Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-D - Modifications for certain defined benefit income streams  

Operative provisions

SECTION 294-140   Excess transfer balance - special rule for capped defined benefit income streams  

294-140(1)    
Despite section 294-30 , you have excess transfer balance at a particular time if, at that time, the *transfer balance in your *transfer balance account:


(a) exceeds your *transfer balance cap at that time; and


(b) exceeds your capped defined benefit balance from subsection (3) of this section at that time.

294-140(2)    
The amount of the excess transfer balance is the lesser of the 2 excesses.

Note:

For modifications of the tax treatment of benefits paid from capped defined benefit income streams, see Subdivision 303-A .



Your capped defined benefit balance

294-140(3)    
You have an amount under this subsection (a capped defined benefit balance ) at a time equal to:


(a) the sum of the *transfer balance credits in your *transfer balance account at that time in respect of *capped defined benefit income streams; less


(b) the sum of the *transfer balance debits (if any) in your transfer balance account at that time in respect of capped defined benefit income streams.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.