Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 1/4)
Character Range: 4558322–4561218

5                                        a *transfer balance credit arises under regulations made for the purposes of this item                                                   the amount of the credit worked out in accordance with the regulations                                               at the time specified in the regulations

Note 1: The amount of the transfer balance credit is modified for certain capped defined benefit income streams: see Subdivision 294‑D.
Note 2: For the meaning of excess transfer balance earnings, see section 294‑235.
Note 3: If a payment split applies to payments from the superannuation income stream, a debit arises under section 294‑90.

No crediting of earnings if determination issued
 (2) Despite item 3 of the table in subsection (1), no credit arises in your *transfer balance account under that item because of *excess transfer balance at the end of a day if the day is in the period:
 (a) starting on the day the Commissioner makes an *excess transfer balance determination in respect of you; and
 (b) ending on:
 (i) unless subparagraph (ii) applies—the first day on which the sum of all *transfer balance debits arising in your *transfer balance account since the determination was issued equals or exceeds the *crystallised reduction amount; or
 (ii) if a *transfer balance credit arises in your transfer balance account before the day mentioned in subparagraph (i)—the day on which that credit arises.
Note: For provisions about excess transfer balance determinations, see Division 136 in Schedule 1 to the Taxation Administration Act 1953.

Regulations may provide for exceptions
 (3) The regulations may provide that an item of the table in subsection (1) does not apply to a class of *superannuation income streams specified in the regulations.

294‑30  Excess transfer balance
 (1) You have excess transfer balance at a particular time if, at that time, the *transfer balance in your *transfer balance account exceeds your *transfer balance cap at that time. The amount of the excess transfer balance is the amount of the excess.
Note: There is a modification for certain capped defined benefit income streams: see Subdivision 294‑D.
 (2) The transfer balance in your *transfer balance account at a time equals:
 (a) the sum of the *transfer balance credits in the account at that time; less
 (b) the sum of the *transfer balance debits (if any) in the account at that time.
Note 1: For transfer balance debits, see Subdivision 294‑C.
Note 2: There is no consequence for having a negative transfer balance.

294‑35  Your transfer balance cap
 (1) Your transfer balance cap for the *financial year in which you first start to have a *transfer balance account is equal to the *general transfer balance cap for that financial year.
Note: The amount of the transfer balance cap is modified for child recipients: see Subdivision 294‑E.
 (2) Your