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 136 - Transfer balance cap  

Subdivision 136-B - Commutation authorities  

Obligations of Commissioner

SECTION 136-55   ISSUING OF COMMUTATION AUTHORITIES  

Commutation authority must be issued if there is a commutable amount

136-55(1)    
The Commissioner must issue a commutation authority under this section to one or more *superannuation income stream providers if:

(a) an *excess transfer balance determination has been issued to you; and

(b) the excess transfer balance determination has not been revoked; and

(c) the period mentioned in subsection 136-20(4) has ended; and

(d) an amount (the commutable amount ) greater than nil remains after reducing the *crystallised reduction amount by the sum of any *transfer balance debits notified to the Commissioner under section 136-25 .

Issuing in response to a valid election

136-55(2)    
If you have made a valid election under section 136-20 , the Commissioner must issue a commutation authority under this section to each *superannuation income stream provider identified in your election.

136-55(3)    
If the total of the amounts stated in your election under section 136-20 falls short of the commutable amount, the Commissioner must also issue a commutation authority to one or more *superannuation income stream providers specified in the *default commutation notice.

Issuing if you do not make a valid election

136-55(4)    
If you have not made a valid election under section 136-20 , the Commissioner must issue a commutation authority to each *superannuation income stream provider specified in the *default commutation notice.

Requirements for commutation authority

136-55(5)    
Each commutation authority must:

(a) specify the *superannuation income stream that the *superannuation income stream provider is to commute, in full or in part; and

(b) state the amount (the reduction amount ) by which the superannuation income stream is to be reduced; and

(c) be dated; and

(d) contain any other information that the Commissioner considers relevant.

136-55(6)    
The total of all reduction amounts stated in commutation authorities issued under this section relating to an *excess transfer balance determination must not exceed the commutable amount.