Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_5:p10
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 10/23)
Character Range: 160090–163008

(3) as does not exceed your *low rate cap amount for the income year.

 (6) If you are also entitled to a *tax offset under subsection 301‑20(2) for the income year, reduce your *low rate cap amount for the purposes of subsection (5) of this section for the income year by the amount mentioned in subsection 301‑20(3).

301‑110  Superannuation income stream—element untaxed in fund is assessable income

  If you are under 60 years but have reached your *preservation age when you receive a *superannuation income stream benefit, the *element untaxed in the fund of the benefit 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

 (1) If you are under your *preservation age 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 mentioned in subsection (3) does not exceed 30%.

Note: The remainder of the element untaxed in the fund is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986.

 (3) The amount is so much of the *element untaxed in the fund as does not exceed your *untaxed plan cap amount for the *superannuation plan at the time you receive the benefit.

301‑120  Superannuation income stream—element untaxed in fund is assessable income

  If you are under your *preservation age when you receive a *superannuation income stream benefit, the *element untaxed in the fund of the benefit is assessable income.

Subdivision 301‑D—Departing Australia superannuation payments

Table of sections

301‑170 Departing Australia superannuation payments
301‑175 Treatment of departing Australia superannuation benefits

301‑170  Departing Australia superannuation payments

  A departing Australia superannuation payment is a *superannuation lump sum that:
 (a) is paid to a person who has departed Australia; and
 (b) is paid:
 (i) in accordance with regulations under the Superannuation Industry (Supervision) Act 1993 or the Retirement Savings Accounts Act 1997 that are specified in regulations made for the purposes of this definition; or
 (ii) in accordance with section 67A of the Small Superannuation Accounts Act 1995; or
 (iii) by an exempt public sector superannuation scheme (within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993) and is made in accordance with rules of the fund that are substantially similar to the regulations specified as mentioned in subparagraph (i).

301‑175  Treatment of departing Australia superannuation benefits

 (1) Despite anything else in this Division, if you receive a *superannuation benefit that is a *departing Australia superannuation