Document ID: chunk:federal_register_of_legislation:C2013A00082:clause:3_2:p5
Version: federal_register_of_legislation:C2013A00082
Segment Type: clause
Provision Reference: sch 3 cl 2 (pt 5/8)
Character Range: 41268–44041

133‑140 End benefit notice—superannuation provider
133‑145 End benefit notice—material changes or omissions

Debt account discharge liability

133‑105  Liability to pay debt account discharge liability
 (1) You are liable to pay the amount of your *debt account discharge liability for a *superannuation interest if the *end benefit for the interest becomes payable.
 (2) The liability arises:
 (a) unless paragraph (b) applies—at the time the *end benefit becomes payable; or
 (b) if the end benefit is a *superannuation death benefit—just before you die.
Note 1: For paragraph (a), a release authority allows money to be released from the superannuation plan to pay this amount: see subsection 135‑10(1).
Note 2: For paragraph (b), the debt will be recovered from your estate: see Subdivision 260‑E.
 (3) Payment of your *debt account discharge liability for a *superannuation interest discharges your liability for so much of your total *assessed Division 293 tax for all income years as is *deferred to a debt account for the superannuation interest.

133‑110  When debt account discharge liability must be paid
  The amount of your *debt account discharge liability for a *superannuation interest is due and payable at the end of 21 days after the day on which the *end benefit for the superannuation interest is paid.

133‑115  General interest charge
  If your *debt account discharge liability remains unpaid after the time by which it is due and payable, you are liable to pay the *general interest charge on the unpaid amount for each day in the period that:
 (a) begins on the day on which the debt account discharge liability was due to be paid; and
 (b) ends on the last day on which, at the end of the day, any of the following remains unpaid:
 (i) the debt account discharge liability;
 (ii) general interest charge on any of the debt account discharge liability.
Note: The general interest charge is worked out under Part IIA.

133‑120  Meaning of debt account discharge liability
 (1) The debt account discharge liability for a *superannuation interest for which the Commissioner keeps a debt account is the lesser of:
 (a) the amount by which the debt account is in debit at the earlier of:
 (i) the time the *end benefit for the superannuation interest becomes payable; and
 (ii) the time a notice under section 133‑125 is made; and
 (b) the end benefit cap specified in a notice given to the Commissioner by the *superannuation provider under subsection (2) or section 133‑140 (as the case requires).
 (2) If requested by the Commissioner, the *superannuation provider in relation to a *superannuation interest must give the Commissioner notice of the amount (the end benefit cap) that is 15% of the employer‑financed component of any part of the *value