Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-C - Transfer balance debits  

Operative provisions

SECTION 294-80   Transfer balance debits  

294-80(1)    

The following table sets out when a debit arises in your *transfer balance account and the amount of the debit. The debit is called a transfer balance debit .

Debits in the transfer balance account
Item	If:	A debit of:	Arises:
1	you receive a *superannuation lump sum because a *superannuation income stream of which you are a *retirement phase recipient is commuted, in full or in part	the amount of the superannuation lump sum	at the time you receive the superannuation lump sum
2	a *structured settlement contribution is made in respect of you	the amount of the contribution	at the later of: (a) the time the contribution is made; and (b) the start of the day you first start to have a *transfer balance account
3	a *transfer balance debit arises under section 294-85 because of an event that results in reduced superannuation	the amount of the debit specified in section 294-85	at the time provided by section 294-85
4	a *transfer balance debit arises under section 294-90 because of a payment split	the amount of the debit specified in section 294-90	at the time provided by section 294-90
5	a *superannuation income stream of which you are a *retirement phase recipient stops being in the *retirement phase under subsection 307-80(4)	the *value of the *superannuation interest that supports the superannuation income stream at the end of the period within which the commutation authority mentioned in that subsection was required to be complied with	at the end of the period within which the commutation authority mentioned in that subsection was required to be complied with
6	a *superannuation income stream of which you were a *retirement phase recipient stops being a superannuation income stream that is in the *retirement phase at a time (the stop time ), but items 1 and 5 do not apply	the *value of the *superannuation interest that supported the superannuation income stream just before the stop time	at the stop time
7	the Commissioner gives you a notice under section 136-70 in Schedule 1 to the Taxation Administration Act 1953 (about non-commutable excess transfer balance)	the amount of the *excess transfer balance stated in the notice	at the time the Commissioner issues the notice
8	a *transfer balance debit arises under regulations made for the purposes of this item	the amount of the debit worked out in accordance with the regulations	at the time specified in the regulations

Structured settlement contributions

294-80(2)    
Each of the following is a structured settlement contribution in respect of you:

(a) a contribution to a *complying superannuation plan in respect of you that is covered under section 292-95 (about structured settlements or orders for personal injuries);

(b) a contribution to a complying superannuation plan in respect of you that would be covered under section 292-95 if:

(i) the section applied to contributions made before 10 May 2006; and

(ii) paragraphs 292-95(1)(b) and (d) were disregarded.

Regulations may provide for exceptions

294-80(3)    

The regulations may provide that an item of the table in subsection (1) does not apply to a class of *superannuation income streams specified in the regulations.