Commonwealth Consolidated Regulations

INCOME TAX ASSESSMENT (1997 ACT) REGULATIONS 2021 - REG 294.80.02B

  (1)   For the purposes of item   8 of the table in subsection   294 - 80(1) of the Act, a transfer balance debit arises under this section in your transfer balance account if:

  (a)   a credit arose in your transfer balance account under item   1 or 2 of the table in subsection   294 - 25(1) of the Act in respect of a superannuation income stream; and

  (b)   the superannuation income stream was supported by a superannuation interest covered by subsection   294 - 135.01(6) of this instrument; and

  (c)   the superannuation income stream ceases; and

  (d)   the cessation does not give rise to a transfer balance debit in your transfer balance account (disregarding this subsection).

  (2)   The amount of the debit is:

  (a)   the amount of the credit mentioned in paragraph   (1)(a) of this section; less

  (b)   the amount of any transfer balance debits (apart from debits arising under item   4 of the table in subsection   294 - 80(1) of the Act) that have arisen in your transfer balance account in respect of the income stream before the time the debit arises.

  (3)   The debit arises when the superannuation income stream ceases, as mentioned in paragraph   (1)(c).