Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 294.140

  (1)   Despite section   294 - 30, you have excess transfer balance at a particular time if, at that time, the * transfer balance in your * transfer balance account:

  (a)   exceeds your * transfer balance cap at that time; and

  (b)   exceeds your capped defined benefit balance from subsection   (3) of this section at that time.

  (2)   The amount of the excess transfer balance is the lesser of the 2 excesses.

Note:   For modifications of the tax treatment of benefits paid from capped defined benefit income streams, see Subdivision   303 - A.

Your capped defined benefit balance

  (3)   You have an amount under this subsection   (a capped defined benefit balance ) at a time equal to:

  (a)   the sum of the * transfer balance credits in your * transfer balance account at that time in respect of * capped defined benefit income streams; less

  (b)   the sum of the * transfer balance debits (if any) in your transfer balance account at that time in respect of capped defined benefit income streams.