Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:1_7:p3
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 3/8)
Character Range: 38578–41371

*value of the *superannuation interest that supports the *capped defined benefit income stream.

Debit for payment split
 (3) Item 4 of the table in subsection 294‑80(1) (about a debit for a payment split) applies in relation to a *capped defined benefit income stream as if the reference in section 294‑90 to the *value of the *superannuation interest were a reference to the *debit value of the superannuation interest.

Debits for loss of earnings exemption
 (4) Items 5 and 6 of the table in subsection 294‑80(1) apply in relation to an income stream that is, or was, a *capped defined benefit income stream as if the reference in the item to the *value of a *superannuation interest were a reference to the *debit value of the superannuation interest.

Meaning of debit value
 (5) The debit value, at a particular time, of a *superannuation interest that supports an income stream that is, or was at any time, a *capped defined benefit income stream covered by item 1 or 2 of the table in subsection 294‑130(1), is:
 (a) the amount of the *transfer balance credit that arose in your *transfer balance account in respect of the income stream; less
 (b) the amount of any *transfer balance debits (apart from debits arising under item 4 of the table in subsection 294‑80(1)) that have arisen in your transfer balance account in respect of the income stream before that time.
 (6) The debit value, at a particular time, of a *superannuation interest that supports an income stream that is, or was at any time, a *capped defined benefit income stream covered by any of items 3 to 7 of the table in subsection 294‑130(1) is the *special value of the interest at that time.

Regulations
 (7) The regulations may specify a method for determining the debit value of a *superannuation interest that supports a *superannuation income stream prescribed by regulations made for the purposes of subsection 294‑130(2).

Subdivision 294‑E—Modifications for death benefits dependants who are children

Guide to Subdivision 294‑E

294‑170  What this Subdivision is about

      If you are a death benefits dependant, and a child, you are not required to use your retirement transfer balance cap to receive a death benefits income stream.
      However, there is a cap on the total amount of your death benefits income streams that receives the earnings tax exemption.
      This cap is based on the deceased's superannuation interests in the retirement phase, or, if the deceased did not have any superannuation interests in the retirement phase, on the transfer balance cap.

Table of sections

Operative provisions
294‑175 When this Subdivision applies
294‑180 Transfer balance account ends
294‑185 Transfer balance cap—special rule for child recipient
294‑190 Cap increment—child recipient just before