Document ID: chunk:federal_register_of_legislation:C2013A00082:clause:3_3:p3
Version: federal_register_of_legislation:C2013A00082
Segment Type: clause
Provision Reference: sch 3 cl 3 (pt 3/4)
Character Range: 57113–60036

to be paid from, and how the payments are treated by the Commissioner.

Table of sections

Operative provisions
135‑75 Requirement for superannuation provider to release money
135‑80 Compensation for acquisition of property
135‑85 Release amount
135‑90 How the Commissioner applies amounts received under a release authority
135‑95 Defined benefit interests—releasing amounts to pay debt account discharge liability
135‑100 Income tax treatment of amounts released—proportioning rule does not apply

Operative provisions

135‑75  Requirement for superannuation provider to release money
 (1) If:
 (a) a *superannuation provider has been given a release authority in accordance with Subdivision 135‑B; and
 (b) the amount mentioned in section 135‑85 (the release amount) is greater than nil;
the superannuation provider must pay the release amount within 30 days after receiving the release authority.

Who superannuation provider pays the amount to
 (2) The release amount must be paid to the Commissioner.
 (3) However, if the release authority was:
 (a) issued under item 1 of the table in subsection 135‑10(1) (which is about Division 293 tax that is due and payable within 21 days); and
 (b) given to the *superannuation provider by the individual under section 135‑40;
the release amount may be paid to the individual.
Note 1: Section 288‑95 provides for an administrative penalty for failing to comply with this section.
Note 2: For the taxation treatment of the payment, see sections 303‑20 and 304‑20 of the Income Tax Assessment Act 1997.
Note 3: For reporting obligations on the superannuation provider in these circumstances, see section 390‑65 in this Schedule.

Which superannuation interest the amount is to be paid from
 (4) The payment must be made out of one or more *superannuation interests (other than a *defined benefit interest) held by the *superannuation provider for the individual.

135‑80  Compensation for acquisition of property
 (1) If the operation of section 135‑75 would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from an entity otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the entity.
 (2) If the Commonwealth and the entity do not agree on the amount of the compensation, the entity may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

135‑85  Release amount
 (1) The amount is the least of the following amounts:
 (a) the amount stated in the release authority, as issued by the Commissioner;
 (b) if the individual or Commissioner requests the *superannuation provider, in writing, to pay a specified amount in relation to the release authority—that amount;
 (c) the sum of the amounts covered by subsection (2) for