Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 9/12)
Character Range: 4600191–4602950

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 assessment of the amount of the *excess transfer balance tax.
Note: For assessments of excess transfer balance tax, see Division 155 in Schedule 1 to the Taxation Administration Act 1953.

294‑245  When tax is payable—amended assessments
  If the Commissioner amends your assessment, any extra *assessed excess transfer balance tax resulting from the amendment is due and payable 21 days after the day the Commissioner gives you notice of the amended assessment.

294‑250  General interest charge
  If an amount of *assessed excess transfer balance tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the *general interest charge on the unpaid amount for each day in the period that:
 (a) begins on the day on which the amount was due to be paid; and
 (b) ends on the last day on which, at the end of the day, any of the following remains unpaid:
 (i) the assessed excess transfer balance tax;
 (ii) general interest charge on any of the assessed excess transfer balance tax.
Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953.

Division 295—Taxation of superannuation entities

Table of Subdivisions
 Guide to Division 295
295‑A Provisions of general operation
295‑B Modifications of provisions of this Act
295‑C Contributions included
295‑D Contributions excluded
295‑E Other income amounts
295‑F Exempt income
295‑G Deductions
295‑H Components of taxable income
295‑I No‑TFN contributions
295‑J Tax offset for no‑TFN contributions income (TFN quoted within 5 years)

Guide to Division 295

295‑1  What this Division is about

      This Division sets out special rules about the taxation of superannuation entities.
      It sets out how to calculate the taxable income of those entities and to identify the components of that taxable income for the purpose of applying the appropriate tax rate.
      It sets out how to calculate