INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997
This section applies for the purposes of working out the amount of your total superannuation balance just before 1 July 2017. 307-230(2)
The transfer balance mentioned in paragraph 307-230(1)(b) of the Income Tax Assessment Act 1997 just before 1 July 2017 is taken to be equal to:
(a) the sum of the transfer balance credits (if any) in your transfer balance account just after the start of 1 July 2017; less
(b) the sum of the transfer balance debits (if any) arising in your transfer balance account on 1 July 2017 under item 4 of the table in subsection 294-80(1) of that Act (about payment splits).
S 307-231 will be inserted by No 78 of 2019, s 3 and Sch 3 item 4, effective 1 January 2020. S 307-231 will read:
SECTION 307-231 Total superannuation balance
limited recourse borrowing arrangements
Section 307-231 of the Income Tax Assessment Act 1997 applies in relation to borrowings that arise under contracts entered into on or after 1 July 2018.
For the purposes of subsection (1), a borrowing (the new borrowing ) that arises under a contract entered into on or after 1 July 2018 is treated as if it arose under a contract entered into before 1 July 2018 if:
(a) the new borrowing is a refinancing of a borrowing (the old borrowing ) that was made under a contract:
(i) entered into before 1 July 2018; and
(ii) covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and
(b) the new borrowing is secured by the same asset or assets as the old borrowing; and
(c) the amount of the new borrowing at the time it is first made equals, or is less than, the outstanding balance on the old borrowing just before the refinancing.