Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p35
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 35/64)
Character Range: 485946–488818

ending at the later of:
 (i) 90 days after you receive it; and
 (ii) 30 June 2008.

303‑15  Superannuation lump sum member benefit paid to member on compassionate ground relating to the coronavirus
  A superannuation member benefit that is a superannuation lump sum is not assessable income and is not exempt income if:
 (a) it is paid from a complying superannuation plan; and
 (b) it is paid because you satisfy:
 (i) a condition of release specified in item 107A or 207AA of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994; or
 (ii) a condition of release specified in item 109AA of the table in Schedule 2 to the Retirement Savings Accounts Regulations 1997.

Division 304—Superannuation benefits in breach of legislative requirements etc.

Table of sections
304‑15 Excess payments from release authorities

304‑15  Excess payments from release authorities
 (1) This section applies to a superannuation benefit that you receive, paid in relation to a release authority given in relation to you in accordance with section 292‑80B.
 (2) The superannuation benefit is not assessable income and is not exempt income to the extent that it does not exceed the amount mentioned in subsection (3).
 (3) The amount is the amount of excess non‑concessional contributions stated in the release authority in accordance with paragraph 292‑80A(3)(a), reduced (but not below zero) by the amount of any superannuation benefit that was not assessable income and not exempt income under a previous operation of subsection (2) in relation to the release authority.
 (4) The superannuation benefit is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (3).
 (5) This section applies despite Divisions 301, 302 and 303 of the Income Tax Assessment Act 1997.

Division 305—Superannuation benefits paid from non‑complying superannuation plans

Table of Subdivisions
305‑B Superannuation benefits from foreign superannuation funds

Subdivision 305‑B—Superannuation benefits from foreign superannuation funds

Table of sections
305‑80 Lump sums paid into complying superannuation plans post‑FIF abolition

305‑80  Lump sums paid into complying superannuation plans post‑FIF abolition
 (1) You are entitled to a deduction for an income year (the deduction year) if:
 (a) you have an interest in a FIF (within the meaning of Part XI of the Income Tax Assessment Act 1936, as in force just before the commencement of item 37 of Schedule 1 to the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010) (the paying fund); and
 (b) Subdivision 305‑B of the Income Tax Assessment Act 1997 applies in relation to the paying fund (see section 305‑55 of that Act); and
 (c) the paying fund transfers an amount to a complying superannuation fund in respect of you during the deduction year; and
 (d) you choose