Income Tax Assessment Act 1997
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Hide history noteSECTION 294-140 Excess transfer balance - special rule for capped defined benefit income streams 294-140(1)
Despite section 294-30 , you have excess transfer balance at a particular time if, at that time, the *transfer balance in your *transfer balance account:
(a) exceeds your *transfer balance cap at that time; and
(b) exceeds your capped defined benefit balance from subsection (3) of this section at that time.
294-140(2)
The amount of the excess transfer balance is the lesser of the 2 excesses.
Note:
For modifications of the tax treatment of benefits paid from capped defined benefit income streams, see Subdivision 303-A .
Your capped defined benefit balance
294-140(3)
You have an amount under this subsection (a capped defined benefit balance ) at a time equal to:
(a) the sum of the *transfer balance credits in your *transfer balance account at that time in respect of *capped defined benefit income streams; less
(b) the sum of the *transfer balance debits (if any) in your transfer balance account at that time in respect of capped defined benefit income streams.
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