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 294-95  

294-95   Payment splits - no double debiting  

If a *transfer balance debit, worked out by reference to a particular proportion, arises in your *transfer balance account because a *superannuation interest is subject to a *payment split, each of the following debits arising in your account at a later time in respect of the same interest is to be reduced by the same proportion:

(a) a debit that arises under item 1 of the table in subsection 294-80(1) (about commutations), but only if the commuted income stream is a *capped defined benefit income stream;

(b) a debit that arises under item 3 of that table (about events that result in reduced superannuation);

(c) a debit that arises under item 5 or 6 of that table (about income streams that stop being in the retirement phase).