerly read:
307-5(3B)
In making a decision under subsection (3A), the Commissioner must have regard to the following matters:
(a) whether there was any action taken to try to pay the benefit within the 6 months after the cessation of the legal action or the completion of the process, and if so, the nature of that action;
(b) whether there were any factors beyond the control of the entity that paid the benefit, or of the person to whom the benefit was paid, that prevented the payment of the benefit within those 6 months;
(c) the circumstances of the person to whom the benefit was paid, and the actions of that person in relation to the benefit.
S 307-5(3B) inserted by No 143 of 2007 , s 3 and Sch 5 item 14, applicable on and after 1 July 2007.
307-5(4)
A superannuation death benefit is a payment described in column 3 of the table or in subsection (1A) .
S 307-5(4) amended by No 90 of 2024, s 3 and Sch 2 item 4, by inserting " or in subsection (1A) " , effective 2 October 2024.
307-5(5)
Subsection (6) applies if a *contributions-splitting superannuation benefit or a *family law superannuation payment is paid to you because another person is a member of a *superannuation fund, holder of an *RSA or depositor with an *approved deposit fund, or the annuitant under a *superannuation annuity.
307-5(6)
For the purposes of this section (and despite section 307-15 ): (a) treat yourself as a member of the fund, holder of the *RSA, depositor with the fund or annuitant under the *superannuation annuity; and (b) do not treat the other person as a member of the fund, holder of the RSA, depositor with the fund or annuitant under the superannuation annuity.
Note:
This means that the benefit is a superannuation benefit for you but not for the other person.
307-5(7)
A family law superannuation payment is a payment that: (a) is a payment of any of the following kinds:
(i) a payment in accordance with Part VIIIB or VIIIC of the Family Law Act 1975 ;
(ii) a payment in accordance with prescribed regulations made under the Family Law Act 1975 ;
(iii) a payment in accordance with Part 7A of the Superannuation Industry (Supervision) Regulations 1994 ;
(iv) a payment in accordance with Part 4A of the Retirement Savings Accounts Regulations 1997 ;
(b) satisfies the requirements (if any) specified in the regulations.
(v) a payment specified in the regulations; and
S 307-5(7) amended by No 112 of 2020, s 3 and Sch 3 item 43, by inserting " or VIIIC " in para (a)(i), effective 28 September 2022. For transitional provision, see note under s 118-313 .
S 307-5(7) amended by No 18 of 2020, s 3 and Sch 1 item 26, by substituting " prescribed regulations made under the Family Law Act 1975 " for " the Family Law (Superannuation) Regulations 2001 " in para (a)(ii), effective 6 September 2020.
Treatment of amounts transferred within a superannuation plan
307-5(8)
If an amount is transferred from one *superannuation interest in a *superannuation plan to another superannuation interest in the same plan, treat the transfer as a payment in determining whether the transfer of the amount is a superannuation benefit or a roll-over superannuation benefit.
S 307-5 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.
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