Income Tax (Transitional Provisions) Act 1997
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Hide history noteA directed termination payment made on your behalf, that you are taken to receive under section 80-20 of the Income Tax Assessment Act 1997 , is not assessable income and is not exempt income.
Note 1:
Directed termination payments are paid into a complying superannuation plan (or to purchase a superannuation annuity) on your behalf: see section 82-10F .
Note 2:
The taxable component of the payment is included in the assessable income of the entity receiving the payment: see section 295-190 of the Income Tax Assessment Act 1997 .
Note 3:
In addition, income tax may be payable on a benefit you later receive from the plan to which the directed termination payment is made: see Divisions 301 to 307 of the Income Tax Assessment Act 1997 .
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