Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:5:p2
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 5 (pt 2/13)
Character Range: 95004–97830

stream if a transfer balance credit arises under this section in respect of the superannuation income stream.

Subdivision 294‑C—Transfer balance debits

294‑80.01  Debit in transfer balance account—reduction in amount of superannuation income stream benefit
 (1) For the purposes of item 8 of the table in subsection 294‑80(1) of the Act, a transfer balance debit arises under this section in your transfer balance account if:
 (a) you are the retirement phase recipient of a superannuation income stream; and
 (b) the superannuation income stream is a capped defined benefit income stream that:
 (i) is covered by item 1 or 2 of the table in subsection 294‑130(1) of the Act; or
 (ii) is prescribed by section 294‑130.01 of this instrument (but is not a superannuation income stream to which subsection 294‑130.01(5) of this instrument applies); and
 (c) you are entitled to receive a superannuation income stream benefit (the earlier benefit) from the superannuation income stream at a time (the earlier time); and
 (d) the amount of the next superannuation income stream benefit (the later benefit) that you are entitled to receive from the superannuation income stream falls short of the amount of the earlier benefit; and
 (e) that shortfall is not attributable to any of the following:
 (i) circumstances that cause a transfer balance debit to arise in your transfer balance account (other than because of this section);
 (ii)  a CPI adjustment in the amount of superannuation income stream benefits that you are entitled to receive from the superannuation income stream.
 (2) The amount of the debit is:
 (a) the special value, just before the earlier time, of the superannuation interest that supports the superannuation income stream; less
 (b) the special value, just before the time (the later time) at which you are entitled to receive the later benefit, of that superannuation interest.
 (3) The debit arises at the later time.

294‑80.02  Debit in transfer balance account—reduction in amount of superannuation income stream benefit
 (1) For the purposes of item 8 of the table in subsection 294‑80(1) of the Act, a transfer balance debit arises under this section in your transfer balance account if:
 (a) you are or were a retirement phase recipient of a deferred superannuation income stream mentioned in subsection 307‑205.02C(1) of this instrument supported by a superannuation interest; and
 (b) but for section 294‑80.03 of this instrument, a transfer balance debit would arise at a time under item 5 or 6 of the table in subsection 294‑80(1) of the Act in your transfer balance account because of the superannuation income stream.
 (2) The amount of the debit is the total amount of the superannuation benefits that would be payable if you voluntarily caused the superannuation interest to cease at that