Income Tax Assessment Act 1997

A payment received by you is not assessable income and is not *exempt income if:

it was received in consequence of:

the termination of your employment in a foreign country; or

the termination of your engagement on qualifying service on an approved project (within the meaning of section 23AF of the Income Tax Assessment Act 1936), in relation to a foreign country; and

it relates only to the period of that employment or engagement; and

it is not a *superannuation benefit; and

it is not a payment of a pension or an *annuity (whether or not the payment is a superannuation benefit); and

you were an Australian resident during the period of the employment or engagement; and

the payment is not exempt from income tax under the law of the foreign country; and

for a period of employment—your foreign earnings from the employment are exempt from income tax under section 23AG of the Income Tax Assessment Act 1936; and

for a period of engagement—your *eligible foreign remuneration from the service is exempt from income tax under section 23AF of that Act.

For the purposes of subparagraph (1)(a)(ii), treat the termination of engagement on qualifying service on an approved project as including:

retirement from the engagement; and

cessation of the engagement because of the person’s death.

The termination of a person’s employment is treated in the same way: see section 80‑10.