Income Tax Assessment Act 1997
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Hide history noteSECTION 294-55 Repayment of limited recourse borrowing arrangement 294-55(1)
A *transfer balance credit arises in your *transfer balance account if: (a) a *superannuation provider makes a payment in respect of a *borrowing under an *arrangement that is covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and (b) as a result, there is an increase in the *value of a *superannuation interest that supports a *superannuation income stream of which you are the *retirement phase recipient; and (c) the superannuation interest is in a *small superannuation fund at the time of the payment.
294-55(2)
The amount of the credit is the amount of the increase in *value.
294-55(3)
The credit arises at the time of the payment.
294-55(4)
(Repealed by No 47 of 2021)
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