Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-F - Excess transfer balance tax  

Operative provisions

SECTION 294-230   Excess transfer balance tax  

294-230(1)    
If there is an *excess transfer balance period for your *transfer balance account, you are liable to pay *excess transfer balance tax imposed by the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 for the period.

Note:

The amount of the tax is set out in the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 .

294-230(2)    
An excess transfer balance period for a *transfer balance account is a continuous period of one or more days during which, at the end of each day, there is *excess transfer balance in the account.

294-230(3)    
Your *excess transfer balance tax is worked out by reference to the sum of:

(a) your *excess transfer balance earnings for each day in the *excess transfer balance period; and

(b) for each day in the excess transfer balance period that is also a day in the period mentioned in subsection 294-25(2) (the determination period ) - the amount worked out by multiplying the rate mentioned in subsection 294-235(2) for the day by the sum of your excess transfer balance earnings for each previous day in the determination period.