Income Tax Assessment (1997 Act) Regulations 2021
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
Division 294
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Transfer balance cap
Subdivision 294-B
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Transfer balance account
SECTION 294-25.03
CREDIT IN TRANSFER BALANCE ACCOUNT
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CAPPED DEFINED BENEFIT INCOME STREAMS: TRANSFERS TO SUCCESSOR FUNDS
294-25.03(1)
For the purposes of item 5 of the table in subsection 294-25(1) of the Act, a transfer balance credit arises under this section in your transfer balance account if you start to be the retirement phase recipient of a capped defined benefit income stream (the new stream ) in the following circumstances: (a) the new stream arises as a direct result of the payment of an involuntary roll-over superannuation benefit to a successor fund by a fund that provided a capped defined benefit income stream (the old stream ); (b) you were a retirement phase recipient of the old stream immediately before the transfer; (c) as part of the transfer, all superannuation income stream benefits cease to be payable from the old stream; (d) because all superannuation income stream benefits cease to be payable from the old stream, the old stream stops being a superannuation income stream that is in the retirement phase; (e) because the old stream stops being a superannuation income stream that is in the retirement phase, a transfer balance debit arises in your transfer balance account under item 6 of the table in subsection 294-80(1) of the Act in respect of the old stream.
294-25.03(2)
The amount of the credit is the amount of the transfer balance debit mentioned in paragraph (1)(e) .
294-25.03(3)
The credit arises on the day you start to be the retirement phase recipient of the new stream.
294-25.03(4)
For the purposes of subsection 294-25(3) of the Act, item 2 of the table in subsection 294-25(1) of the Act does not apply to a superannuation income stream if a transfer balance credit arises under this section in respect of the superannuation income stream.
For the purposes of item 5 of the table in subsection 294-25(1) of the Act, a transfer balance credit arises under this section in your transfer balance account if you start to be the retirement phase recipient of a capped defined benefit income stream (the new stream ) in the following circumstances: (a) the new stream arises as a direct result of the payment of an involuntary roll-over superannuation benefit to a successor fund by a fund that provided a capped defined benefit income stream (the old stream ); (b) you were a retirement phase recipient of the old stream immediately before the transfer; (c) as part of the transfer, all superannuation income stream benefits cease to be payable from the old stream; (d) because all superannuation income stream benefits cease to be payable from the old stream, the old stream stops being a superannuation income stream that is in the retirement phase; (e) because the old stream stops being a superannuation income stream that is in the retirement phase, a transfer balance debit arises in your transfer balance account under item 6 of the table in subsection 294-80(1) of the Act in respect of the old stream.
294-25.03(2)
The amount of the credit is the amount of the transfer balance debit mentioned in paragraph (1)(e) .
294-25.03(3)
The credit arises on the day you start to be the retirement phase recipient of the new stream.
294-25.03(4)
For the purposes of subsection 294-25(3) of the Act, item 2 of the table in subsection 294-25(1) of the Act does not apply to a superannuation income stream if a transfer balance credit arises under this section in respect of the superannuation income stream.
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