Income Tax Assessment Amendment (Transfer Balance Account Value for Certain Superannuation Income Streams) Regulations 2024 (F2024L01023)

Schedule 1   Amendments

Income Tax Assessment (1997 Act) Regulations 2021

1   After section 294-80.02A

Insert:

294-80.02B Debit in transfer balance account - certain permanent incapacity pensions

(1) For the purposes of item 8 of the table in subsection 294-80(1) of the Act, a transfer balance debit arises under this section in your transfer balance account if:

(a) a credit arose in your transfer balance account under item 1 or 2 of the table in subsection 294-25(1) of the Act in respect of a superannuation income stream; and

(b) the superannuation income stream was supported by a superannuation interest covered by subsection 294-135.01(6) of this instrument; and

(c) the superannuation income stream ceases; and

(d) the cessation does not give rise to a transfer balance debit in your transfer balance account (disregarding this subsection).

(2) The amount of the debit is:

(a) the amount of the credit mentioned in paragraph (1)(a) of this section; less

(b) the amount of any transfer balance debits (apart from debits arising under item 4 of the table in subsection 294-80(1) of the Act) that have arisen in your transfer balance account in respect of the income stream before the time the debit arises.

(3) The debit arises when the superannuation income stream ceases, as mentioned in paragraph (1)(c).