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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 294.80

Structured settlement contributions made before 1 July 2017--debit increased to match credits

             (1)  This section applies to you if:

                     (a)  on 1 July 2017, a transfer balance debit arose in your transfer balance account under item 2 of the table in subsection 294-80(1) of the Income Tax Assessment Act 1997 ; and

                     (b)  the sum of all the transfer balance credits that arise in your transfer balance account under item 1 of the table in subsection 294-25(1) of that Act exceeds the amount that would, apart from this section, be the amount of that debit.

             (2)  Despite column 2 of item 2 of the table in subsection 294-80(1) of the Income Tax Assessment Act 1997 , the amount of the transfer balance debit is instead equal to the sum worked out under paragraph (1)(b) of this section.

Table of sections

294-100    Object

294-105    Interpretation

294-110    Segregated current pension assets

294-115    Superannuation funds using the proportionate method--deemed sale and purchase of CGT asset

294-120    Superannuation funds using the proportionate method--disregard initial capital gain but recognise deferred notional gain

294-125    Pooled superannuation trust using proportionate or alternative exemption method--deemed sale and purchase of CGT asset

294-130    Pooled superannuation trusts using proportionate or alternative exemption method--disregard initial capital gain but recognise deferred notional gain



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