Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.
Table of sections
294 - 100 Object
294 - 105 Interpretation
294 - 110 Segregated current pension assets
294 - 115 Superannuation funds using the proportionate method--deemed sale and purchase of CGT asset
294 - 120 Superannuation funds using the proportionate method--disregard initial capital gain but recognise deferred notional gain
294 - 125 Pooled superannuation trust using proportionate or alternative exemption method--deemed sale and purchase of CGT asset
294 - 130 Pooled superannuation trusts using proportionate or alternative exemption method--disregard initial capital gain but recognise deferred notional gain