Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p5
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 5/17)
Character Range: 1070594–1073649

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 you have already reduced your excess transfer balance by the crystallised reduction amount.
      A superannuation income stream provider will usually be required to commute the superannuation income stream stated in the authority.

Table of sections

Obligations of Commissioner
136‑55 Issuing of commutation authorities
136‑60 Varying and revoking a commutation authority
136‑65 Issuing further commutation authorities
136‑70 Notifying of non‑commutable excess transfer balance

Obligations of superannuation income stream providers
136‑80 Obligations on superannuation income stream providers
136‑85 Notifying the Commissioner
136‑90 Notifying you

Obligations of Commissioner

136‑55  Issuing of commutation authorities

Commutation authority must be issued if there is a commutable amount
 (1) The Commissioner must issue a commutation authority under this section to one or more *superannuation income stream providers if:
 (a) an *excess transfer balance determination has been issued to you; and
 (b) the excess transfer