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<h1>Tax treatment of approved superannuation fund payments: exemptions, taxable employer excess, employee deductions, and excluded voluntary commutation</h1> Payments from an approved superannuation fund are tax-exempt when made on a beneficiary's death, on retirement at or after a specified age or on prior incapacitation as commutation of an annuity, as refund on death, as refund on leaving service (other than qualifying retirement) limited to pre-enactment contributions plus interest, or by transfer into a notified pension account. Employee contributions qualify for income-tax deduction under the statutory deduction for specified investments; employer contributions are exempt up to a prescribed annual limit with excess taxable as salary; interest on accumulated balances is tax-exempt. Approved funds are those formally sanctioned by tax authorities; voluntary retirement commutation is excluded.
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