Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p23
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 23/33)
Character Range: 4733874–4736851

*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.

303‑15  Payments from release authorities—general
  A *superannuation benefit that you receive (or are taken to receive) is not assessable income and is not *exempt income if it is paid in response to a release authority issued under section 131‑15 in Schedule 1 to the Taxation Administration Act 1953 in relation to you.
Note: In some cases, a related amount may still be included in your assessable income (see Subdivision 292‑B and sections 304‑20 and 313‑20).

303‑20  Payments from release authorities—paying debt account discharge liability for a superannuation interest
  A *superannuation benefit that you receive (or are taken to receive), paid in relation to a release authority issued to you in respect of a *release entitlement you have, is not assessable income and is not *exempt income.
Note: However, payments that exceed the release entitlement are assessable: see section 304‑20.

Division 304—Superannuation benefits in breach of legislative requirements etc.

Guide to Division 304

304‑1  What this Division is about
      This Division overrides the tax treatment in Divisions 301 and 302 if payments from complying superannuation plans etc. are in breach of payment and other rules.

Table of sections

Operative provisions
304‑5 Application
304‑10 Superannuation benefits in breach of legislative requirements etc.
304‑20 Excess payments from release authorities—paying debt account discharge liability for a superannuation interest

Operative provisions

304‑5  Application
  This Division applies despite Divisions 301, 302 and 303.

304‑10  Superannuation benefits in breach of legislative requirements etc.
 (1) Include in your assessable income the amount of a *superannuation benefit if:
 (a) any of the following applies:
 (i) you received the benefit from a *complying superannuation fund or from a *superannuation fund that was previously a complying superannuation fund;
 (ii) the benefit is attributable to the assets of a complying superannuation fund or from a superannuation fund that was previously a complying superannuation fund; and
 (b) any of the following applies:
 (i) the fund was not (when you received the benefit) maintained as required by section 62 of the Superannuation Industry (Supervision) Act 1993;
 (ii) you received the benefit otherwise than in accordance with payment standards prescribed under subsection 31(1) of the Superannuation Industry (Supervision) Act 1993.
 (2) Include in your assessable income the amount of a *superannuation benefit if:
 (a) any of the following applies:
 (i) you received the benefit from a *complying approved deposit fund or from an *approved