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-B - When a release authority can be given to a superannuation provider  

Operative provisions

SECTION 135-40   WHEN YOU MAY GIVE RELEASE AUTHORITY TO SUPERANNUATION PROVIDER  

135-40(1)  
You may give the release authority to a * superannuation provider that holds a * superannuation interest for you within 120 days after the date of the release authority.

135-40(2)  
You may request the * superannuation provider, in writing, to pay a specified amount in relation to the release authority.

Note 1:

For the amount that the provider pays under a release authority, see section 135-85 .

Note 2:

If excess amounts are paid in relation to a release authority:

  • (a) the excess is assessable income (see section 304-20 of the Income Tax Assessment Act 1997 ); and
  • (b) you are liable to an administrative penalty (see section 288-100 in this Schedule).
  • 135-40(3)  
    However, a release authority issued under item 3 of the table in subsection 135-10(1) (for debt account discharge liability) may only be given to the * superannuation provider that holds the * superannuation interest to which the debt account relates.




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