Document ID: chunk:federal_register_of_legislation:C2013A00118:clause:1_2:p5
Version: federal_register_of_legislation:C2013A00118
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 5/7)
Character Range: 35299–38189

within 7 days after the release authority is issued, 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 the individual 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 96‑60.

Exception—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 of any of the following kinds (a voluntary release interest):
 (a) a *defined benefit interest;
 (b) a superannuation interest in a *non‑complying superannuation fund;
 (c) a superannuation interest that is treated as a separate interest under regulations made for the purposes of section 307‑200 of the Income Tax Assessment Act 1997 in circumstances where the interest is supporting a *superannuation income stream.

96‑25  Voluntary compliance with a release authority relating to voluntary release interests
 (1) A *superannuation provider that has been issued with a release authority under section 96‑10 may, within 7 days after the release authority is issued, 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 voluntary release interest held by the superannuation provider for the individual in *superannuation plans.
 (2) However, the amount mentioned in paragraph (1)(a) must be reduced by any amount the provider pays to the Commissioner under section 96‑20 in relation to the release authority.

96‑30  Meaning of maximum available release amount
  The maximum available release amount for a *superannuation interest at a particular time is the total amount of all the *superannuation lump sums that could be payable from the interest at that time.

96‑35  Notifying Commissioner
 (1) A *superannuation provider that has been issued with a release authority under section 96‑10 must notify the Commissioner of a payment made in accordance with this Subdivision.
 (2) A *superannuation provider that:
 (a) has been issued with a release authority under section 96‑10; and
 (b) is not required to pay an amount under section 96‑20, or is required under that section to pay an amount less than the amount stated in the release authority;
must notify the Commissioner that the provider is not required to comply with the release authority.
 (3) A notice under this section must be given:
 (a) in the *approved form; and
 (b) within 7 days after the release authority is issued.
Note: Subsection 286‑75(1) provides for an administrative penalty for failing to