Tax Laws Amendment (2008 Measures No. 2) Act 2008 (38 of 2008)

Schedule 7   Superannuation lump sum paid to a member having a terminal medical condition

Part 1   Amendments

Income Tax (Transitional Provisions) Act 1997

4   After Division 302

Insert:

Division 303 - Superannuation benefits paid in special circumstances

Table of sections

303-10 Superannuation lump sum paid to member having a terminal medical condition

303-10 Superannuation lump sum member benefit paid to member having a terminal medical condition

(1) This section applies to a superannuation member benefit that you receive during the 2007-08 financial year and that:

(a) is a superannuation lump sum; and

(b) is:

(i) paid from a complying superannuation plan; or

(ii) a superannuation guarantee payment, a small superannuation account payment, an unclaimed money payment, a superannuation co-contribution benefit payment or a superannuation annuity payment.

(2) The lump sum is not assessable income and is not exempt income if a terminal medical condition exists in relation to you at a time in the period:

(a) starting when you receive the lump sum; and

(b) ending at the later of:

(i) 90 days after you receive it; and

(ii) 30 June 2008.