Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 9/12)
Character Range: 4813108–4815870

of the following kinds of *superannuation benefit consists wholly of an element untaxed in the fund:
 (a) a *small superannuation account payment;
 (b) a *superannuation guarantee payment.

307‑280  Superannuation benefits from constitutionally protected funds etc.
 (1) The *taxable component of a *superannuation benefit paid from a *superannuation fund that is a *constitutionally protected fund consists wholly of an element untaxed in the fund.
 (2) Despite subsection (1), if:
 (a) the benefit is a *superannuation lump sum; and
 (b) the benefit is attributable to one or more *roll‑over superannuation benefits that consisted of, or included, an *element taxed in the fund;
the *taxable component of the benefit has an element taxed in the fund equal to the total of those elements taxed in the fund.
 (3) The *taxable component of a *superannuation income stream benefit consists wholly of an element untaxed in the fund if it is paid from a *superannuation fund that was a *constitutionally protected fund on the first day of the period to which the *superannuation income stream relates.

307‑285  Trustee can choose to convert element taxed in the fund to element untaxed in the fund
 (1) If:
 (a) you receive a *superannuation benefit from a *public sector superannuation scheme; and
 (b) the trustee of the scheme gives you written notice specifying an amount as the *element untaxed in the fund of the *taxable component of the benefit; and
 (c) the notice is given within the time and in the manner approved by the Commissioner in writing; and
 (d) the scheme came into operation on or before 5 September 2006;
the taxable component consists of an element untaxed in the fund equal to the specified amount.
 (2) The trustee of the scheme can give only one notice under subsection (1) in relation to a particular *superannuation lump sum.

307‑290  Taxed and untaxed elements of death benefit superannuation lump sums
 (1) This section applies to a *superannuation death benefit that is a *superannuation lump sum, in relation to which a deduction has been, or is to be, claimed under section 295‑465 or 295‑470.
Note 1: Those sections allow deductions for insurance premiums that have been paid, and for liability for future benefits.
Note 2: Deductions made under former section 279 or 279B of the Income Tax Assessment Act 1936 are treated for the purposes of this section as having been made under section 295‑465 or 295‑470 (see section 307‑290 of the Income Tax (Transitional Provisions) Act 1997).
 (2) The *taxable component of the *superannuation lump sum includes an element taxed in the fund worked out as follows:
 (a) first, work out the amount under the formula in subsection (3);
 (b) next, reduce that amount (but not below zero) by