Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:5:p3
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 5 (pt 3/13)
Character Range: 97580–100314

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 time.
 (3) The debit arises at that time.

294‑80.02A  Debit in transfer balance account—commutation of certain capped defined benefit income streams
 (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 receive a superannuation lump sum because a capped defined benefit income stream (the commuted stream) covered by any of items 1 to 7 of the table in subsection 294‑130(1) of the Act is commuted, in full or in part, on or after 1 July 2017; and
 (b) the superannuation lump sum is transferred directly to the purchase of a superannuation income stream (the commenced stream) that is covered by an item of the table in subsection 294‑25.02(1) of this instrument and is in the retirement phase.
 (2) The amount of the debit is the amount worked out under item 1 of the table in subsection 294‑80(1) of the Act (as it applies in relation to a capped defined benefit income stream under section 294‑145 of the Act) for the commuted stream as if that item applied to the commuted stream.
 (3) The debit arises at the later of:
 (a) immediately after the commencement of the Treasury Laws Amendment (Allowing Commutation of Certain Income Streams) Regulations 2022; and
 (b) immediately after the commutation occurs.
 (4) For the purposes of subsection 294‑80(3) of the Act, item 1 of the table in subsection 294‑80(1) of the Act does not apply to capped defined benefit income streams that are commuted in circumstances resulting in transfer balance debits arising under this section.

294‑80.02B  Debit in transfer balance account—certain permanent incapacity pensions
 (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) a credit arose in your transfer balance account under item 1 or 2 of the table in subsection 294‑25(1) of the Act in respect of a superannuation income stream; and
 (b) the superannuation income stream was supported by a superannuation interest covered by subsection 294‑135.01(6) of this instrument; and
 (c) the superannuation income stream ceases; and
 (d) the cessation does not give rise to a transfer balance debit in your transfer balance account (disregarding this subsection).
 (2) The amount of the debit is:
 (a) the amount of the credit mentioned in paragraph (1)(a) of this section; less
 (b) the amount