Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_25:p4
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 25 (pt 4/7)
Character Range: 254729–257690

pay to the person within 30 days after receiving the release authority the least of the following amounts:
 (a) if the person requests the provider in writing to pay a specified amount in relation to the release authority—that amount;
 (b) the amount of excess non‑concessional contributions stated in the release authority;
 (c) the sum of the values of every superannuation interest (other than a defined benefit interest) held by the superannuation provider for the person.

Note 1: Section 288‑95 in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with this subsection.

Note 2: Section 288‑100 in Schedule 1 to the Taxation Administration Act 1953 provides that the person giving the release authority to the superannuation provider can be liable to an administrative penalty if excess amounts are paid in relation to the release authority.

Note 3: For reporting obligations on the superannuation provider in these circumstances, see section 390‑65 in Schedule 1 to the Taxation Administration Act 1953.

Note 4: For the taxation treatment of the payment, see section 304‑15 of the Income Tax Assessment Act 1997.

 (2) The payment must be made out of one or more superannuation interests (other than a defined benefits interest) held by the superannuation provider for the person.

 (3) Section 307‑125 of the Income Tax Assessment Act 1997 (the proportioning rule) does not apply to a payment made as required under this section.

Division 295—Taxation of superannuation entities

Table of Subdivisions

295‑I No‑TFN contributions income

Subdivision 295‑I—No‑TFN contributions income

Table of sections

295‑610 No‑TFN contributions income

295‑610  No‑TFN contributions income

  Subdivisions 295‑I (no‑TFN contributions) and 295‑J (Tax offset for no‑TFN contributions income (TFN quoted within 4 years)) of the Income Tax Assessment Act 1997 apply to an entity whose 2006‑2007 income year ends on a day (the end day) after 1 July 2007 as if:
 (a) the period starting on 1 July 2007 and ending on the end day were part of the entity's 2007‑2008 income year; and
 (b) the entity's no‑TFN contributions income for the entity's 2007‑2008 income year included contributions made during that period that would have been income of that kind for the entity's 2007‑2008 income year if the contributions concerned had been made in the entity's 2007‑2008 income year.

Division 301—Superannuation member benefits paid from complying plans etc.

Table of sections

301‑85 Extended meaning of disability superannuation benefit for superannuation income stream

301‑85  Extended meaning of disability superannuation benefit for superannuation income stream

  For the purposes of the Income Tax Assessment Act 1997, a superannuation income stream benefit is taken to be a disability superannuation benefit if, just before 1 July 2007, the superannuation income stream from which the benefit is