Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_5:p18
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 18/23)
Character Range: 181169–183909

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 receive a *superannuation lump sum from a *foreign superannuation fund; and
 (b) the fund is an entity mentioned in item 4 of the table in subsection 295‑490(1) (which deals with deductions for superannuation entities).

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

305‑60  Lump sums tax free—foreign resident period

  A *superannuation lump sum you receive from a *foreign superannuation fund is not assessable income and is not *exempt income if:
 (a) you receive it within 6 months after you become an Australian resident; and
 (b) it relates only to a period:
 (i) when you were not an Australian resident; or
 (ii) starting after you became an Australian resident and ending before you receive the payment; and
 (c) it does not exceed the amount in the fund that was vested in you when you received the payment.

Note: If you received the lump sum after that period of 6 months, or the lump sum exceeds the vested amount, the payment will fall within section 305‑70.

305‑65  Lump sums tax free—Australian resident period

 (1) A *superannuation lump sum you receive is not assessable income and is not *exempt income if:
 (a) you receive it in consequence of:
 (i) the termination of your employment as an employee, or as the holder of an office, in a foreign country; or
 (ii) the termination of your engagement on qualifying service on an approved project (within the meaning of section 23AF of the Income Tax Assessment Act 1936), in relation to a foreign country; and
 (b) it relates only to the period of that employment, holding of office, or engagement; and
 (c) you were an Australian resident during the period of the employment, holding of office or engagement; and
 (d) you receive the lump sum within 6 months after the termination; and
 (e) the lump sum is not exempt from taxation under the law of the foreign country; and
 (f) for a period of employment or holding an office—your foreign earnings from the employment or office are exempt from income tax under section 23AG of the Income Tax Assessment Act 1936; and
 (g) for a period of engagement on qualifying service on an approved project—your eligible foreign remuneration from the service is exempt from income tax under section 23AF of that Act.

Note: If you received the lump sum after that period of 6 months, or the lump sum exceeds the vested amount, the lump sum will fall within