TAXATION ADMINISTRATION ACT 1953
Note: See section 3AA.Chapter 3 - Collection, recovery and administration of other taxes
(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.
Section 288-95 provides for an administrative penalty for failing to comply with this section.
For reporting obligations on the superannuation provider in these circumstances, see section 390-65 in this Schedule.
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.