Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:10_3:p2
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 10 cl 3 (pt 2/5)
Character Range: 133143–136095

interests for you.

131‑20  Amount to be stated in a release authority
 (1) The amount to be released from one or more *superannuation interests under a release authority issued under section 131‑15 must be:
 (a) for a release authority issued under subsection 131‑15(1)—the amount stated in the request; or
 (b) otherwise—worked out so that the total amount stated for all release authorities for the applicable determination or assessment does not exceed:
 (i) for a release authority issued under subsection 131‑15(2)—the *total release amount stated in the determination referred to in that subsection; or
 (ii) for a release authority issued under subsection 131‑15(3) or (4)—the amount of tax stated in the assessment referred to in that subsection.
 (2) For the purposes of paragraph (1)(b), disregard an amount stated in another release authority to the extent that a notice given under subsection 131‑50(2) states that the amount will not be paid.

131‑25  Contents of a release authority
  Each release authority issued under section 131‑15 must:
 (a) be issued to a single *superannuation provider; and
 (b) state the amount to be released from each *superannuation interest under the release authority; and
 (c) be dated; and
 (d) contain any other information that the Commissioner considers relevant.

131‑30  Varying and revoking a release authority
  The Commissioner may vary or revoke a release authority issued under section 131‑15 at any time before the Commissioner is given a notice under section 131‑50 relating to the release authority.

Complying with a release authority

131‑35  Obligations of superannuation providers
 (1) A *superannuation provider issued with a release authority under section 131‑15 must, within 10 *business days after the release authority is issued (or a further period allowed by the Commissioner), pay to the Commissioner the lesser of:
 (a) the amount stated in the release authority; and
 (b) the sum of the *maximum available release amounts for each *superannuation interest held by the superannuation provider for you in *superannuation plans.
Note 1: Subsection 288‑95(3) provides for an administrative penalty for failing to comply with this section.
Note 2: For the taxation treatment of the payment, see section 131‑75.

Exception—defined benefit interests not subject to compulsory release
 (2) However, the *maximum available release amount for a *superannuation interest is not to be included in the sum worked out under paragraph (1)(b) if the interest is a *defined benefit interest.

131‑40  Voluntary compliance with a release authority relating to defined benefit interests
 (1) A *superannuation provider issued with a release authority under section 131‑15 may, within 10 *business days after the release authority is issued (or a further period allowed by the Commissioner), pay to the Commissioner the lesser of:
 (a) the amount stated in the release authority; and
 (b) the sum