Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:1_3:p1
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 1/3)
Character Range: 14575–17506

3                                        you have *excess transfer balance at the end of a day                                                                                    your *excess transfer balance earnings for that day                                                                  at the start of the next day

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.

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 transfer balance cap for a later *financial year is equal to your transfer balance cap for the previous year, subject to section 294‑40 (which is about proportional indexation).
 (3) The general transfer balance cap is:
 (a) for the 2017‑2018 *financial