Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-D - Modifications for certain defined benefit income streams  

SECTION 294-145.01   TRANSFER BALANCE DEBITS - DETERMINING DEBIT VALUE OF A SUPERANNUATION INTEREST  

294-145.01(1)    
For the purposes of subsection 294-145(7) of the Act, the debit value , at a particular time, of a superannuation interest that supports an income stream that is, or was at any time, a superannuation income stream prescribed by section 294-130.01 of this instrument, is:

(a)    the amount of the transfer balance credit that arose in your transfer balance account in respect of the income stream; 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 that time.

294-145.01(2)    
Subsection (1) does not apply to a superannuation interest covered by subsection (3).

294-145.01(3)    
This subsection covers a superannuation interest that supports an income stream that is, or was at any time, a superannuation income stream prescribed by section 294-130.01 to which subsection 294-130.01(5) applies.

294-145.01(4)    
For the purposes of subsection 294-145(7) of the Act, the debit value , at a particular time, of a superannuation interest covered by subsection (3) of this section is the amount worked out in respect of that time under subsection 294-145(6) of the Act.

294-145.01(5)    
For the purposes of subsection (4) of this section, treat the reference in subsection 294-145(6) of the Act to a capped defined benefit income stream covered by any of items 3 to 7 of the table in subsection 294-130(1) as instead being a reference to the income stream mentioned in subsection (3) of this section.