Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_1:p25
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 25/29)
Character Range: 70832–73739

*defined benefit interest) held by the superannuation provider for the person.

Note 1: Section 288‑95 in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with this subsection.

Note 2: Section 288‑100 in Schedule 1 to the Taxation Administration Act 1953 provides that the person giving the release authority to the superannuation provider can be liable to an administrative penalty if excess amounts are paid in relation to the release authority.

Note 3: For reporting obligations on the superannuation provider in these circumstances, see section 390‑65 in Schedule 1 to the Taxation Administration Act 1953.

Note 4: For the taxation treatment of the payment, see section 304‑15.

 (2) The payment must be made out of one or more *superannuation interests (other than a *defined benefit interest) held by the *superannuation provider for the person.

 (3) If the payment is made to the Commissioner, it is taken to be made in satisfaction (in whole or part) of the person's liability for *excess concessional contributions tax or *excess non‑concessional contributions tax stated in the release authority.

 (4) If:
 (a) the release authority was given by the Commissioner in accordance with subsection 292‑410(4); and
 (b) the payment is made to the Commissioner;
the Commissioner must, as soon as possible, give the person written notice that the payment has been made.

 (5) Section 307‑125 (the proportioning rule) does not apply to a payment made as required under this section.

Subdivision 292‑H—Other provisions

Table of sections

292‑465 Commissioner's discretion to disregard contributions etc. in relation to a financial year
292‑470 Power of Commissioner to obtain information

292‑465  Commissioner's discretion to disregard contributions etc. in relation to a financial year

 (1) If you make an application in accordance with subsection (2), the Commissioner may make a written determination that, for the purposes of this Division:
 (a) all or part of your *concessional contributions for a *financial year is to be disregarded, or allocated instead for the purposes of another financial year specified in the determination; and
 (b) all or part of your *non‑concessional contributions for a financial year is to be disregarded, or allocated instead for the purposes of another financial year specified in the determination.

 (2) You may apply to the Commissioner in the *approved form for a determination under subsection (1). The application can only be made within:
 (a) the period:
 (i) starting on the day you receive an *excess contributions tax assessment for the *financial year; and
 (ii) ending 60 days after that day; or
 (b) a longer period allowed by the Commissioner.

 (3) The Commissioner may make the determination only if he or she considers that:
 (a) there are special circumstances; and
 (b) making