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  

Complying with a release authority

SECTION 131-35   OBLIGATIONS OF SUPERANNUATION PROVIDERS  

131-35(1)  
A *superannuation provider issued with a release authority under section 131-15 must, within 10 *business days after the release authority is issued (or a further period allowed by the Commissioner), pay to the Commissioner the lesser of:


(a) the amount stated in the release authority; and


(b) the sum of the *maximum available release amounts for each *superannuation interest held by the superannuation provider for you in *superannuation plans.

Note 1:

Subsection 288-95(3) provides for an administrative penalty for failing to comply with this section.

Note 2:

For the taxation treatment of the payment, see section 131-75 .

Exception - defined benefit interests not subject to compulsory release

131-35(2)  
However, the *maximum available release amount for a *superannuation interest is not to be included in the sum worked out under paragraph (1)(b) if the interest is a *defined benefit interest.




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