Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 294.95

Payment splits--no double debiting

    If a * transfer balance debit, worked out by reference to a particular proportion, arises in your * transfer balance account because a * superannuation interest is subject to a * payment split, each of the following debits arising in your account at a later time in respect of the same interest is to be reduced by the same proportion:

  (a)   a debit that arises under item   1 of the table in subsection   294 - 80(1) (about commutations), but only if the commuted income stream is a * capped defined benefit income stream;

  (b)   a debit that arises under item   3 of that table (about events that result in reduced superannuation);

  (c)   a debit that arises under item   5 or 6 of that table (about income streams that stop being in the retirement phase).


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