Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_5:p17
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 17/23)
Character Range: 178295–181482

that the Commissioner considers relevant.

304‑15  Excess payments from release authorities

 (1) This section applies to a *superannuation benefit that you receive, paid in relation to a release authority given in relation to you in accordance with:
 (a) section 292‑410; or
 (b) section 292‑80B of the Income Tax (Transitional Provisions) Act 1997.

 (2) The *superannuation benefit is not assessable income and is not *exempt income to the extent that it does not exceed the amount mentioned in subsection (3).

 (3) The amount is the amount of *excess contributions tax stated in the release authority, reduced (but not below zero) by the amount of any *superannuation benefit that was not assessable income and not *exempt income under a previous operation of subsection (2) in relation to the release authority.

 (4) The *superannuation benefit is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (3).

Division 305—Superannuation benefits paid from non‑complying superannuation plans

Table of Subdivisions

 Guide to Division 305
305‑A Superannuation benefits from Australian non‑complying superannuation funds
305‑B Superannuation benefits from foreign superannuation funds

Guide to Division 305

305‑1  What this Division is about

      This Division sets out the tax treatment of superannuation benefits received by members of non‑complying plans (including foreign superannuation funds).

Subdivision 305‑A—Superannuation benefits from Australian non‑complying superannuation funds

Table of sections

305‑5 Tax treatment of superannuation benefits from certain Australian non‑complying superannuation funds

305‑5  Tax treatment of superannuation benefits from certain Australian non‑complying superannuation funds

  A *superannuation benefit that you receive from a *non‑complying superannuation fund that is an *Australian superannuation fund (for the income year in which the benefit is paid) is *exempt income, unless:
 (a) if the *superannuation fund has ever been a *complying superannuation fund—it last stopped being one for the income year in which 1 July 1995 occurred or a later income year; and
 (b) if it has ever been a *foreign superannuation fund—it last stopped being one for the income year in which 1 July 1995 occurred or a later income year.

Subdivision 305‑B—Superannuation benefits from foreign superannuation funds

Table of sections

Application of Subdivision

305‑55 Restriction to lump sums received from certain foreign superannuation funds

Lump sums received within 6 months after Australian residency or termination of foreign employment etc.

305‑60 Lump sums tax free—foreign resident period
305‑65 Lump sums tax free—Australian resident period

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.
305‑75 Lump sums—applicable fund earnings
305‑80 Lump sums paid into complying superannuation plans—choice

Application of Subdivision

305‑55  Restriction to lump sums received from certain foreign superannuation funds

  This Subdivision applies if:
 (a) you