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  

Requesting a release authority

SECTION 131-5   REQUESTING THE RELEASE OF AMOUNTS FROM SUPERANNUATION INTERESTS  

131-5(1)  
You may make a request under this section for a *financial year if you are given any of the following:


(a) an *excess concessional contributions determination for the financial year;


(b) an *excess non-concessional contributions determination for the financial year;


(c) a notice of assessment of an amount of *Division 293 tax payable for the income year that corresponds to the financial year;


(d) a *first home super saver determination.

131-5(2)  
You make the request by:


(a) notifying the Commissioner of the total amount to be released; and


(b) identifying your *superannuation interest or interests from which that total amount is to be released; and


(c) if you identify more than one superannuation interest - stating the amount to be released from each such interest.

131-5(3)  
The request must:


(a) ensure that the total amount to be released for the determination or assessment complies with section 131-10 ; and


(b) be in the *approved form; and


(c) be given to the Commissioner within:


(i) 60 days after the Commissioner issues the determination or notice referred to in subsection (1); or

(ii) a further period allowed by the Commissioner.
Unsuccessful requests - making a further request

131-5(4)  
If:


(a) you make a valid request under this section; and


(b) the Commissioner gives you a notice under subsection 131-55(1) stating an amount (the unreleased amount ) that a *superannuation provider did not pay in relation to a release authority issued for that request;

you may make a further request to release the unreleased amount from another of your *superannuation interests.

131-5(5)  
The further request must comply with subsection (2) and paragraphs (3)(a) and (b), and must be given to the Commissioner within:


(a) 60 days after the Commissioner issues the notice mentioned in paragraph (4)(b); or


(b) a further period allowed by the Commissioner. Request is irrevocable

131-5(6)  
A request under this section is irrevocable.




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