Income Tax (Transitional Provisions) Act 1997
This section applies to you if:
(a) on 1 July 2017, a transfer balance debit arose in your transfer balance account under item 2 of the table in subsection 294-80(1) of the Income Tax Assessment Act 1997 ; and
(b) the sum of all the transfer balance credits that arise in your transfer balance account under item 1 of the table in subsection 294-25(1) of that Act exceeds the amount that would, apart from this section, be the amount of that debit. 294-80(2)
Despite column 2 of item 2 of the table in subsection 294-80(1) of the Income Tax Assessment Act 1997 , the amount of the transfer balance debit is instead equal to the sum worked out under paragraph (1)(b) of this section.
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