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 294-85   Certain events that result in reduced superannuation  

294-85(1)    
A *transfer balance debit arises in your *transfer balance account if:

(a) subsection (2) or (5) provides that the debit arises; and

(b) you notify the Commissioner in the *approved form that the debit has arisen.

Fraud or dishonesty

294-85(2)    
A debit arises if:

(a) a loss is suffered by a *superannuation income stream provider; and

(b) as a result, the *value of the *superannuation interest that supports a *superannuation income stream of which you are the *retirement phase recipient is reduced; and

(c) the loss is a result of fraud or dishonesty; and

(d) an individual has been convicted of an offence involving that fraud or dishonesty.

294-85(3)    
The amount of the debit equals the amount by which the *value of the *superannuation interest is reduced as a result of the loss.

294-85(4)    
The debit arises at the time of the loss.

Payments under section 139ZQ of the Bankruptcy Act 1966

294-85(5)    
A debit arises if:

(a) an amount is paid in compliance with a notice given under section 139ZQ of the Bankruptcy Act 1966 ; and

(b) as a result, the *value of a *superannuation interest that supports a *superannuation income stream of which you are the *retirement phase recipient is reduced.

294-85(6)    
The amount of the debit is the amount paid to the trustee in bankruptcy.

294-85(7)    
The debit arises at the time of the payment.