Document ID: chunk:federal_register_of_legislation:C2010C00404:clause:7_2
Version: federal_register_of_legislation:C2010C00404
Segment Type: clause
Provision Reference: sch 7 cl 2
Character Range: 26451–27353

2  At the end of Division 303
Add:

303‑10  Superannuation lump sum member benefit paid to member having a terminal medical condition

 (1) This section applies to a *superannuation member benefit that:
 (a) is a *superannuation lump sum; and
 (b) is:
 (i) paid from a *complying superannuation plan; or
 (ii) a *superannuation guarantee payment, a *small superannuation account payment, an *unclaimed money payment, a *superannuation co‑contribution benefit payment or a *superannuation annuity payment.

 (2) The lump sum is not assessable income and is not *exempt income if a *terminal medical condition exists in relation to you when you receive the lump sum or within 90 days after you receive it.

Note: For a lump sum you receive in the 2007‑08 financial year, the period of 90 days may be extended until 30 June 2008: see section 303‑10 of the Income Tax (Transitional Provisions) Act 1997.