Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If you are under 60 years but have reached your * preservation age when you receive a * superannuation lump sum, the * taxable component of the lump sum is assessable income.
Note 1: For taxable component , see Subdivision 307 - C.
Note 2: If your lump sum includes an element untaxed in the fund, see Subdivision 301 - C.
(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 0%.
(3) The amount is so much of the total of the * taxable components included in your assessable income for the income year under subsection (1) as does not exceed your * low rate cap amount (see section 307 - 345) for the income year.
(4) You are entitled to a * tax offset that ensures that the rate of income tax on the amount mentioned in subsection (5) does not exceed 15%.
(5) The amount is so much of the total of the * taxable components included in your assessable income for an income year under subsection (1) as exceeds your * low rate cap amount for the income year.
Note: This amount will be nil if the total of the taxable components falls short of your low rate cap amount for the income year.