Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:1_15:p3
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 3/5)
Character Range: 59294–62442

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 (b) the excess transfer balance determination has not been revoked; and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