Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-B - Transfer balance account  

Operative provisions

SECTION 294-55   Repayment of limited recourse borrowing arrangement  

294-55(1)    
A * transfer balance credit arises in your * transfer balance account if:

(a)    a * superannuation provider makes a payment in respect of a * borrowing under an * arrangement that is covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and

(b)    as a result, there is an increase in the * value of a * superannuation interest that supports a * superannuation income stream of which you are the * retirement phase recipient; and

(c)    

the superannuation interest is in a * small superannuation fund at the time of the payment.

294-55(2)    
The amount of the credit is the amount of the increase in * value.

294-55(3)    
The credit arises at the time of the payment.

294-55(4)    
(Repealed by No 47 of 2021)