Document ID: chunk:federal_register_of_legislation:C2017A00055:clause:1_6
Version: federal_register_of_legislation:C2017A00055
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 7248–8380

6  At the end of Subdivision 294‑B
Add:

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 *superannuation fund that is covered by subsection (4) 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.
 (4) A *complying superannuation fund is covered by this subsection at a time if any of the following requirements are satisfied:
 (a) the fund is a *self managed superannuation fund at the time;
 (b) there are less than 5 *members of the fund at the time.