INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-A - Application of Division 294 of the Income Tax Assessment Act 1997  

SECTION 294-80   Structured settlement contributions made before 1 July 2017 - debit increased to match credits  

294-80(1)  
This section applies to you if:


(a) on 1 July 2017, a transfer balance debit arose in your transfer balance account under item 2 of the table in subsection 294-80(1) of the Income Tax Assessment Act 1997 ; and


(b) the sum of all the transfer balance credits that arise in your transfer balance account under item 1 of the table in subsection 294-25(1) of that Act exceeds the amount that would, apart from this section, be the amount of that debit.

294-80(2)  
Despite column 2 of item 2 of the table in subsection 294-80(1) of the Income Tax Assessment Act 1997 , the amount of the transfer balance debit is instead equal to the sum worked out under paragraph (1)(b) of this section.




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