Income Tax Assessment Act 1997
Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Div 294 inserted by No 81 of 2016, s 3 and Sch 1 item 4, effective 1 January 2017. For application provision, see Subdiv 294-A of Income Tax (Transitional Provisions) Act 1997 .
Subdiv 294-B inserted by No 81 of 2016, s 3 and Sch 1 item 4, effective 1 January 2017. For application provision, see Subdiv 294-A of Income Tax (Transitional Provisions) Act 1997 .
SECTION 294-30 Excess transfer balance 294-30(1)
You have excess transfer balance at a particular time if, at that time, the *transfer balance in your *transfer balance account exceeds your *transfer balance cap at that time. The amount of the excess transfer balance is the amount of the excess.
Note:
There is a modification for certain capped defined benefit income streams: see Subdivision 294-D .
294-30(2)
The transfer balance in your *transfer balance account at a time equals:
(a) the sum of the *transfer balance credits in the account at that time; less
(b) the sum of the *transfer balance debits (if any) in the account at that time.
Note 1:
For transfer balance debits , see Subdivision 294-C .
Note 2:
There is no consequence for having a negative transfer balance.
S 294-30 inserted by No 81 of 2016, s 3 and Sch 1 item 4, effective 1 January 2017. For application provision, see Subdiv 294-A of Income Tax (Transitional Provisions) Act 1997 .
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