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 294-80.01   DEBIT IN TRANSFER BALANCE ACCOUNT - REDUCTION IN AMOUNT OF SUPERANNUATION INCOME STREAM BENEFIT  

294-80.01(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)    you are the retirement phase recipient of a superannuation income stream; and

(b)    the superannuation income stream is a capped defined benefit income stream that:

(i) is covered by item 1 or 2 of the table in subsection 294-130(1) of the Act; or

(ii) is prescribed by section 294-130.01 of this instrument (but is not a superannuation income stream to which subsection 294-130.01(5) of this instrument applies); and

(c)    you are entitled to receive a superannuation income stream benefit (the earlier benefit ) from the superannuation income stream at a time (the earlier time ); and

(d)    the amount of the next superannuation income stream benefit (the later benefit ) that you are entitled to receive from the superannuation income stream falls short of the amount of the earlier benefit; and

(e)    that shortfall is not attributable to any of the following:

(i) circumstances that cause a transfer balance debit to arise in your transfer balance account (other than because of this section);

(ii) a CPI adjustment in the amount of superannuation income stream benefits that you are entitled to receive from the superannuation income stream.

294-80.01(2)    
The amount of the debit is:

(a)    the special value, just before the earlier time, of the superannuation interest that supports the superannuation income stream; less

(b)    the special value, just before the time (the later time ) at which you are entitled to receive the later benefit, of that superannuation interest.

294-80.01(3)    
The debit arises at the later time.