Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_1:p24
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 24/29)
Character Range: 68115–71096

is for *excess non‑concessional contributions tax; and
 (b) a *superannuation provider holds a *superannuation interest for the person (other than a *defined benefit interest);
the person must give the release authority to a superannuation provider holding a superannuation interest for the person (other than a defined benefit interest) within 21 days after the date of the release authority.

Note: Section 288‑90 in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with this subsection.

 (3) Subsection (4) applies if:
 (a) the release authority is for *excess non‑concessional contributions tax; and
 (b) a *superannuation provider holds a *superannuation interest for the person (other than a *defined benefit interest); and
 (c) any of the following conditions are satisfied:
 (i) the person does not give the release authority to a superannuation provider holding a superannuation interest for the person within 90 days after the date of the release authority in accordance with subsection (1);
 (ii) if the person has made one or more requests as mentioned in paragraph 292‑415(1)(a) in relation to the release authority within 90 days after the date of the release authority—the total of the amounts (if any) paid by superannuation providers in relation to the release authority falls short of the amount of the excess non‑concessional contributions tax stated in the release authority;
 (iii) the total of the *values of every superannuation interest (other than a defined benefit interest) held for the person by a superannuation provider to which the release authority is given falls short of the amount of the excess non‑concessional contributions tax stated in the release authority.

 (4) If the conditions in subsection (3) are satisfied, the Commissioner may give the release authority to one or more *superannuation providers that hold a *superannuation interest (other than a *defined benefit interest) for the person.

292‑415  Superannuation provider given release authority must pay amount

 (1) A *superannuation provider that has been given a release authority in accordance with section 292‑410 must pay to the person or the Commissioner within 30 days after receiving the release authority the least of the following amounts:
 (a) if the person or Commissioner requests the superannuation provider, in writing, to pay a specified amount in relation to the release authority—that amount;
 (b) the amount of *excess concessional contributions tax or *excess non‑concessional contributions tax (whichever is applicable) 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