Superannuation, retirement and employment termination: Assessable income includes post-June 83 taxed element.

Whether the post-June 1983 taxed element of an eligible termination payment (ETP) received by the taxpayer is assessable.

Yes. The post-June 1983 taxed element of an ETP received by the taxpayer is assessable.

An ETP was included as assessable income in the taxpayer's tax return.

The notice of assessment was issued.

The total amount of the ETP consisted of a post-June 1983 taxed element which was paid by a complying fund.

The taxpayer was less than 55 years old at the time of the payment of the ETP.

The ETP shown on the taxpayer's tax return is fully assessable as a post-June 1983 taxed element under subsection 27B(1) of the Income Tax assessment Act 1936 (ITAA 1936) and taxable at full marginal income rates but subject to an entitlement to a rebate under section 159SA of ITAA 1936. As the taxpayer is under 55 years old, the maximum rate of tax on that fully assessable amount is 20% plus 1.5% medicare levy.