Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

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History

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Division 294 - Transfer balance cap  

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History

Div 294 inserted by No 81 of 2016, s 3 and Sch 1 item 4, effective 1 January 2017. For application provision, see Subdiv 294-A of Income Tax (Transitional Provisions) Act 1997 .

Subdivision 294-B - Transfer balance account  

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History

Subdiv 294-B inserted by No 81 of 2016, s 3 and Sch 1 item 4, effective 1 January 2017. For application provision, see Subdiv 294-A of Income Tax (Transitional Provisions) Act 1997 .

Operative provisions

SECTION 294-30   Excess transfer balance  

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294-30(1)    
You have excess transfer balance at a particular time if, at that time, the *transfer balance in your *transfer balance account exceeds your *transfer balance cap at that time. The amount of the excess transfer balance is the amount of the excess.

Note:

There is a modification for certain capped defined benefit income streams: see Subdivision 294-D .

294-30(2)    
The transfer balance in your *transfer balance account at a time equals:

(a) the sum of the *transfer balance credits in the account at that time; less

(b) the sum of the *transfer balance debits (if any) in the account at that time.

Note 1:

For transfer balance debits , see Subdivision 294-C .

Note 2:

There is no consequence for having a negative transfer balance.

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History

S 294-30 inserted by No 81 of 2016, s 3 and Sch 1 item 4, effective 1 January 2017. For application provision, see Subdiv 294-A of Income Tax (Transitional Provisions) Act 1997 .

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