Document ID: chunk:federal_register_of_legislation:C2012A00075:clause:4_1:p1
Version: federal_register_of_legislation:C2012A00075
Segment Type: clause
Provision Reference: sch 4 cl 1 (pt 1/3)
Character Range: 11975–14919

1  At the end of Subdivision 292‑G
Add:

292‑420  Release authorities for refunded excess concessional contributions

Commissioner may issue release authorities
 (1) If:
 (a) the Commissioner makes a determination under section 292‑467 (refunded excess concessional contributions) for a person in relation to *excess concessional contributions; and
 (b) the person has one or more *superannuation interests; and
 (c) any amount paid in accordance with section 292‑415 that relates to an amount of *excess concessional contributions tax for the person for the *financial year to which the determination relates does not equal or exceed 85% of the excess concessional contributions;
the Commissioner may issue a release authority relating to the excess concessional contributions to a *superannuation provider that holds such a superannuation interest for the person.
 (2) The release authority must:
 (a) state the amount that is 85% of the *excess concessional contributions; and
 (b) be dated; and
 (c) contain any other information that the Commissioner considers relevant.
Note: If the release authority relates to a determination as varied under section 292‑468, the amount stated in the release authority is as provided in subsection 292‑468(8).
 (3) Despite paragraph (2)(a), if:
 (a) an amount has been paid in accordance with section 292‑415 in relation to an *excess contributions tax assessment for the person for the *financial year to which the determination relates; and
 (b) the amount relates wholly or partly to *excess concessional contributions by the person for the financial year;
the amount stated under paragraph (2)(a) must be reduced (but not below zero) by so much of the amount as relates to those excess concessional contributions.

Obligations of superannuation providers
 (4) A *superannuation provider that has been issued with a release authority under this section must:
 (a) within 30 days after the release authority is issued, pay to the Commissioner the amount stated in the release authority; and
 (b) within 30 days after the release authority is issued, or within 7 days after the payment is made if that is earlier, give to the Commissioner a statement, in the *approved form, advising the Commissioner of the payment.
Note 1: Section 288‑95 in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with paragraph (a).
Note 2: Subsection 286‑75(1) in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with paragraph (b).
Note 3: For the taxation treatment of the payment, see section 303‑15. As a result of the determination made under section 292‑467, the excess concessional contributions are included in the person's assessable income: see paragraph 292‑467(2)(a).
 (5) However, subsection (4) does not apply if:
 (a) the sum of the *values of every *superannuation interest (other