Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p20
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 20/64)
Character Range: 449373–452034

if remedied in first 6 months
294‑55 Repayment of limited recourse borrowing arrangements
294‑80 Structured settlement contributions made before 1 July 2017—debit increased to match credits

294‑10  Application of Division 294 of the Income Tax Assessment Act 1997
 (1) Division 294 of the Income Tax Assessment Act 1997 applies on and after 1 July 2017.
 (2) Subject to section 294‑55, the amendments of Division 294 of the Income Tax Assessment Act 1997 made by Schedule 1 to the Treasury Laws Amendment (2017 Measures No. 2) Act 2017 apply on and after 1 July 2017.

294‑30  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).

294‑55  Repayment of limited recourse borrowing arrangements
 (1) Despite subsection 294‑10(2), a transfer balance credit arises under item 4 of the table in subsection 294‑25(1) of the Income Tax Assessment Act 1997 only in relation to a borrowing that arises under a contract entered into on or after 1 July 2017.
 (2) For the purposes of subsection (1), a borrowing (the new borrowing) that arises under a contract entered into on or after 1 July 2017 is treated as if it arose under a contract entered into before 1 July 2017 if:
 (a) the new borrowing is a refinancing of a borrowing (the old borrowing) that was made under a contract:
 (i) entered into before 1 July 2017; and
 (ii) covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and
 (b) the new borrowing is secured by the same asset or assets as the old borrowing; and
 (c) the amount of the new borrowing at the time it is first made equals, or is less than, the outstanding balance on the old borrowing just before the refinancing.

294‑80  Structured settlement contributions made before 1 July 2017—debit increased to match credits
 (1)