Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 294.85

  (1)   A * transfer balance debit arises in your * transfer balance account if:

  (a)   subsection   (2) or (5) provides that the debit arises; and

  (b)   you notify the Commissioner in the * approved form that the debit has arisen.

Fraud or dishonesty

  (2)   A debit arises if:

  (a)   a loss is suffered by a * superannuation income stream provider; and

  (b)   as a result, the * value of the * superannuation interest that supports a * superannuation income stream of which you are the * retirement phase recipient is reduced; and

  (c)   the loss is a result of fraud or dishonesty; and

  (d)   an individual has been convicted of an offence involving that fraud or dishonesty.

  (3)   The amount of the debit equals the amount by which the * value of the * superannuation interest is reduced as a result of the loss .

  (4)   The debit arises at the time of the loss.

Payments under section   139ZQ of the Bankruptcy Act 1966

  (5)   A debit arises if:

  (a)   an amount is paid in compliance with a notice given under section   139ZQ of the Bankruptcy Act 1966 ; and

  (b)   as a result, the * value of a * superannuation interest that supports a * superannuation income stream of which you are the * retirement phase recipient is reduced.

  (6)   The amount of the debit is the amount paid to the trustee in bankruptcy.

  (7)   The debit arises at the time of the payment.