Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:1_15:p2
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 2/5)
Character Range: 56732–59598

and
 (ii) the *superannuation income stream or streams that the providers will be obliged to commute in full or in part; and
 (iii) if more than one commutation authority will be issued—the amount to be stated in each commutation authority, or the method the Commissioner will use to work out the amount to be stated in each commutation authority.
 (7) A notice included with an *excess transfer balance determination in accordance with subsection (6) is a default commutation notice.

136‑15  Review
 (1) If you are dissatisfied with an *excess transfer balance determination made in relation to you, you may object against the determination in the manner set out in Part IVC.
 (2) However, for the purposes of Part IVC, the *default commutation notice does not form part of the taxation decision.

136‑20  Electing to commute a different superannuation income stream
 (1) This section applies to you if:
 (a) you receive an *excess transfer balance determination under section 136‑10; and
 (b) you are the *retirement phase recipient of 2 or more *superannuation income streams.
 (2) You may elect which of those *superannuation income streams is to be fully or partially commuted for the purpose of reducing the *transfer balance in your *transfer balance account by the *crystallised reduction amount.

Requirements for election
 (3) You make an election under subsection (2) by:
 (a) identifying the *superannuation income stream or streams to be commuted in full or in part and the *superannuation income stream provider for each such stream; and
 (b) if you identify more than one superannuation income stream—stating the amount to be commuted from each such income stream.
 (4) The election must:
 (a) be in the *approved form; and
 (b) be given to the Commissioner within:
 (i) 60 days after the *excess transfer balance determination or amended excess transfer balance determination is issued; or
 (ii) a further period allowed by the Commissioner.

Election is irrevocable
 (5) An election under this section is irrevocable.

136‑25  Notifying Commissioner of transfer balance debits
 (1) This section applies to you if you have received an *excess transfer balance determination.
 (2) You may notify the Commissioner in the *approved form of the amount of a *transfer balance debit that arises in your *transfer balance account if the debit arises in the period:
 (a) beginning when the determination is made; and
 (b) ending at the earlier of:
 (i) the time you made an election under section 136‑20; and
 (ii) the end of the period within which an election under section 136‑20 may be made.

Subdivision 136‑B—Commutation authorities

Guide to Subdivision 136‑B

136‑50  What this Subdivision is about

      The Commissioner must issue a commutation authority to a superannuation income stream provider, unless you have notified the Commissioner that