Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
Your excess transfer balance earnings for a day is worked out by multiplying the rate mentioned in subsection (2) for that day by the amount of your *excess transfer balance at the end of that day. 294-235(2)
The rate is the lower of:
(a) the rate worked out under subsection 8AAD(1) of the Taxation Administration Act 1953 for the day; and
(b) a rate determined under subsection (3) for the day. 294-235(3)
The Minister may, by legislative instrument, determine a rate for a day.
Division 294
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Transfer balance cap
Subdivision 294-F
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Excess transfer balance tax
Operative provisions
SECTION 294-235
Your excess transfer balance earnings
294-235(1)
Your excess transfer balance earnings for a day is worked out by multiplying the rate mentioned in subsection (2) for that day by the amount of your *excess transfer balance at the end of that day. 294-235(2)
The rate is the lower of:
(a) the rate worked out under subsection 8AAD(1) of the Taxation Administration Act 1953 for the day; and
(b) a rate determined under subsection (3) for the day. 294-235(3)
The Minister may, by legislative instrument, determine a rate for a day.
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