Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:1_15:p5
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 5/5)
Character Range: 64920–67491

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 may choose not to comply with the commutation authority.

136‑85  Notifying the Commissioner
 (1) A *superannuation income stream provider issued with a commutation authority under this Subdivision must notify the Commissioner of the amount of a *superannuation lump sum paid in accordance with the commutation authority.
 (2) If a *superannuation income stream provider chooses under subsection 136‑80(2) or (3) not to comply with the commutation authority, the provider must notify the Commissioner of that choice.
 (3) A notice under this section must be in the *approved form and must be given within 60 days after the commutation authority is issued.
Note: Section 286‑75 provides an administrative penalty for breach of this subsection.

136‑90  Notifying you
 (1) A *superannuation income stream provider issued with a commutation authority under this Subdivision must notify you if the superannuation income stream provider:
 (a) pays a *superannuation lump sum in accordance with the commutation authority; or
 (b) chooses under subsection 136‑80(2) not to comply with the commutation authority.
 (2) A notice under this section must be in the *approved form and must be given within 60 days after the commutation authority is issued.
Note: Section 286‑75 provides an administrative penalty for breach of this subsection.