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INCOME TAX ASSESSMENT ACT 1997 - SECT 294.230 Excess transfer balance tax

INCOME TAX ASSESSMENT ACT 1997 - SECT 294.230

Excess transfer balance tax

  (1)   If there is an * excess transfer balance period for your * transfer balance account, you are liable to pay * excess transfer balance tax imposed by the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 for the period.

Note:   The amount of the tax is set out in the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 .

  (2)   An excess transfer balance period for a * transfer balance account is a continuous period of one or more days during which, at the end of each day, there is * excess transfer balance in the account.

  (3)   Your * excess transfer balance tax is worked out by reference to the sum of:

  (a)   your * excess transfer balance earnings for each day in the * excess transfer balance period; and

  (b)   for each day in the excess transfer balance period that is also a day in the period mentioned in subsection   294 - 25(2) (the determination period )--the amount worked out by multiplying the rate mentioned in subsection   294 - 235(2) for the day by the sum of your excess transfer balance earnings for each previous day in the determination period.

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