Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:10_1:p1
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 10 cl 1 (pt 1/2)
Character Range: 125457–128573

1  Before Division 133 in Schedule 1
Insert:

Division 131—Releasing money from superannuation

Table of Subdivisions
131‑A Releasing money from superannuation

Subdivision 131‑A—Releasing money from superannuation

Guide to Subdivision 131‑A

131‑1  What this Subdivision is about

      You may request the Commissioner to require the release of an amount from your superannuation interests if you are given:
             (a) an excess concessional contributions determination or excess non‑concessional contributions determination; or
             (b) a notice of assessment of an amount of Division 293 tax.
      The Commissioner may also require the release of an amount from your superannuation interests in related circumstances.
      Superannuation providers must usually pay the amount required to be released. However, for defined benefit superannuation interests the provider may choose whether or not to pay.
      Released amounts are paid to the Commissioner. You get a credit for the released amount. Surplus credits are refunded to you under Division 3A of Part IIB.

Table of sections

Requesting a release authority
131‑5 Requesting the release of amounts from superannuation interests
131‑10 Restrictions on the total amount you can request to be released

Issuing a release authority to superannuation provider
131‑15 Issuing release authorities
131‑20 Amount to be stated in a release authority
131‑25 Contents of a release authority
131‑30 Varying and revoking a release authority

Complying with a release authority
131‑35 Obligations of superannuation providers
131‑40 Voluntary compliance with a release authority relating to defined benefit interests
131‑45 Meaning of maximum available release amount
131‑50 Notifying Commissioner
131‑55 Notifying you
131‑60 Compensation for acquisition of property

Consequences of releasing amounts
131‑65 Entitlement to credits
131‑70 Interest for late payments of money received by the Commissioner in accordance with release authority
131‑75 Income tax treatment of amounts released—proportioning rule does not apply

Requesting a release authority

131‑5  Requesting the release of amounts from superannuation interests
 (1) You may make a request under this section for a *financial year if you are given any of the following:
 (a) an *excess concessional contributions determination for the financial year;
 (b) an *excess non‑concessional contributions determination for the financial year;
 (c) a notice of assessment of an amount of *Division 293 tax payable for the income year that corresponds to the financial year.
 (2) You make the request by:
 (a) notifying the Commissioner of the total amount to be released; and
 (b) identifying your *superannuation interest or interests from which that total amount is to be released; and
 (c) if you identify more than one superannuation interest—stating the amount to be released from each such interest.
 (3) The request must:
 (a) ensure that the total amount to be released for the determination or assessment complies with section 131‑10; and
 (b) be in the *approved form; and
 (c) be given