Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 2/12)
Character Range: 4794575–4797353

repayment when an entitlement to a credit ceases for a release authority relating to an FHSS determination

Preliminary
 (1) This section explains how to work out the *tax free component, and the *taxable component, of your *superannuation benefit that:
 (a) is a repayment by the Commissioner under subsection 131‑80(1) in Schedule 1 to the Taxation Administration Act 1953 of an amount (the released amount) paid to the Commissioner in relation to you; or
 (b) is a payment by the Commissioner under subsection 131‑80(3) in Schedule 1 to the Taxation Administration Act 1953 of an equivalent amount to an amount (the released amount) paid to the Commissioner in relation to you.

Tax free component
 (2) The *tax free component of your *superannuation benefit is equal to the total amount that the released amount reduced the tax free components of your *superannuation interests.

Taxable component
 (3) The *taxable component of your *superannuation benefit is equal to the total amount that the released amount reduced the taxable components of your *superannuation interests.

307‑145  Modification for disability benefits
 (1) Work out the tax free component of the *superannuation benefit under subsection (2) if the benefit is a *superannuation lump sum and a *disability superannuation benefit.
Note: This section does not apply to an unclaimed money payment.
 (2) The tax free component is the sum of:
 (a) the *tax free component of the benefit worked out apart from this section; and
 (b) the amount worked out under subsection (3).
However, the tax free component cannot exceed the amount of the benefit.
 (3) Work out the amount by applying the following formula:
where:
days to retirement is the number of days from the day on which the person stopped being capable of being *gainfully employed to his or her *last retirement day.
service days is the number of days in the *service period for the lump sum.
 (4) The balance of the *superannuation benefit is the taxable component of the benefit.

307‑150  Modification in respect of superannuation lump sum with element untaxed in fund
 (1) This section applies to a *superannuation lump sum if:
 (a) it is not a *roll‑over superannuation benefit; or
 (b) it is a roll‑over superannuation benefit that includes an *element untaxed in the fund, all or part of which will be included in the assessable income of the *superannuation provider in relation to the *superannuation fund into which the benefit is paid.
 (2) However, this section applies to the *superannuation lump sum only to the extent that it is attributable to a *superannuation interest that existed just before 1 July 2007.
 (3) If the *superannuation lump sum includes an *element untaxed in the fund:
 (a) increase the *tax free component of the