Document ID: chunk:federal_register_of_legislation:C2012A00075:clause:4_1:p2
Version: federal_register_of_legislation:C2012A00075
Segment Type: clause
Provision Reference: sch 4 cl 1 (pt 2/3)
Character Range: 14639–17549

of the determination made under section 292‑467, the excess concessional contributions are included in the person's assessable income: see paragraph 292‑467(2)(a).
 (5) However, subsection (4) does not apply if:
 (a) the sum of the *values of every *superannuation interest (other than an interest of a kind mentioned in paragraph (b)) held by the *superannuation provider for the person is less than the amount stated in the release authority; or
 (b) the superannuation provider holds only one or more of the following kinds of superannuation interests for the person:
 (i) a *defined benefit interest;
 (ii) a superannuation interest in a *non‑complying superannuation fund;
 (iii) a superannuation interest that is treated as a separate interest under regulations made for the purposes of section 307‑200 in circumstances where the interest is supporting a *superannuation income stream.
 (6) If subsection (4) does not apply, the *superannuation provider must, within 30 days after the release authority is issued, advise the Commissioner, in the *approved form, that the superannuation provider is not required to comply with the release authority.
Note: Subsection 286‑75(1) in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with this subsection.

Commissioner may vary or revoke release authorities
 (7) The Commissioner may vary or revoke a release authority at any time before the Commissioner receives a payment relating to the release authority in accordance with subsection (4).

Entitlement to credits
 (8) If the *superannuation provider pays an amount to the Commissioner in accordance with this section, the person is entitled to a credit equal to that amount. The credit arises:
 (a) if the Commissioner receives the amount before making or amending an *assessment of the person's taxable income to give effect to the determination—on the date of the assessment or amended assessment; or
 (b) otherwise—on the day the Commissioner receives the amount.
Note: Division 3 of Part IIB of the Taxation Administration Act 1953 provides for the treatment of credits that an entity is entitled to under a taxation law.

292‑425  Interest for late payments of money received by the Commissioner in accordance with release authority
 (1) The person is entitled to an amount of interest worked out under subsection (2) if:
 (a) the Commissioner issues a release authority under section 292‑420 to a *superannuation provider that holds a *superannuation interest for the person; and
 (b) the superannuation provider pays an amount to the Commissioner in accordance with that release authority; and
 (c) the person is entitled to a credit mentioned in subsection 292‑420(8) for that amount; and
 (d) the Commissioner is required to refund all or part of that credit as mentioned in Division 3A of Part IIB of the Taxation Administration Act