Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p26
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 26/33)
Character Range: 4742114–4744800

sums tax free—foreign resident period
  A *superannuation lump sum you receive from a *foreign superannuation fund is not assessable income and is not *exempt income if:
 (a) you receive it within 6 months after you become an Australian resident; and
 (b) it relates only to a period:
 (i) when you were not an Australian resident; or
 (ii) starting after you became an Australian resident and ending before you receive the payment; and
 (c) it does not exceed the amount in the fund that was vested in you when you received the payment.
Note: If you received the lump sum after that period of 6 months, or the lump sum exceeds the vested amount, the payment will fall within section 305‑70.

305‑65  Lump sums tax free—Australian resident period
 (1) A *superannuation lump sum you receive is not assessable income and is not *exempt income if:
 (a) you receive it in consequence of:
 (i) the termination of your employment as an employee, or as the holder of an office, in a foreign country; or
 (ii) the termination of your engagement on qualifying service on an approved project (within the meaning of section 23AF of the Income Tax Assessment Act 1936), in relation to a foreign country; and
 (b) it relates only to the period of that employment, holding of office, or engagement; and
 (c) you were an Australian resident during the period of the employment, holding of office or engagement; and
 (d) you receive the lump sum within 6 months after the termination; and
 (e) the lump sum is not exempt from taxation under the law of the foreign country; and
 (f) for a period of employment or holding an office—your foreign earnings from the employment or office are exempt from income tax under section 23AG of the Income Tax Assessment Act 1936; and
 (g) for a period of engagement on qualifying service on an approved project—your eligible foreign remuneration from the service is exempt from income tax under section 23AF of that Act.
Note: If you received the lump sum after that period of 6 months, the lump sum will fall within section 305‑70.
 (2) For the purposes of subsection (1), treat the termination of employment, holding of office, or engagement as including:
 (a) retirement from the employment, office or engagement; and
 (b) cessation of the employment, office or engagement because of death.

Lump sums to which sections 305‑60 and 305‑65 do not apply

305‑70  Lump sums received more than 6 months after Australian residency or termination of foreign employment etc.

Superannuation lump sums to which section applies
 (1) This section applies to a *superannuation lump sum you receive from a *foreign superannuation fund if:
 (a) you are an Australian resident