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(Repealed by No 47 of 2021)