Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 (133 of 2009)

Schedule 3   Lost members' superannuation

Part 2   Other amendments

Income Tax Assessment Act 1997

30   At the end of section 301-225

Add:

(2) Despite anything else in this Division (apart from Subdivision 301-D), a *superannuation member benefit that you receive is not assessable income and is not *exempt income if:

(a) the benefit is a *superannuation lump sum; and

(b) the benefit is paid to you under subsection 24G(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in a case covered by paragraph (d) of that subsection; and

(c) the amount of the benefit is less than $200.