Income Tax Assessment Act 1997
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Hide history noteSECTION 294-80 Transfer balance debits 294-80(1)
The following table sets out when a debit arises in your *transfer balance account and the amount of the debit. The debit is called a transfer balance debit .
| Debits in the transfer balance account | |||
| Item | If: | A debit of: | Arises: |
| 1 | you receive a *superannuation lump sum because a *superannuation income stream of which you are a *retirement phase recipient is commuted, in full or in part | the amount of the superannuation lump sum | at the time you receive the superannuation lump sum |
| 2 | a *structured settlement contribution is made in respect of you | the amount of the contribution | at the later of:
(a) the time the contribution is made; and (b) the start of the day you first start to have a *transfer balance account |
| 3 | a *transfer balance debit arises under section 294-85 because of an event that results in reduced superannuation | the amount of the debit specified in section 294-85 | at the time provided by section 294-85 |
| 4 | a *transfer balance debit arises under section 294-90 because of a payment split | the amount of the debit specified in section 294-90 | at the time provided by section 294-90 |
| 5 | a *superannuation income stream of which you are a *retirement phase recipient stops being in the *retirement phase under subsection 307-80(4) | the *value of the *superannuation interest that supports the superannuation income stream at the end of the period within which the commutation authority mentioned in that subsection was required to be complied with | at the end of the period within which the commutation authority mentioned in that subsection was required to be complied with |
| 6 | a *superannuation income stream of which you were a *retirement phase recipient stops being a superannuation income stream that is in the *retirement phase at a time (the stop time ), but items 1 and 5 do not apply | the *value of the *superannuation interest that supported the superannuation income stream just before the stop time | at the stop time |
| 7 | the Commissioner gives you a notice under section 136-70 in Schedule 1 to the Taxation Administration Act 1953 (about non-commutable excess transfer balance) | the amount of the *excess transfer balance stated in the notice | at the time the Commissioner issues the notice |
| 8 | a *transfer balance debit arises under regulations made for the purposes of this item | the amount of the debit worked out in accordance with the regulations | at the time specified in the regulations |
Structured settlement contributions
294-80(2)
Each of the following is a structured settlement contribution in respect of you:
(a) a contribution to a *complying superannuation plan in respect of you that is covered under section 292-95 (about structured settlements or orders for personal injuries);
(b) a contribution to a complying superannuation plan in respect of you that would be covered under section 292-95 if:
(i) the section applied to contributions made before 10 May 2006; and
(ii) paragraphs 292-95(1)(b) and (d) were disregarded.
Regulations may provide for exceptions
294-80(3)
The regulations may provide that an item of the table in subsection (1) does not apply to a class of *superannuation income streams specified in the regulations.
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