Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If there is an * excess transfer balance period for your * transfer balance account, you are liable to pay * excess transfer balance tax imposed by the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 for the period.
Note: The amount of the tax is set out in the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 .
(2) An excess transfer balance period for a * transfer balance account is a continuous period of one or more days during which, at the end of each day, there is * excess transfer balance in the account.
(3) Your * excess transfer balance tax is worked out by reference to the sum of:
(a) your * excess transfer balance earnings for each day in the * excess transfer balance period; and
(b) for each day in the excess transfer balance period that is
also a day in the period mentioned in subsection 294 - 25(2) (the
determination period )--the amount worked out by multiplying the rate
mentioned in subsection 294 - 235(2) for the day by the sum of your
excess transfer balance earnings for each previous day in the determination
period.