Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:10_3:p4
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 10 cl 3 (pt 4/5)
Character Range: 138453–141076

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) the Federal Court of Australia; or
 (b) the Supreme Court of a State or Territory;
for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

Consequences of releasing amounts

131‑65  Entitlement to credits
 (1) If a *superannuation provider pays an amount in relation to a release authority issued under section 131‑15 in relation to you, you are entitled to a credit equal to that amount.
Note: Division 3 of Part IIB provides for the treatment of credits that you are entitled to under a taxation law.
 (2) The credit arises on the day the Commissioner receives the amount.

Exception for voluntary payments of Division 293 tax debt account
 (3) However, if the amount paid in relation to the release authority relates to an amount of *assessed Division 293 tax that is *deferred to a debt account for a *superannuation interest:
 (a) subsection (1) does not apply in relation to the payment; and
 (b) treat the payment as if it were a voluntary payment under section 133‑70 in relation to that debt account.

131‑70  Interest for late payments of money received by the Commissioner in accordance with release authority
 (1) You are entitled to an amount of interest worked out under subsection (2) if:
 (a) the Commissioner is required under Division 3A of Part IIB to refund all or part of a credit you are entitled to under section 131‑65; and
 (b) the Commissioner does not so refund all or part of that credit within 60 days after receiving the payment that gave rise to the credit.
 (2) The interest is to be calculated:
 (a) on so much of the amount of the credit as the Commissioner fails to refund under that Division; and
 (b) for the period:
 (i) beginning 60 days after the day the Commissioner receives the amount; and
 (ii) ending on the day the Commissioner refunds the amount mentioned in paragraph (1)(a); and
 (c) on a daily basis; and
 (d) at the *base interest rate for the day the interest is calculated.

131‑75  Income tax treatment of amounts released—proportioning rule does not apply
  Section 307‑125 of the Income Tax Assessment Act 1997 (the proportioning rule) does not apply to a payment made as required or permitted under this Subdivision.
Note: The income tax treatment of released amounts is also affected by Subdivision 292‑B, and section 303‑15, of that Act.

Division 2—Other amendments

Income Tax Assessment Act 1997