Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-C - Transfer balance debits  

Operative provisions

SECTION 294-85   Certain events that result in reduced superannuation  

294-85(1)  
A *transfer balance debit arises in your *transfer balance account if:


(a) subsection (2) or (5) provides that the debit arises; and


(b) you notify the Commissioner in the *approved form that the debit has arisen. Fraud or dishonesty

294-85(2)  
A debit arises if:


(a) a loss is suffered by a *superannuation income stream provider; and


(b) as a result, the *value of the *superannuation interest that supports a *superannuation income stream of which you are the *retirement phase recipient is reduced; and


(c) the loss is a result of fraud or dishonesty; and


(d) an individual has been convicted of an offence involving that fraud or dishonesty.

294-85(3)  
The amount of the debit equals the amount by which the *value of the *superannuation interest is reduced as a result of the loss.

294-85(4)  
The debit arises at the time of the loss. Payments under section 139ZQ of the Bankruptcy Act 1966

294-85(5)  
A debit arises if:


(a) an amount is paid in compliance with a notice given under section 139ZQ of the Bankruptcy Act 1966 ; and


(b) as a result, the *value of a *superannuation interest that supports a *superannuation income stream of which you are the *retirement phase recipient is reduced.

294-85(6)  
The amount of the debit is the amount paid to the trustee in bankruptcy.

294-85(7)  
The debit arises at the time of the payment.


 

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