Document ID: chunk:federal_register_of_legislation:C2013A00118:clause:1_2:p6
Version: federal_register_of_legislation:C2013A00118
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 6/7)
Character Range: 37943–40680

with the release authority.
 (3) A notice under this section must be given:
 (a) in the *approved form; and
 (b) within 7 days after the release authority is issued.
Note: Subsection 286‑75(1) provides for an administrative penalty for failing to comply with this section.

96‑40  Notifying individual of unsuccessful release attempt
 (1) If the Commissioner:
 (a) receives a notice from a *superannuation provider under subsection 96‑35(2); or
 (b) does not receive a payment from a superannuation provider of the full amount stated in a release authority within the time mentioned in subsection 96‑20(1);
the Commissioner must give the individual a written notice under this section.
 (2) The notice must:
 (a) identify the *superannuation provider; and
 (b) state how much of the amount stated in the release authority was not paid to the Commissioner.

96‑45  Compensation for acquisition of property
 (1) If the operation of section 96‑20 would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from an entity otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the entity.
 (2) If the Commonwealth and the entity do not agree on the amount of the compensation, the entity may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

Consequences of releasing amounts

96‑50  Entitlement to credits
 (1) If a *superannuation provider pays an amount in relation to a release authority issued under section 96‑10 in relation to an election you make, you are entitled to a credit equal to that amount.
Note: Division 3 of Part IIB provides for the treatment of credits that an entity is entitled to under a taxation law.
 (2) The credit arises on the day the Commissioner receives the amount.

96‑55  Interest for late payments of money received by the Commissioner in accordance with release authority
 (1) You are entitled to an amount of interest worked out under subsection (2) if:
 (a) the Commissioner is required under Division 3A of Part IIB to refund all or part of a credit you are entitled to under section 96‑50; and
 (b) the Commissioner does not so refund all or part of that credit within 60 days after receiving the payment that gave rise to the credit.
 (2) The interest is to be calculated:
 (a) on so much of the amount of the credit as the Commissioner fails to refund under that Division; and
 (b) for the period:
 (i) beginning 60 days after the day the Commissioner receives the amount; and
 (ii) ending on the day the Commissioner refunds the amount mentioned in