Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:1_7:p7
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 7/8)
Character Range: 48787–51616

interest, if:
 (a) a superannuation interest of the deceased was in the *retirement phase; and
 (b) on or after the death of the deceased, an amount of investment earnings is added to the superannuation interest;
the superannuation interest is taken to include that amount of investment earnings, except to the extent that the amount of investment earnings includes an amount paid under a policy of insurance on the life of the deceased or an amount arising from self‑insurance.

Subdivision 294‑F—Excess transfer balance tax

Guide to Subdivision 294‑F

294‑225  What this Subdivision is about
      This Subdivision neutralises the earnings tax exemption on retirement phase income streams that result in excess transfer balance.

Table of sections

Operative provisions
294‑230 Excess transfer balance tax
294‑235 Your excess transfer balance earnings
294‑240 When tax is payable—original assessments
294‑245 When tax is payable—amended assessments
294‑250 General interest charge

Operative provisions

294‑230  Excess transfer balance tax
 (1) If there is an *excess transfer balance period for your *transfer balance account, you are liable to pay *excess transfer balance tax imposed by the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 for the period.
Note: The amount of the tax is set out in the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016.
 (2) An excess transfer balance period for a *transfer balance account is a continuous period of one or more days during which, at the end of each day, there is *excess transfer balance in the account.
 (3) Your *excess transfer balance tax is worked out by reference to the sum of:
 (a) your *excess transfer balance earnings for each day in the *excess transfer balance period; and
 (b) for each day in the excess transfer balance period that is also a day in the period mentioned in subsection 294‑25(2) (the determination period)—the amount worked out by multiplying the rate mentioned in subsection 294‑235(2) for the day by the sum of your excess transfer balance earnings for each previous day in the determination period.

294‑235  Your excess transfer balance earnings
 (1) Your excess transfer balance earnings for a day is worked out by multiplying the rate mentioned in subsection (2) for that day by the amount of your *excess transfer balance at the end of that day.
  (2) The rate is the lower of:
 (a) the rate worked out under subsection 8AAD(1) of the Taxation Administration Act 1953 for the day; and
 (b) a rate determined under subsection (3) for the day.
 (3) The Minister may, by legislative instrument, determine a rate for a day.

294‑240  When tax is payable—original assessments
  Your *assessed excess transfer balance tax is due and payable at the end of 21 days after the Commissioner gives you notice of the