294‑80.01 Debit in transfer balance acco

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.