Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p4
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 4/6)
Character Range: 1029896–1032757

amount for a *superannuation interest is not to be included in the sum worked out under paragraph (1)(b) if the interest is a *defined benefit interest.

131‑40  Voluntary compliance with a release authority relating to defined benefit interests
 (1) A *superannuation provider issued with a release authority under section 131‑15 may, within 10 *business days after the release authority is issued (or a further period allowed by the Commissioner), pay to the Commissioner the lesser of:
 (a) the amount stated in the release authority; and
 (b) the sum of the *maximum available release amounts for each *defined benefit interest held by the superannuation provider for you in *superannuation plans.
 (2) For the purposes of paragraph (1)(a), reduce the amount mentioned in that paragraph by any amount the provider pays under section 131‑35 in relation to the release authority.

131‑45  Meaning of maximum available release amount
  The maximum available release amount for a *superannuation interest at a particular time is the total amount of all the *superannuation lump sums that could be payable from the interest at that time.

131‑50  Notifying Commissioner
 (1) A *superannuation provider issued with a release authority under section 131‑15 must notify the Commissioner of a payment made in accordance with this Subdivision.
 (2) A *superannuation provider that:
 (a) has been issued with a release authority under section 131‑15; and
 (b) is not required to pay an amount under section 131‑35, or is required under that section to pay an amount less than the amount stated in the release authority;
must notify the Commissioner that the provider is not required to comply with the release authority.
 (3) A notice under this section must be given in the *approved form within the period applying under subsection 131‑35(1) or 131‑40(1) for the release authority.
Note: Subsection 286‑75(1) provides for an administrative penalty for failing to comply with this section.

131‑55  Notifying you
 (1) The Commissioner must notify you if, in relation to a release authority issued under section 131‑15 in relation to you, the Commissioner:
 (a) is given a notice from a *superannuation provider under section 131‑50; or
 (b) does not receive a payment from a superannuation provider of the full amount stated in the release authority within the time mentioned in subsection 131‑35(1) or 131‑40(1).
 (2) A notice under subsection (1) must:
 (a) be in writing; and
 (b) identify the *superannuation provider; and
 (c) state how much of the amount stated in the release authority was not paid within the applicable time.

131‑60  Compensation for acquisition of property
 (1) If the operation of section 131‑35 would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from an entity otherwise than on just