INCOME TAX ASSESSMENT ACT 1997
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 .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.
For transfer balance debits , see Subdivision 294-C .
There is no consequence for having a negative transfer balance.
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