Document ID: chunk:federal_register_of_legislation:C2013A00118:clause:1_2:p4
Version: federal_register_of_legislation:C2013A00118
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 4/7)
Character Range: 32594–35540

you may elect to release an amount not exceeding:
 (a) 85% of the excess concessional contributions stated in the amended determination; less
 (b) any amount you elect to release under subsection (1) in relation to an earlier determination.

Requirements for election
 (3) You make the election by:
 (a) notifying the Commissioner of the amount you elect to release; and
 (b) identifying the *superannuation interest or interests you have from which the amount is to be released; and
 (c) if you identify more than one superannuation interest—stating the amount to be released from each such interest.
 (4) The election must:
 (a) be in the *approved form; and
 (b) be given to the Commissioner within:
 (i) 21 days after receiving notice of the *excess concessional contributions determination or amended excess concessional contributions determination; or
 (ii) a further period allowed by the Commissioner.

Unsuccessful elections—making a further election
 (5) If:
 (a) you make a valid election under this section; and
 (b) the Commissioner gives you a notice under section 96‑40 stating an amount (the unreleased amount) that a *superannuation provider did not pay in relation to the release authority issued in relation to that election;
you may make a further election to release the unreleased amount from another superannuation interest you have.
 (6) The further election must comply with subsection (3) and paragraph (4)(a), and must be given to the Commissioner within:
 (a) 21 days after receiving the notice mentioned in paragraph (5)(b); or
 (b) a further period allowed by the Commissioner.

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

Issuing a release authority to superannuation provider

96‑10  Issuing a release authority to a superannuation provider
 (1) If you make a valid election under section 96‑5 in relation to *excess concessional contributions you have for a *financial year, the Commissioner must issue a release authority to each *superannuation provider that holds a *superannuation interest identified in the election.
 (2) The release authority must:
 (a) state the amount to be released from the *superannuation interest, as stated in the election; and
 (b) be dated; and
 (c) contain any other information that the Commissioner considers relevant.

96‑15  Varying and revoking a release authority
  The Commissioner may vary or revoke a release authority at any time before the Commissioner receives a payment relating to the release authority.

Complying with a release authority

96‑20  Obligations of superannuation providers
 (1) A *superannuation provider that has been issued with a release authority under section 96‑10 must, within 7 days after the release authority is issued, pay to the Commissioner the lesser of:
 (a) the amount stated in the release authority; and
 (b) the sum of the *maximum available release amounts for each *superannuation interest held by