INCOME TAX ASSESSMENT ACT 1997
The following table sets out when a credit arises in your *transfer balance account and the amount of the credit. The credit is called a transfer balance credit .
|Credits in the transfer balance account|
|Item||If:||A credit of:||Arises:|
|1||just before 1 July 2017, you are the *retirement phase recipient of a *superannuation income stream||the *value, just before 1 July 2017, of the *superannuation interest that supports the superannuation income stream||on the later of:
(a) 1 July 2017; and
(b) if you are a reversionary beneficiary - the last day of the period of 12 months beginning on the day a *superannuation income stream benefit first becomes payable from the income stream
|2||on a day (the starting day ) on or after 1 July 2017, you start to be the *retirement phase recipient of a *superannuation income stream||the *value on the starting day of the *superannuation interest that supports the superannuation income stream||(a) on the starting day, unless paragraph (b) applies; or
(b) if you are a reversionary beneficiary - at the end of the period of 12 months beginning on the starting day
|3||you have *excess transfer balance at the end of a day||your *excess transfer balance earnings for that day||at the start of the next day|
|4||a *transfer balance credit arises under section 294-55 because of a repayment of a limited recourse borrowing arrangement||the amount of the credit specified in section 294-55||at the time provided by section 294-55|
|5||a *transfer balance credit arises under regulations made for the purposes of this item||the amount of the credit worked out in accordance with the regulations||at the time specified in the regulations|
The amount of the transfer balance credit is modified for certain capped defined benefit income streams: see Subdivision 294-D .
For the meaning of excess transfer balance earnings , see section 294-235 .
If a payment split applies to payments from the superannuation income stream, a debit arises under section 294-90 .
Despite item 3 of the table in subsection (1), no credit arises in your *transfer balance account under that item because of *excess transfer balance at the end of a day if the day is in the period:
(a) starting on the day the Commissioner makes an *excess transfer balance determination in respect of you; and
(b) ending on:
(i) unless subparagraph (ii) applies - the first day on which the sum of all *transfer balance debits arising in your *transfer balance account since the determination was issued equals or exceeds the *crystallised reduction amount; or
(ii) if a *transfer balance credit arises in your transfer balance account before the day mentioned in subparagraph (i) - the day on which that credit arises.
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.