Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_5:p8
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 8/23)
Character Range: 155115–158003

includes an element untaxed in the fund, see Subdivision 301‑C.

301‑40  Superannuation income stream—taxable component is assessable income, 15% offset for disability benefit

 (1) If you are under your *preservation age when you receive a *superannuation income stream benefit, the *taxable component of the benefit is assessable income.

Note: For taxable component, see Subdivision 307‑C.

Offset for disability benefit

 (2) If the benefit is a *superannuation income stream benefit and a *disability superannuation benefit, you are entitled to a *tax offset equal to 15% of the *taxable component of the benefit.

Subdivision 301‑C—Member benefits: elements untaxed in fund

Table of sections

301‑90 Tax free component and element taxed in fund dealt with under Subdivision 301‑B, but element untaxed in the fund dealt with under this Subdivision

Member benefits (element untaxed in fund)—recipient aged 60 or above

301‑95 Superannuation lump sum—element untaxed in fund taxed at 15% up to untaxed plan cap amount, top rate on remainder
301‑100 Superannuation income stream—element untaxed in fund attracts 10% offset

Member benefits (element untaxed in fund)—recipient aged over preservation age and under 60

301‑105 Superannuation lump sum—element untaxed in fund taxed at 15% up to low rate cap amount, 30% up to untaxed plan cap amount, top rate on remainder
301‑110 Superannuation income stream—element untaxed in fund 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
301‑120 Superannuation income stream—element untaxed in fund is assessable income

301‑90  Tax free component and element taxed in fund dealt with under Subdivision 301‑B, but element untaxed in the fund dealt with under this Subdivision

  If you receive a *superannuation benefit that includes an *element untaxed in the fund:
 (a) the *tax free component (if any) of the benefit is treated in the same way as the tax free component of a superannuation benefit under Subdivision 301‑B; and
 (b) the *element taxed in the fund (if any) included in the benefit is treated in the same way as the taxable component of a superannuation benefit under Subdivision 301‑B; and
 (c) the element untaxed in the fund is treated in accordance with this Subdivision.

Member benefits (element untaxed in fund)—recipient aged 60 or above

301‑95  Superannuation lump sum—element untaxed in fund taxed at 15% up to untaxed plan cap amount, top rate on remainder

 (1) If you are 60 years or over 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