Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 10/33)
Character Range: 4700838–4703559

Note 1: For taxable component, see Subdivision 307‑C.
Note 2: If your lump sum includes an element untaxed in the fund, see Subdivision 301‑C.
 (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 0%.
 (3) The amount is so much of the total of the *taxable components included in your assessable income for the income year under subsection (1) as does not exceed your *low rate cap amount (see section 307‑345) for the income year.
 (4) You are entitled to a *tax offset that ensures that the rate of income tax on the amount mentioned in subsection (5) does not exceed 15%.
 (5) The amount is so much of the total of the *taxable components included in your assessable income for an income year under subsection (1) as exceeds your *low rate cap amount for the income year.
Note: This amount will be nil if the total of the taxable components falls short of your low rate cap amount for the income year.

301‑25  Superannuation income stream—taxable component attracts 15% offset
 (1) If you are under 60 years but have reached your *preservation age when you receive a *superannuation income stream benefit, the *taxable component of the benefit is assessable income.
 (2) You are entitled to a *tax offset equal to 15% of the *taxable component of the benefit.
Note 1: For taxable component, see Subdivision 307‑C.
Note 2: If your superannuation income stream benefit includes an element untaxed in the fund, see Subdivision 301‑C.

Member benefits—recipient aged under preservation age

301‑30  Tax free status of tax free component
  If you are under your *preservation age when you receive a *superannuation benefit, the *tax free component of the benefit is not assessable income and is not *exempt income.
Note 1: Your superannuation benefit may be a superannuation lump sum or a superannuation income stream benefit: see sections 307‑65 and 307‑70.
Note 2: For tax free component, see Subdivision 307‑C.

301‑35  Superannuation lump sum—taxable component taxed at 20%
 (1) If you are under your *preservation age when you receive a *superannuation lump sum, the *taxable component of the lump sum is assessable income.
Note: For taxable component, see Subdivision 307‑C.
 (2) You are entitled to a *tax offset that ensures that the rate of income tax on the *taxable component of the lump sum does not exceed 20%.
Note: If your lump sum 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