Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-F - 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.