Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p3
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 3/17)
Character Range: 1065176–1068254

amount of the compensation, the entity may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

135‑85  Release amount
  The amount is the least of the following amounts:
 (a) the amount stated in the release authority, as issued by the Commissioner;
 (b) if the individual or Commissioner requests the *superannuation provider, in writing, to pay a specified amount in relation to the release authority—that amount;
 (c) the sum of the *maximum available release amounts for each *superannuation interest (other than a *defined benefit interest) held by the superannuation provider for the individual in *superannuation plans.
Note: For the maximum available release amount, see section 131‑45.

135‑90  How the Commissioner applies amounts received under a release authority
  If the Commissioner receives a payment under a release authority, it is taken for the purposes of Part IIB to have been received in respect of a current or anticipated tax debt of the individual.
Note: Part IIB is about running balance accounts and the application of payments and credits.

135‑95  Defined benefit interests—releasing amounts to pay debt account discharge liability
  The exclusion of *defined benefit interests from subsection 135‑75(4) and paragraph 135‑85(c) is to be disregarded for a release authority issued under item 3 of the table in subsection 135‑10(1) (about debt account discharge liability).

135‑100  Income tax treatment of amounts released—proportioning rule does not apply
  Section 307‑125 of the Income Tax Assessment Act 1997 (the proportioning rule) does not apply to a payment made as required or permitted under this Division.
Note: Further provisions about the income tax treatment of amounts released are in sections 303‑20 and 304‑20 of that Act.

Division 136—Transfer balance cap

Table of Subdivisions
 Guide to Division 136
136‑A Excess transfer balance determinations
136‑B Commutation authorities

Guide to Division 136

136‑1  What this Division is about
      If you have excess transfer balance in your transfer balance account, the Commissioner may require you and your superannuation income stream provider to reduce the total amount of your superannuation income streams that are in the retirement phase.

Subdivision 136‑A—Excess transfer balance determinations

Guide to Subdivision 136‑A

136‑5  What this Subdivision is about

      If your transfer balance account exceeds the transfer balance cap, the excess must be reduced by commuting in full or in part your superannuation income streams that are in the retirement phase.
      If you have more than one superannuation income stream, you may choose which one to commute.

Table of sections

Operative provisions
136‑10 Excess transfer balance determination
136‑15 Review
136‑20 Electing to commute a different superannuation income stream
136‑25 Notifying Commissioner of transfer balance debits

Operative provisions

136‑10  Excess transfer balance determination
 (1)