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) (b) at the start of the day you first start to have a *transfer balance account.
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