Income Tax Assessment Act 1997
A *transfer balance debit arises in your *transfer balance account if:
(a) subsection (2) provides that the debit arises; and
(b) the Commissioner is notified in the *approved form that the debit has arisen. Payment splits 294-90(2)
A debit arises if:
(a) a *superannuation interest is subject to a *payment split but remains an interest of the *member spouse; and
(b) the superannuation interest supports a *superannuation income stream that is in the *retirement phase; and
(c) as a result of the payment split, a proportion of all *superannuation income stream benefits from the income stream is to be paid to a *non-member spouse; and
(d) as a result, the member spouse and the non-member spouse are both *retirement phase recipients of the superannuation income stream. 294-90(3)
The amount of the debit is:
(a) if you are the *member spouse - the proportion mentioned in paragraph (2)(c); and
(b) if you are the *non-member spouse - the remaining proportion;
of the *value, on the day the debit arises, of the *superannuation interest that supports the *superannuation income stream affected by the *payment split.294-90(4)
The debit arises at the later of:
(a) the operative time (within the meaning of Part VIIIB of the Family Law Act 1975 ) for the *payment split; and
(b) at the start of the day you first start to have a *transfer balance account.
[ CCH Note: S 294-90(4) will be amended by No 112 of 2020, s 3 and Sch 3 item 42, by inserting " or VIIIC (as the case may be) " after " VIIIB " in para (a), effective on a single day to be fixed by Proclamation. A Proclamation must not specify a day that occurs before the day section 4 of the Commonwealth Powers (De Facto Relationships) Act 2006 (WA) commences.]
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