Document ID: chunk:federal_register_of_legislation:C2013A00118:clause:1_2:p3
Version: federal_register_of_legislation:C2013A00118
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 3/7)
Character Range: 29631–32852

the following remains unpaid:
 (i) the excess concessional contributions charge or shortfall interest charge;
 (ii) the general interest charge on any of the excess concessional contributions charge or shortfall interest charge.
Note 1: The general interest charge is worked out under Part IIA.
Note 2: Shortfall interest charge is worked out under Division 280 in this Schedule.
Note 3: See section 5‑10 of the Income Tax Assessment Act 1997 for when the amount of shortfall interest charge becomes due and payable.

Division 96—Releasing money from superannuation

Table of Subdivisions
96‑A Releasing money from superannuation

Subdivision 96‑A—Releasing money from superannuation

Guide to Subdivision 96‑A

96‑1  What this Subdivision is about

      You may elect to release up to 85% of your excess concessional contributions for a financial year from a superannuation interest.
      Superannuation providers will usually be required to pay an amount from the superannuation interest. However, for certain interests the provider may choose whether or not to pay.
      Released amounts are paid by the superannuation provider to the Commissioner.
      You get a credit for the released amount. Surplus credits are refunded to you under Division 3A of Part IIB.

Table of sections

Requesting a release authority
96‑5 Electing to release money from superannuation

Issuing a release authority to superannuation provider
96‑10 Issuing a release authority to a superannuation provider
96‑15 Varying and revoking a release authority

Complying with a release authority
96‑20 Obligations of superannuation providers
96‑25 Voluntary compliance with a release authority relating to voluntary release interests
96‑30 Meaning of maximum available release amount
96‑35 Notifying Commissioner
96‑40 Notifying individual of unsuccessful release attempt
96‑45 Compensation for acquisition of property

Consequences of releasing amounts
96‑50 Entitlement to credits
96‑55 Interest for late payments of money received by the Commissioner in accordance with release authority
96‑60 Income tax treatment of amounts released—proportioning rule does not apply

Requesting a release authority

96‑5  Electing to release money from superannuation

Original determinations
 (1) If you receive an *excess concessional contributions determination, you may elect to release from a *superannuation interest an amount not exceeding 85% of the *excess concessional contributions stated in the determination.
Note 1: For excess concessional contributions determinations, see Division 97.
Note 2: Released excess concessional contributions are not included in your non‑concessional contributions (a gross‑up also applies): see subsection 292‑90(1A) of the Income Tax Assessment Act 1997.

Amended determinations
 (2) However, if the *excess concessional contributions determination is an amended determination increasing the stated amount of your *excess concessional contributions, you may elect to release an amount not exceeding:
 (a) 85% of the excess concessional contributions stated in the amended determination; less
 (b) any amount you elect to release under subsection (1) in relation to an earlier determination.

Requirements for