Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:1_15:p4
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 4/5)
Character Range: 62159–65171

of all reduction amounts stated in commutation authorities issued under this section relating to an *excess transfer balance determination must not exceed the commutable amount.

136‑60  Varying and revoking a commutation authority
  The Commissioner may vary or revoke a commutation authority at any time before the Commissioner receives a notice under section 136‑85 relating to the commutation authority.

136‑65  Issuing further commutation authorities
 (1) The Commissioner may issue a commutation authority under this section to one or more *superannuation income stream providers under this section if:
 (a) a commutation authority (the original commutation authority) was issued under section 136‑55; and
 (b) the *superannuation income stream provider to which the original commutation authority was issued:
 (i) paid a *superannuation lump sum that fell short of the reduction amount stated in the original commutation authority; or
 (ii) did not comply with the original commutation authority.
 (2) A commutation authority issued under this section must include the matters set out in subsection 136‑55(5).
 (3) The Commissioner may issue a commutation authority under this section to any *superannuation income stream provider of a *superannuation income stream of which you are the *retirement phase recipient.
 (4) The total of all reduction amounts stated in commutation authorities issued under this section relating to an *excess transfer balance determination must not exceed the difference between:
 (a) the commutable amount mentioned in subsection 136‑55(1); and
 (b) the sum of:
 (i) any *superannuation lump sums notified to the Commissioner under section 136‑85 in respect of the determination; and
 (ii) any *transfer balance debits arising in your *transfer balance account under item 5 of the table in subsection 294‑80(1) of the Income Tax Assessment Act 1997 because of any original commutation authority.

136‑70  Notifying of non‑commutable excess transfer balance
 (1) The Commissioner must notify you in writing if, at the end of a day after the Commissioner has issued an *excess transfer balance determination to you:
 (a) the sum of all *transfer balance debits arising in your *transfer balance account since the determination was issued falls short of the *crystallised reduction amount; and
 (b) you have *excess transfer balance in your transfer balance account; and
 (c) either:
 (i) the only *superannuation income streams of which you are a *retirement phase recipient are *capped defined benefit income streams; or
 (ii) you are no longer a retirement phase recipient of any superannuation income stream.
Note: A debit arises in your transfer balance account when the Commissioner issues a notice under this section: see item 7 of the table in subsection 294‑80(1) of the Income Tax Assessment Act 1997.
 (2) A notice under subsection (1) must state the amount of the *excess transfer balance mentioned in paragraph (1)(b).

Obligations of superannuation income stream