Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p21
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 21/64)
Character Range: 451782–454660

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) 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.

Subdivision 294‑B—CGT relief

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

294‑100  Object
The object of this Subdivision is to provide temporary relief from certain capital gains that might arise as a result of individuals complying with the following legislative changes:
 (a) the introduction of a transfer balance cap (as a result of Schedule 1 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016);
 (b) the exclusion of transition to retirement income streams (and similar income streams) from being superannuation income streams in the retirement phase (as a result of Schedule 8 to that Act).

294‑105  Interpretation
  In this Subdivision:
pre‑commencement period means the period:
 (a) starting on the start of the day on which the Bill that became the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 was introduced into the House of Representatives; and
 (b) ending just before 1 July 2017.

294‑110  Segregated current pension assets
 (1) This section applies if:
 (a) at the start of the pre‑commencement period, a CGT asset of a fund is a segregated current pension asset of the fund; and
 (b) either:
 (i) at a time (the cessation time) in the pre‑commencement period, the asset ceases to be a segregated current pension asset of the fund; or
 (ii) at the start of 1 July 2017 (also the cessation time), the asset ceases