Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p22
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 22/33)
Character Range: 4731236–4734092

in respect of an amount of *defined benefit income; or
 (b) would apart from this Subdivision apply to you in respect of an amount of defined benefit income;
your defined benefit income cap for the financial year is the following amount (rounded up to the nearest dollar):
 (3) Despite subsections (1) and (2) of this section, if:
 (a) in a case where subsection (1) applies—during the *financial year, you receive any amounts of *defined benefit income to which none of sections 301‑10, 301‑100, 302‑65 and 302‑85 apply; or
 (b) in a case where subsection (2) applies—during the financial year, you receive after the day mentioned in that subsection any amounts of defined benefit income to which none of sections 301‑10, 301‑100, 302‑65 and 302‑85 apply;
your defined benefit income cap for the financial year under subsection (1) or (2) (as the case requires) is reduced by the sum of those amounts.

Subdivision 303‑B—Other special circumstances

Table of sections
303‑5 Commutation of income stream if you are under 25 etc.
303‑10 Superannuation lump sum member benefit paid to member having a terminal medical condition
303‑15 Payments from release authorities—general
303‑20 Payments from release authorities—paying debt account discharge liability for a superannuation interest

303‑5  Commutation of income stream if you are under 25 etc.
 (1) A *superannuation lump sum that you receive from a *complying superannuation plan is not assessable income and is not *exempt income if:
 (a) the superannuation lump sum arises from the commutation of a *superannuation income stream; and
 (b) any of these conditions are satisfied:
 (i) you are under 25 when you receive the superannuation lump sum;
 (ii) the commutation takes place because you turn 25;
 (iii) you are permanently disabled when you receive the superannuation lump sum; and
 (c) you had received one or more *superannuation income stream benefits from the superannuation income stream before the commutation because of the death of a person of whom you are a *death benefits dependant.
 (2) Subsection (1) applies despite Divisions 301 and 302.

303‑10  Superannuation lump sum member benefit paid to member having a terminal medical condition
 (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