Income Tax Assessment Act 1997
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Hide history noteSECTION 294-85 Certain events that result in reduced superannuation 294-85(1)
A *transfer balance debit arises in your *transfer balance account if:
(a) subsection (2) or (5) provides that the debit arises; and
(b) you notify the Commissioner in the *approved form that the debit has arisen.
Fraud or dishonesty
294-85(2)
A debit arises if:
(a) a loss is suffered by a *superannuation income stream provider; and
(b) as a result, the *value of the *superannuation interest that supports a *superannuation income stream of which you are the *retirement phase recipient is reduced; and
(c) the loss is a result of fraud or dishonesty; and
(d) an individual has been convicted of an offence involving that fraud or dishonesty.
294-85(3)
The amount of the debit equals the amount by which the *value of the *superannuation interest is reduced as a result of the loss.
294-85(4)
The debit arises at the time of the loss.
Payments under section 139ZQ of the Bankruptcy Act 1966
294-85(5)
A debit arises if:
(a) an amount is paid in compliance with a notice given under section 139ZQ of the Bankruptcy Act 1966 ; and
(b) as a result, the *value of a *superannuation interest that supports a *superannuation income stream of which you are the *retirement phase recipient is reduced.
294-85(6)
The amount of the debit is the amount paid to the trustee in bankruptcy.
294-85(7)
The debit arises at the time of the payment.
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