Document ID: chunk:federal_register_of_legislation:C2013A00082:clause:3_3:p2
Version: federal_register_of_legislation:C2013A00082
Segment Type: clause
Provision Reference: sch 3 cl 3 (pt 2/4)
Character Range: 54546–57394

the provider pays under a release authority, see section 135‑85.
Note 2: If excess amounts are paid in relation to a release authority:
(a) the excess is assessable income (see section 304‑20 of the Income Tax Assessment Act 1997); and
(b) you are liable to an administrative penalty (see section 288‑100 in this Schedule).
 (3) However, a release authority issued under item 3 of the table in subsection 135‑10(1) (for debt account discharge liability) may only be given to the *superannuation provider that holds the *superannuation interest to which the debt account relates.

135‑45  When Commissioner may give release authority to superannuation provider
 (1) The Commissioner may, at any time, give a release authority issued under item 1 of the table in subsection 135‑10(1) to one or more *superannuation providers that hold a *superannuation interest for you, if, at the end of 120 days after the date of the release authority:
 (a) some or all of the *assessed Division 293 tax that is due and payable in accordance with subsection 293‑65(1) or 293‑70(1) (as the case requires) is unpaid; and
 (b) the Commissioner reasonably believes any of the following:
 (i) that you have not given the release authority to a superannuation provider that holds a superannuation interest for you in accordance with section 135‑40;
 (ii) that you have given the release authority to one or more superannuation providers in accordance with that section, but that the sum of the amounts to be paid by the providers under those release authorities falls short of the amount of your assessed Division 293 tax;
 (iii) that the total of the *values of every superannuation interest (other than a *defined benefit interest) held for you by superannuation providers to which the release authority has been given falls short of the amount of your assessed Division 293 tax.
Note: No payment may be made from a defined benefit interest: see subsection 135‑75(4).
 (2) The Commissioner may request the *superannuation provider, in writing, to pay a specified amount in relation to the release authority.
Note: For the amount that the provider pays under a release authority, see section 135‑85.

Subdivision 135‑C—Release of superannuation money under a release authority

Guide to Subdivision 135‑C

135‑70  What this Subdivision is about

      This Subdivision sets out a general requirement for a superannuation provider to comply with a release authority.
      The Subdivision also includes provisions about how much must be paid, who it must be paid to, which interest it is 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