Income Tax Assessment Act 1997
The following table sets out when a debit arises in your *transfer balance account and the amount of the debit. The debit is called a transfer balance debit .
|Debits in the transfer balance account|
|Item||If:||A debit of:||Arises:|
|1||you receive a *superannuation lump sum because a *superannuation income stream of which you are a *retirement phase recipient is commuted, in full or in part||the amount of the superannuation lump sum||at the time you receive the superannuation lump sum|
|2||a *structured settlement contribution is made in respect of you||the amount of the contribution||at the later of:
(a) the time the contribution is made; and
(b) the start of the day you first start to have a *transfer balance account
|3||a *transfer balance debit arises under section 294-85 because of an event that results in reduced superannuation||the amount of the debit specified in section 294-85||at the time provided by section 294-85|
|4||a *transfer balance debit arises under section 294-90 because of a payment split||the amount of the debit specified in section 294-90||at the time provided by section 294-90|
|5||a *superannuation income stream of which you are a *retirement phase recipient stops being in the *retirement phase under subsection 307-80(4)||the *value of the *superannuation interest that supports the superannuation income stream at the end of the period within which the commutation authority mentioned in that subsection was required to be complied with||at the end of the period within which the commutation authority mentioned in that subsection was required to be complied with|
|6||a *superannuation income stream of which you were a *retirement phase recipient stops being a superannuation income stream that is in the *retirement phase at a time (the stop time ), but items 1 and 5 do not apply||the *value of the *superannuation interest that supported the superannuation income stream just before the stop time||at the stop time|
|7||the Commissioner gives you a notice under section 136-70 in Schedule 1 to the Taxation Administration Act 1953 (about non-commutable excess transfer balance)||the amount of the *excess transfer balance stated in the notice||at the time the Commissioner issues the notice|
|8||a *transfer balance debit arises under regulations made for the purposes of this item||the amount of the debit worked out in accordance with the regulations||at the time specified in the regulations|
Each of the following is a structured settlement contribution in respect of you:
(a) a contribution to a *complying superannuation plan in respect of you that is covered under section 292-95 (about structured settlements or orders for personal injuries);
(b) a contribution to a complying superannuation plan in respect of you that would be covered under section 292-95 if:
(i) the section applied to contributions made before 10 May 2006; and
Regulations may provide for exceptions 294-80(3)
(ii) paragraphs 292-95(1)(b) and (d) were disregarded.
The regulations may provide that an item of the table in subsection (1) does not apply to a class of *superannuation income streams specified in the regulations.
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