Commonwealth of Australia Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 305.80

             (1)  This section applies if:

                     (a)  section 305-70 applies to a * superannuation lump sum that is paid from a * foreign superannuation fund; and

                     (b)  you are taken to receive the lump sum under section 307-15; and

                     (c)  all of the lump sum is paid into a * complying superannuation fund; and

                     (d)  immediately after the lump sum is paid into the complying superannuation fund, you no longer have a * superannuation interest in the foreign superannuation fund.

             (2)  You may choose for all or part of your * applicable fund earnings worked out under section 305-75 (but not exceeding the amount of the lump sum) to be included in the assessable income of the * complying superannuation plan.

Note:          Section 295-200 provides for the amount specified in the choice to be included in the assessable income of the complying superannuation plan.

             (3)  Your choice:

                     (a)  must be in writing; and

                     (b)  must comply with the requirements (if any) specified in the regulations.

Guide to Division 306