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 135 - Releasing money from superannuation  

Subdivision 135-C - Release of superannuation money under a release authority  

Operative provisions

SECTION 135-75   REQUIREMENT FOR SUPERANNUATION PROVIDER TO RELEASE MONEY  

135-75(1)  
If:


(a) a * superannuation provider has been given a release authority in accordance with Subdivision 135-B ; and


(b) the amount mentioned in section 135-85 (the release amount ) is greater than nil;

the superannuation provider must pay the release amount within 30 days after receiving the release authority.

Who superannuation provider pays the amount to

135-75(2)  
The release amount must be paid to the Commissioner.

135-75(3)  


However, if the release authority was:


(a) issued under item 1 of the table in subsection 135-10(1) (which is about Division 293 tax that is due and payable within 21 days); and


(b) given to the * superannuation provider by the individual under section 135-40 ;

the release amount may be paid to the individual.

Note 1:

Section 288-95 provides for an administrative penalty for failing to comply with this section.

Note 2:

For the taxation treatment of the payment, see sections 303-20 and 304-20 of the Income Tax Assessment Act 1997 .

Note 3:

For reporting obligations on the superannuation provider in these circumstances, see section 390-65 in this Schedule.

Which superannuation interest the amount is to be paid from

135-75(4)  
The payment must be made out of one or more * superannuation interests (other than a * defined benefit interest) held by the * superannuation provider for the individual.




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