Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 294.30

  (1)   You have excess transfer balance at a particular time if, at that time, the * transfer balance in your * transfer balance account exceeds your * transfer balance cap at that time. The amount of the excess transfer balance is the amount of the excess.

Note:   There is a modification for certain capped defined benefit income streams: see Subdivision   294 - D.

  (2)   The transfer balance in your * transfer balance account at a time equals:

  (a)   the sum of the * transfer balance credits in the account at that time; less

  (b)   the sum of the * transfer balance debits (if any) in the account at that time.

Note 1:   For transfer balance debits , see Subdivision   294 - C.

Note 2:   There is no consequence for having a negative transfer balance.