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 *superannuation fund that is covered by subsection (4) 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)  
A *complying superannuation fund is covered by this subsection at a time if any of the following requirements are satisfied:


(a) the fund is a *self managed superannuation fund at the time;


(b) there are less than 5 *members of the fund at the time.


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