Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If you are under your * preservation age when you receive a * superannuation lump sum from a * superannuation plan, the * element untaxed in the fund of the lump sum is assessable income.
(2) You are entitled to a * tax offset that ensures that the rate of income tax on the amount mentioned in subsection (3) does not exceed 30%.
Note: The remainder of the element untaxed in the fund is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 .
(3) The amount is so much of the * element untaxed in the fund as does not exceed your * untaxed plan cap amount for the * superannuation plan at the time you receive the benefit.