Income Tax Assessment Act 1997



Division 294 - Transfer balance cap  

Subdivision 294-B - Transfer balance account  

Operative provisions

SECTION 294-30   Excess transfer balance  

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.


There is a modification for certain capped defined benefit income streams: see Subdivision 294-D .

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.


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