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INCOME TAX ASSESSMENT ACT 1997 - SECT 294.140

Excess transfer balance--special rule for capped defined benefit income streams

             (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.



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