History
S 292-410(3) amended by No 15 of 2007.
S 292-410 repealed by No 81 of 2016, s 3 and Sch 10 item 18, effective 1 July 2018. For application provisions, see note under s
292-1
. S 292-410 formerly read:
SECTION 292-410 Giving a release authority to a superannuation provider
292-410(1)
The person may give the release authority to a *superannuation provider that holds a *superannuation interest (other than a *defined benefit interest) for the person in a *complying superannuation plan within 90 days after the date of the release authority.
Note:
Excess non-concessional contributions tax is due and payable at the end of 21 days after the notice of assessment: see section 292-385.
History
S 292-410(1) amended by No 118 of 2013, s 3 and Sch 1 item 64, by inserting
"
non-concessional
"
in the note, effective 29 June 2013. For application, transitional and saving provisions see note under Div
291
heading.
S 292-410(1) amended by No 15 of 2007, s 3 and Sch 3 item 27, by inserting
"
in a *complying superannuation plan
"
after
"
for the person
"
, applicable to the 2007-2008 financial year and later years.
292-410(2)
However, if:
(a)
the release authority is for *excess non-concessional contributions tax; and
(b)
a *superannuation provider holds a *superannuation interest for the person in a *complying superannuation plan (other than a *defined benefit interest);
the person must give the release authority to a superannuation provider holding a superannuation interest for the person in a complying superannuation plan (other than a defined benefit interest) within 21 days after the date of the release authority.
Note:
Section 288-90 in Schedule 1 to the
Taxation Administration Act 1953
provides for an administrative penalty for failing to comply with this subsection.
History
S 292-410(2) amended by No 15 of 2007, s 3 and Sch 3 items 28 and 29, by inserting
"
in a *complying superannuation plan
"
after
"
for the person
"
in para (b) and inserting
"
in a complying superannuation plan
"
after
"
a superannuation interest for the person
"
, applicable to the 2007-2008 financial year and later years.
292-410(3)
Subsection (4) applies if:
(a)
the release authority is for *excess non-concessional contributions tax; and
(b)
a *superannuation provider holds a *superannuation interest for the person (other than a *defined benefit interest); and
(c)
any of the following conditions are satisfied:
(i)
the person does not give the release authority to a superannuation provider holding a superannuation interest for the person in a *complying superannuation plan within 90 days after the date of the release authority in accordance with subsection (1);
(ii)
if the person has made one or more requests as mentioned in paragraph 292-415(1)(a) in relation to the release authority within 90 days after the date of the release authority
-
the total of the amounts (if any) paid by superannuation providers in relation to the release authority falls short of the amount of the excess non-concessional contributions tax stated in the release authority;
(iii)
the total of the *values of every superannuation interest (other than a defined benefit interest) held for the person by a superannuation provider to which the release authority is given falls short of the amount of the excess non-concessional contributions tax stated in the release authority.
History
S 292-410(3) amended by No 15 of 2007, s 3 and Sch 3 item 30, by inserting
"
in a *complying superannuation plan
"
after
"
for the person
"
in para (c)(i), applicable to the 2007-2008 financial year and later years.
292-410(4)
If the conditions in subsection (3) are satisfied, the Commissioner may give the release authority to one or more *superannuation providers that hold a *superannuation interest (other than a *defined benefit interest) for the person.
S 292-410 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.
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