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 294-80.02   DEBIT IN TRANSFER BALANCE ACCOUNT - REDUCTION IN AMOUNT OF SUPERANNUATION INCOME STREAM BENEFIT  

294-80.02(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 or were a retirement phase recipient of a deferred superannuation income stream mentioned in subsection 307-205.02C(1) of this instrument supported by a superannuation interest; and

(b)    but for section 294-80.03 of this instrument, a transfer balance debit would arise at a time under item 5 or 6 of the table in subsection 294-80(1) of the Act in your transfer balance account because of the superannuation income stream.

294-80.02(2)    
The amount of the debit is the total amount of the superannuation benefits that would be payable if you voluntarily caused the superannuation interest to cease at that time.

294-80.02(3)    
The debit arises at that time.