Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 303.10

             (1)  This section applies to a * superannuation member benefit 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 when you receive the lump sum or within 90 days after you receive it.

Note:          For a lump sum you receive in the 2007-08 financial year, the period of 90 days may be extended until 30 June 2008: see section 303-10 of the Income Tax (Transitional Provisions) Act 1997 .

Guide to Division 304