Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p13
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 13/33)
Character Range: 4708306–4711137

offset that ensures that the rate of income tax on the amount worked out under subsection (5) does not exceed 15%.
 (5) The amount is so much of the total of the one or more amounts worked out under subsection (3) as does not exceed your *low rate cap amount for the income year.
 (6) If you are also entitled to a *tax offset under subsection 301‑20(2) for the income year, reduce your *low rate cap amount for the purposes of subsection (5) of this section for the income year by the amount mentioned in subsection 301‑20(3).

301‑110  Superannuation income stream—element untaxed in fund is assessable income
  If you are under 60 years but have reached your *preservation age when you receive a *superannuation income stream benefit, the *element untaxed in the fund of the benefit is assessable income.

Member benefits (element untaxed in fund)—recipient aged under preservation age

301‑115  Superannuation lump sum—element untaxed in fund taxed at 30% up to untaxed plan cap amount, top rate on remainder
 (1) If you are under your *preservation age when you receive a *superannuation lump sum from a *superannuation plan, the *element untaxed in the fund of the lump sum is assessable income.
 (2) You are entitled to a *tax offset that ensures that the rate of income tax on the amount mentioned in subsection (3) does not exceed 30%.
Note: The remainder of the element untaxed in the fund is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986.
 (3) The amount is so much of the *element untaxed in the fund as does not exceed your *untaxed plan cap amount for the *superannuation plan at the time you receive the benefit.

301‑120  Superannuation income stream—element untaxed in fund is assessable income
  If you are under your *preservation age when you receive a *superannuation income stream benefit, the *element untaxed in the fund of the benefit is assessable income.

Miscellaneous

301‑125  Unclaimed money payments by the Commissioner
  For the purposes of this Subdivision, treat a *superannuation lump sum paid by the Commissioner under subsection 17(2), 20H(2), (2AA), (2A) or (3), 20QF(2), 21E(2), 22B(2) or 24G(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 as if it were paid from a *superannuation plan.

Subdivision 301‑D—Departing Australia superannuation payments

Table of sections
301‑170 Departing Australia superannuation payments
301‑175 Treatment of departing Australia superannuation benefits

301‑170  Departing Australia superannuation payments
 (1) A *superannuation lump sum is a departing Australia superannuation payment if it:
 (a) is paid to a person who has departed Australia; and
 (b) is paid:
 (i) in accordance with regulations under the Superannuation Industry (Supervision) Act 1993 or the Retirement Savings Accounts Act 1997