Income Tax Assessment Act 1997



Division 294 - Transfer balance cap  

Subdivision 294-D - Modifications for certain defined benefit income streams  

Operative provisions

SECTION 294-140   Excess transfer balance - special rule for capped defined benefit income streams  

Despite section 294-30 , you have excess transfer balance at a particular time if, at that time, the *transfer balance in your *transfer balance account:

(a) exceeds your *transfer balance cap at that time; and

(b) exceeds your capped defined benefit balance from subsection (3) of this section at that time.

The amount of the excess transfer balance is the lesser of the 2 excesses.


For modifications of the tax treatment of benefits paid from capped defined benefit income streams, see Subdivision 303-A .

Your capped defined benefit balance

You have an amount under this subsection (a capped defined benefit balance ) at a time equal to:

(a) the sum of the *transfer balance credits in your *transfer balance account at that time in respect of *capped defined benefit income streams; less

(b) the sum of the *transfer balance debits (if any) in your transfer balance account at that time in respect of capped defined benefit income streams.


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