Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-B - Transfer balance account  

SECTION 294-25.01   CREDIT IN TRANSFER BALANCE ACCOUNT - PAYMENT OF CONSIDERATION FOR INTEREST SUPPORTING DEFERRED SUPERANNUATION INCOME STREAM  

294-25.01(1)    
For the purposes of item 5 of the table in subsection 294-25(1) of the Act, a transfer balance credit arises under this section in your transfer balance account if:

(a)    you are the retirement phase recipient of a superannuation income stream; and

(b)    the superannuation income stream is a deferred superannuation income stream; and

(c)    after you start to be the retirement phase recipient of the superannuation income stream, you pay an amount of consideration for the superannuation interest that supports the superannuation income stream.

294-25.01(2)    
The amount of the credit is the amount of the consideration.

294-25.01(3)    
The credit arises at the time you pay the consideration.