Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p6
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 6/17)
Character Range: 1073392–1076419

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 (b) the excess transfer balance determination has not been revoked; and
 (c) the period mentioned in subsection 136‑20(4) has ended; and
 (d) an amount (the commutable amount) greater than nil remains after reducing the *crystallised reduction amount by the sum of any *transfer balance debits notified to the Commissioner under section 136‑25.

Issuing in response to a valid election
 (2) If you have made a valid election under section 136‑20, the Commissioner must issue a commutation authority under this section to each *superannuation income stream provider identified in your election.
 (3) If the total of the amounts stated in your election under section 136‑20 falls short of the commutable amount, the Commissioner must also issue a commutation authority to one or more *superannuation income stream providers specified in the *default commutation notice.

Issuing if you do not make a valid election
 (4) If you have not made a valid election under section 136‑20, the Commissioner must issue a commutation authority to each *superannuation income stream provider specified in the *default commutation notice.

Requirements for commutation authority
 (5) Each commutation authority must:
 (a) specify the *superannuation income stream that the *superannuation income stream provider is to commute, in full or in part; and
 (b) state the amount (the reduction amount) by which the superannuation income stream is to be reduced; and
 (c) be dated; and
 (d) contain any other information that the Commissioner considers relevant.
 (6) The total of all reduction amounts stated in commutation authorities issued under this section relating to an *excess transfer balance determination must not exceed the commutable amount.

136‑60  Varying and revoking a commutation authority
  The Commissioner may vary or revoke a commutation authority at any time before the Commissioner receives a notice under section 136‑85 relating to the commutation authority.

136‑65  Issuing further commutation authorities
 (1) The Commissioner may issue a commutation authority under this section to one or more *superannuation income stream providers under this section if:
 (a) a commutation authority (the original commutation authority) was issued under section 136‑55; and
 (b) the *superannuation income stream provider to which the original commutation authority was issued:
 (i) paid a *superannuation lump sum that fell short of the reduction amount stated in the original commutation authority; or
 (ii) did not comply with the original commutation authority.
 (2) A commutation authority issued under this section must include the matters set out in subsection 136‑55(5).
 (3) The Commissioner may issue a commutation authority under this section to any *superannuation income stream provider