Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-C - Transfer balance debits  

SECTION 294-80.02B   DEBIT IN TRANSFER BALANCE ACCOUNT - CERTAIN PERMANENT INCAPACITY PENSIONS  

294-80.02B(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).

294-80.02B(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.

294-80.02B(3)    
The debit arises when the superannuation income stream ceases, as mentioned in paragraph (1)(c) .

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