Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 3/4)
Character Range: 4563465–4566323

294‑45  Transfer balance account ends
  The *transfer balance account ceases when the *retirement phase recipient dies.

294‑50  Assumptions about income streams
 (1) Subsections (2) and (3) apply for the purposes of working out the following matters at a time:
 (a) whether you have a *transfer balance account;
 (b) the *transfer balance in your transfer balance account.
 (2) In working out whether there is a superannuation income stream at a time:
 (a) have regard only to facts and circumstances that exist at that time; and
 (b) assume a requirement will be met, to the extent (if any) that:
 (i) the requirement arises under a provision of the *taxation law or under any rules or standards under which a benefit is, or is purported to be, provided; and
 (ii) meeting the requirement is a condition for there to be a superannuation income stream at that time; and
 (iii) it is not possible to determine, having regard only to facts and circumstances that exist at that time, whether or not the requirement has been met.
 (3) In working out whether a *superannuation income stream is in the retirement phase at a time, disregard the operation of subsection 307‑80(4), if the time is before the end of the 60‑day period mentioned in paragraph (c) of that subsection.

294‑55  Repayment of limited recourse borrowing arrangement
 (1) A *transfer balance credit arises in your *transfer balance account if:
 (a) a *superannuation provider makes a payment in respect of a *borrowing under an *arrangement that is covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and
 (b) as a result, there is an increase in the *value of a *superannuation interest that supports a *superannuation income stream of which you are the *retirement phase recipient; and
 (c) the superannuation interest is in a *small superannuation fund at the time of the payment.
 (2) The amount of the credit is the amount of the increase in *value.
 (3) The credit arises at the time of the payment.

Subdivision 294‑C—Transfer balance debits

Guide to Subdivision 294‑C

294‑75  What this Subdivision is about

      A debit arises in your transfer balance account when superannuation income streams that were previously credited (because they receive the earnings tax exemption) are reduced (other than by draw‑downs or investment losses) or lose the earnings tax exemption.
      A debit also arises in your transfer balance account when you make a contribution relating to a structured settlement or personal injury, or where certain events occur that result in you having reduced superannuation.

Table of sections

Operative provisions
294‑80 Transfer balance debits
294‑85 Certain events that result in reduced superannuation
294‑90 Payment splits
294‑95 Payment splits—no