Document ID: chunk:federal_register_of_legislation:C2017A00055:clause:1_17
Version: federal_register_of_legislation:C2017A00055
Segment Type: clause
Provision Reference: sch 1 cl 17
Character Range: 11467–12294

17  At the end of Subdivision 294‑A
Add:

294‑80  Structured settlement contributions made before 1 July 2017—debit increased to match credits
 (1) This section applies to you if:
 (a) on 1 July 2017, a transfer balance debit arose in your transfer balance account under item 2 of the table in subsection 294‑80(1) of the Income Tax Assessment Act 1997; and
 (b) the sum of all the transfer balance credits that arise in your transfer balance account under item 1 of the table in subsection 294‑25(1) of that Act exceeds the amount that would, apart from this section, be the amount of that debit.
 (2) Despite column 2 of item 2 of the table in subsection 294‑80(1) of the Income Tax Assessment Act 1997, the amount of the transfer balance debit is instead equal to the sum worked out under paragraph (1)(b) of this section.