Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-C - Transfer balance debits  

Operative provisions

SECTION 294-90   Payment splits  

294-90(1)    
A * transfer balance debit arises in your * transfer balance account if:

(a)    subsection (2) provides that the debit arises; and

(b)    the Commissioner is notified in the * approved form that the debit has arisen.

Payment splits

294-90(2)    
A debit arises if:

(a)    a * superannuation interest is subject to a * payment split but remains an interest of the * member spouse; and

(b)    the superannuation interest supports a * superannuation income stream that is in the * retirement phase; and

(c)    as a result of the payment split, a proportion of all * superannuation income stream benefits from the income stream is to be paid to a * non-member spouse; and

(d)    as a result, the member spouse and the non-member spouse are both * retirement phase recipients of the superannuation income stream.

294-90(3)    
The amount of the debit is:

(a)    if you are the * member spouse - the proportion mentioned in paragraph (2)(c) ; and

(b)    if you are the * non-member spouse - the remaining proportion;

of the * value, on the day the debit arises, of the * superannuation interest that supports the * superannuation income stream affected by the * payment split.

294-90(4)    
The debit arises at the later of:

(a)    

the operative time (within the meaning of Part VIIIB or VIIIC (as the case may be) of the Family Law Act 1975 ) for the * payment split; and

(b)    at the start of the day you first start to have a * transfer balance account.