Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p2
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 2/17)
Character Range: 1062448–1065436

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.

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 amounts received under a release authority
135‑95 Defined benefit interests—releasing amounts to pay debt account discharge liability
135‑100 Income tax treatment of amounts released—proportioning rule does not apply

Operative provisions

135‑75  Requirement for superannuation provider to release money
 (1) If:
 (a) a *superannuation provider has been given a release authority in accordance with Subdivision 135‑B; and
 (b) the amount mentioned in section 135‑85 (the release amount) is greater than nil;
the superannuation provider must pay the release amount within 30 days after receiving the release authority.

Who superannuation provider pays the amount to
 (2) The release amount must be paid to the Commissioner.
Note 1: Section 288‑95 provides for an administrative penalty for failing to comply with this section.
Note 2: For the taxation treatment of the payment, see sections 303‑20 and 304‑20 of the Income Tax Assessment Act 1997.
Note 3: For reporting obligations on the superannuation provider in these circumstances, see section 390‑65 in this Schedule.

Which superannuation interest the amount is to be paid from
 (4) 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 individual.

135‑80  Compensation for acquisition of property
 (1) If the operation of section 135‑75 would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from an entity otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the entity.
 (2) If the Commonwealth and the entity do not agree on the amount of the compensation, the entity may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

135‑85  Release amount
  The amount is the least of