Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 1   Transfer balance cap

Part 3   Application and transitional provisions

Income Tax (Transitional Provisions) Act 1997

35   After section 307-127

Insert:

307-230 Total superannuation balance - modification for transfer balance just before 1 July 2017

(1) This section applies for the purposes of working out the amount of your total superannuation balance just before 1 July 2017.

(2) The transfer balance mentioned in paragraph 307-230(1)(b) of the Income Tax Assessment Act 1997 just before 1 July 2017 is taken to be equal to:

(a) the sum of the transfer balance credits (if any) in your transfer balance account just after the start of 1 July 2017; less

(b) the sum of the transfer balance debits (if any) arising in your transfer balance account on 1 July 2017 under item 4 of the table in subsection 294-80(1) of that Act (about payment splits).