(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.