Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-20 - SUPERANNUATION  

Division 136 - Transfer balance cap  

Subdivision 136-B - Commutation authorities  

Obligations of Commissioner

SECTION 136-65   ISSUING FURTHER COMMUTATION AUTHORITIES  

136-65(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.

136-65(2)    
A commutation authority issued under this section must include the matters set out in subsection 136-55(5) .

136-65(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.

136-65(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.




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