Commonwealth Consolidated Acts

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Minor excess transfer balances disregarded if remedied in first 6 months

                   Despite sections 294-30 and 294-140 of the Income Tax Assessment Act 1997 (which are about when you have excess transfer balance), you do not have excess transfer balance in your transfer balance account on any day in the period of 6 months beginning on 1 July 2017 if:

                     (a)  the only transfer balance credits in the account in that period arose under item 1 of the table in subsection 294-25(1) of that Act (which is about superannuation income streams you have just before 1 July 2017); and

                     (b)  the sum of those transfer balance credits exceeds your transfer balance cap, but is less than or equal to $1,700,000; and

                     (c)  at the end of the period, the sum of all the transfer balance debits arising in your transfer balance account equals or exceeds the amount of the excess from paragraph (b).

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