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.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.