Document ID: chunk:federal_register_of_legislation:C2018C00085:clause:1_41
Version: federal_register_of_legislation:C2018C00085
Segment Type: clause
Provision Reference: sch 1 cl 41
Character Range: 35792–37494

41  Section 96‑40 in Schedule 1
Repeal the section, substitute:

96‑40  Notifying individual—unsuccessful release attempt
 (1) The Commissioner must notify an individual if, in relation to the individual's election under section 96‑5, the Commissioner:
 (a) receives a notice from a *superannuation provider under subsection 96‑35(2); or
 (b) does not receive a payment from a superannuation provider of the full amount stated in a release authority within the time mentioned in subsection 96‑20(1) or 96‑25(1).
 (2) The Commissioner must notify an individual if, in relation to the individual's election under paragraph 96‑7(1)(a):
 (a) the Commissioner receives a notice from a *superannuation provider under subsection 96‑35(2); or
 (b) the individual does not receive a payment from a superannuation provider of the full amount stated in a release authority within the time mentioned in subsection 96‑20(1A) or 96‑25(2).
 (3) A notice under subsection (1) or (2) must:
 (a) be in writing; and
 (b) identify the *superannuation provider; and
 (c) state how much of the amount stated in the release authority was not paid within the applicable time.

96‑42  Notifying individual—successful releases under section 96‑12
 (1) A *superannuation provider issued with a release authority under section 96‑12 must notify an individual of a payment made to the individual in accordance with the release authority and this Subdivision.
 (2) The notice must be given in the *approved form within:
 (a) 21 days after the release authority is issued; or
 (b) a further period allowed by the Commissioner.
Note: Subsection 286‑75(2AA) provides an administrative penalty for failing to comply with this section.