Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 301.35

  (1)   If you are under your * preservation age when you receive a * superannuation lump sum, the * taxable component of the lump sum is assessable income.

Note:   For taxable component , see Subdivision   307 - C.

  (2)   You are entitled to a * tax offset that ensures that the rate of income tax on the * taxable component of the lump sum does not exceed 20%.

Note:   If your lump sum includes an element untaxed in the fund, see Subdivision   301 - C.