Document ID: chunk:federal_register_of_legislation:C2018C00085:clause:1_32
Version: federal_register_of_legislation:C2018C00085
Segment Type: clause
Provision Reference: sch 1 cl 32
Character Range: 33148–33835

32  After subsection 96‑20(1) in Schedule 1
Insert:
 (1A) A *superannuation provider issued with a release authority under section 96‑12 must, within 21 days after the release authority is issued (or a further period allowed by the Commissioner), pay to the individual the lesser of:
 (a) the amount stated in the release authority; and
 (b) the sum of the *maximum available release amounts for each *superannuation interest held by the superannuation provider for the individual in *superannuation plans.
Note 1: Subsection 288‑95(3) provides for an administrative penalty for failing to comply with this section.
Note 2: For the taxation treatment of the payment, see section 96‑60.