Income Tax Assessment (1997 Act) Regulations 2021
For the purposes of item 8 of the table in subsection 294-80(1) of the Act, a transfer balance debit arises under this section in your transfer balance account if: (a) a credit arose in your transfer balance account under item 1 or 2 of the table in subsection 294-25(1) of the Act in respect of a superannuation income stream; and (b) the superannuation income stream was supported by a superannuation interest covered by subsection 294-135.01(6) of this instrument; and (c) the superannuation income stream ceases; and (d) the cessation does not give rise to a transfer balance debit in your transfer balance account (disregarding this subsection).
294-80.02B(2)
The amount of the debit is: (a) the amount of the credit mentioned in paragraph (1)(a) of this section; less (b) the amount of any transfer balance debits (apart from debits arising under item 4 of the table in subsection 294-80(1) of the Act) that have arisen in your transfer balance account in respect of the income stream before the time the debit arises.
294-80.02B(3)
The debit arises when the superannuation income stream ceases, as mentioned in paragraph (1)(c) .
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