INCOME TAX ASSESSMENT ACT 1997 - SECT 294.80 Transfer balance debits
INCOME TAX ASSESSMENT ACT 1997 - SECT 294.80
Transfer balance debits(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 | |
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
(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
(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.