Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_5:p21
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 21/23)
Character Range: 188493–191419

amount of previously exempt fund earnings in respect of the lump sum if:
 (a) part or all of the amount in the fund that was vested in you when the lump sum was paid (before any deduction for *foreign tax) is attributable to the amount; and
 (b) the amount is attributable to a payment received from a *foreign superannuation fund; and
 (c) the amount would have been included in your assessable income under subsection 305‑70(2) by the application of this section, but for the payment having been received by another foreign superannuation fund.

 (6) The amount of your previously exempt fund earnings is the amount mentioned in paragraph (5)(c) (disregarding the addition of previously exempt fund earnings under subsection (2) or (3) of this section).

305‑80  Lump sums paid into complying superannuation plans—choice

 (1) This section applies if:
 (a) section 305‑70 applies to a *superannuation lump sum that is paid from a *foreign superannuation fund; and
 (b) you are taken to receive the lump sum under section 307‑15; and
 (c) all of the lump sum is paid into a *complying superannuation fund; and
 (d) immediately after the lump sum is paid into the complying superannuation fund, you no longer have a *superannuation interest in the foreign superannuation fund.

 (2) You may choose for all or part of your *applicable fund earnings worked out under section 305‑75 (but not exceeding the amount of the lump sum) to be included in the assessable income of the *complying superannuation plan.

Note: Section 295‑200 provides for the amount specified in the choice to be included in the assessable income of the complying superannuation plan.

 (3) Your choice:
 (a) must be in writing; and
 (b) must comply with the requirements (if any) specified in the regulations.

Division 306—Roll‑overs etc.

Guide to Division 306

306‑1  What this Division is about

      This Division sets out the tax treatment of payments made from one superannuation plan to another superannuation plan, and of similar payments.

Table of sections

Operative provisions

306‑5 Effect of a roll‑over superannuation benefit
306‑10 Roll‑over superannuation benefit
306‑15 Tax on excess untaxed roll‑over amounts
306‑20 Effect of payment to government of unclaimed superannuation money

Operative provisions

306‑5  Effect of a roll‑over superannuation benefit

  A *roll‑over superannuation benefit that you are taken to receive under section 307‑15 is not assessable income and is not *exempt income.

Note: Roll‑over superannuation benefits are paid into a complying superannuation plan or are used to purchase a superannuation annuity on your behalf. However, you are taken to receive the benefit under subsection 307‑15(1).

306‑10  Roll‑over superannuation benefit

  A *superannuation benefit is a roll‑over superannuation benefit if:
 (a) the benefit is a *superannuation lump sum and a *superannuation member benefit; and