Commonwealth of Australia Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 302.10

             (1)  This section applies to you if:

                     (a)  you are the trustee of a deceased estate; and

                     (b)  you receive a * superannuation death benefit in your capacity as trustee.

             (2)  To the extent that 1 or more beneficiaries of the estate who were * death benefits dependants of the deceased have benefited, or may be expected to benefit, from the * superannuation death benefit:

                     (a)  the benefit is treated as if it had been paid to you as a person who was a death benefits dependant of the deceased; and

                     (b)  the benefit is taken to be income to which no beneficiary is presently entitled.

             (3)  To the extent that 1 or more beneficiaries of the estate who were not * death benefits dependants of the deceased have benefited, or may be expected to benefit, from the * superannuation death benefit:

                     (a)  the benefit is treated as if it had been paid to you as a person who was not a death benefits dependant of the deceased; and

                     (b)  the benefit is taken to be income to which no beneficiary is presently entitled.

Table of sections

Lump sum death benefits to dependants are tax free

302-60      All of superannuation lump sum is tax free

Superannuation income stream--either deceased died aged 60 or above or dependant aged 60 or above

302-65      Superannuation income stream benefits are tax free

Superannuation income stream--deceased died aged under 60 and dependant aged under 60

302-70      Superannuation income stream--tax free status of tax free component

302-75      Superannuation income stream--taxable component attracts 15% offset

Death benefits to dependant--elements untaxed in fund

302-80      Treatment of element untaxed in the fund of superannuation income stream death benefit to dependant

302-85      Deceased died aged 60 or above or dependant aged 60 years or above--superannuation income stream--element untaxed in fund attracts 10% offset

302-90      Deceased died aged under 60 and dependant aged under 60--superannuation income stream--element untaxed in fund is assessable income

Lump sum death benefits to dependants are tax free