(2) Also, a lump sum is a departing Australia *superannuation if it is paid under subsection 20H(2), superannuation payment (2AA), (2A) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999. (3) Despite subsection (2), a lump sum paid *superannuation subsection 20H(2), (2AA), (2A) or (3) of the Superannuation because a person (Unclaimed Money and Lost Members) Act 1999 has been identified in a notice under section 20C of that Act is not a if, when it is paid, departing Australia superannuation payment the Commissioner is satisfied that: (a) the person has not been, the the Migration Act 1958, holder of a temporary visa that ceased to be in effect at least 6 months ago; or (b) the person has been the holder of such a visa but has not left Australia (within the meaning of that Act) at least 6 months ago but after starting to be the holder of the visa. (4) Despite subsection (2), a lump sum that is paid *superannuation under subsection 20H(2), (2AA), (2A) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 and is prescribed by the regulations for the purposes of this subsection is not a departing Australia superannuation payment. 301175 Treatment of departing Australia superannuation benefits (1) Despite anything else in this Division, if you receive a benefit that is a Australia *superannuation *departing superannuation payment, the benefit is not assessable income and is not income. *exempt (2) However, you are liable to pay income tax on that payment at the rate declared by the Parliament in respect of Australia *departing superannuation payments. Note 1: The tax is imposed in the Superannuation (Departing Australia and the amount of the tax is Superannuation Payments Tax) Act 2007 set out in that Act.
(2) Also, a *superannuation lump sum is a departing Australia superannuation payment if it is paid under subsection 20H(2), (2AA), (2A) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999. (3) Despite subsection (2), a *superannuation lump sum paid subsection 20H(2), (2AA), (2A) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 because a person has been identified in a notice under section 20C of that Act is not a departing Australia superannuation payment if, when it is paid, the Commissioner is satisfied that: (a) the person has not been, the Migration Act 1958, the holder of a temporary visa that ceased to be in effect at least 6 months ago; or (b) the person has been the holder of such a visa but has not left Australia (within the meaning of that Act) at least 6 months ago but after starting to be the holder of the visa. (4) Despite subsection (2), a *superannuation lump sum that is paid under subsection 20H(2), (2AA), (2A) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 and is prescribed by the regulations for the purposes of this subsection is not a departing Australia superannuation payment. 301175 Treatment of departing Australia superannuation benefits (1) Despite anything else in this Division, if you receive a *superannuation benefit that is a *departing Australia superannuation payment, the benefit is not assessable income and is not *exempt income. (2) However, you are liable to pay income tax on that payment at the rate declared by the Parliament in respect of *departing Australia superannuation payments. Note 1: The tax is imposed in the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 and the amount of the tax is set out in that Act.
Income_Tax_Assessment_Act_1997_Super_Extract-1.docx