Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-D - Superannuation interests  

SECTION 307-230   Total superannuation balance  

307-230(1)  
Your total superannuation balance , at a particular time, is the sum of the following:


(a) if you have one or more *superannuation interests that are not in the *retirement phase - the *accumulation phase values, at that time, of each such interest;


(b) if you have a *transfer balance account - the *transfer balance of the account at that time (but not less than nil);


(c) the amount of each *roll-over superannuation benefit:


(i) paid at or before that time; and

(ii) received by the *complying superannuation plan, or the entity from which the *superannuation annuity is being purchased, after that time; and

(iii) not reflected in the value in paragraph (a) or the balance in paragraph (b);


(d) if you have an LRBA amount under section 307-231 (about limited recourse borrowing arrangements) in relation to one or more *regulated superannuation funds - the LRBA amounts for each such regulated superannuation fund.

Modification for structured settlement contributions

307-230(2)  
However, if a *structured settlement contribution is made at or before a time in respect of you, your total superannuation balance at that time is modified by:


(a) if you do not have a *transfer balance account - reducing the sum worked out under subsection (1) by the sum of any such structured settlement contributions; and


(b) if you have a transfer balance account:


(i) first, working out the *transfer balance mentioned in paragraph (1)(b) disregarding the operation of item 2 of the table in subsection 294-80(1) ; and

(ii) then, reducing the sum worked out under subsection (1) (having regard to subparagraph (i) of this paragraph) by the sum of any such structured settlement contributions.
Modification for account-based income streams

307-230(3)  
For the purposes of working out the *transfer balance mentioned in paragraph (1)(b):


(a) if a *transfer balance credit has arisen, at or before that time, in your *transfer balance account in respect of a *superannuation income stream covered by subsection (4) - disregard the operation of the following provisions in relation to the superannuation income stream:


(i) items 1 and 2 of the table in subsection 294-25(1) ;

(ii) items 1, 3, 4, 5 and 6 of the table in subsection 294-80(1) ; and


(b) if, at that time, you have a *superannuation interest that supports a superannuation income stream covered by subsection (4) of this section - increase the amount of that balance by the total amount of the *superannuation benefits that would become payable if:


(i) you had the right to cause the superannuation interest to cease at that time; and

(ii) you voluntarily caused the superannuation interest to cease at that time.

307-230(4)  
This subsection covers a *superannuation income stream that is any of the following:


(a) an *allocated annuity;


(b) an *allocated pension;


(c) an allocated pension (within the meaning of the Retirement Savings Accounts Regulations 1997 );


(d) an *account-based annuity;


(e) an account-based pension (within the meaning of the Superannuation Industry (Supervision) Regulations 1994 );


(f) an account based pension (within the meaning of the Retirement Savings Accounts Regulations 1997 );


(g) a market linked annuity (within the meaning of the Superannuation Industry (Supervision) Regulations 1994 );


(h) a market linked pension (within the meaning of the Superannuation Industry (Supervision) Regulations 1994 );


(i) a market linked pension (within the meaning of the Retirement Savings Accounts Regulations 1997 ).


 

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