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 131 - Releasing money from superannuation  

Subdivision 131-A - Releasing money from superannuation  

Guide to Subdivision 131-A

SECTION 131-1   WHAT THIS SUBDIVISION IS ABOUT  


You may request the Commissioner to require the release of an amount from your superannuation interests if you are given:

  • (a) an excess concessional contributions determination or excess non-concessional contributions determination; or
  • (b) a notice of assessment of an amount of Division 293 tax; or
  • (c) a first home super saver determination.
  • The Commissioner may also require the release of an amount from your superannuation interests in related circumstances.

    Superannuation providers must usually pay the amount required to be released. However, for defined benefit superannuation interests the provider may choose whether or not to pay.

    Released amounts are paid to the Commissioner. You get a credit for the released amount. Surplus credits are refunded to you under Division 3A of Part IIB .


    TABLE OF SECTIONS
    TABLE OF SECTIONS
    Requesting a release authority
    131-5 Requesting the release of amounts from superannuation interests
    131-10 Restrictions on the total amount you can request to be released
    Issuing a release authority to superannuation provider
    131-15 Issuing release authorities
    131-20 Amount to be stated in a release authority
    131-25 Contents of a release authority
    131-30 Varying and revoking a release authority
    Complying with a release authority
    131-35 Obligations of superannuation providers
    131-40 Voluntary compliance with a release authority relating to defined benefit interests
    131-45 Meaning of maximum available release amount
    131-50 Notifying Commissioner
    131-55 Notifying you
    131-60 Compensation for acquisition of property
    Consequences of releasing amounts
    131-65 Entitlement to credits
    131-70 Interest for late payments of money received by the Commissioner in accordance with release authority
    131-75 Income tax treatment of amounts released - proportioning rule does not apply




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