Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p7
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 7/17)
Character Range: 1076138–1079182

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 of a *superannuation income stream of which you are the *retirement phase recipient.
 (4) 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 difference between:
 (a) the commutable amount mentioned in subsection 136‑55(1); and
 (b) the sum of:
 (i) any *superannuation lump sums notified to the Commissioner under section 136‑85 in respect of the determination; and
 (ii) any *transfer balance debits arising in your *transfer balance account under item 5 of the table in subsection 294‑80(1) of the Income Tax Assessment Act 1997 because of any original commutation authority.

136‑70  Notifying of non‑commutable excess transfer balance
 (1) The Commissioner must notify you in writing if, at the end of a day after the Commissioner has issued an *excess transfer balance determination to you:
 (a) the sum of all *transfer balance debits arising in your *transfer balance account since the determination was issued falls short of the *crystallised reduction amount; and
 (b) you have *excess transfer balance in your transfer balance account; and
 (c) either:
 (i) the only *superannuation income streams of which you are a *retirement phase recipient are *capped defined benefit income streams; or
 (ii) you are no longer a retirement phase recipient of any superannuation income stream.
Note: A debit arises in your transfer balance account when the Commissioner issues a notice under this section: see item 7 of the table in subsection 294‑80(1) of the Income Tax Assessment Act 1997.
 (2) A notice under subsection (1) must state the amount of the *excess transfer balance mentioned in paragraph (1)(b).

Obligations of superannuation income stream providers

136‑80  Obligations on superannuation income stream providers
 (1) A *superannuation income stream provider issued with a commutation authority under this Subdivision must, within 60 days after the commutation authority is issued, pay by way of commutation of the specified *superannuation income stream, a *superannuation lump sum equal to the lesser of:
 (a) the reduction amount stated in the commutation authority; and
 (b) the *maximum available release amount for the *superannuation interest that supports the specified superannuation income stream.

Exception for capped defined benefit income streams
 (2) Despite subsection (1), if the specified *superannuation income stream is a *capped defined benefit income stream, the *superannuation income stream provider may choose not to comply with the commutation authority.

Exception for deceased member
 (3) Despite subsection (1), if the *retirement phase recipient has died, the *superannuation income stream provider