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 136-70   NOTIFYING OF NON-COMMUTABLE EXCESS TRANSFER BALANCE  

136-70(1)  
The Commissioner must notify you in writing if, at the end of a day after the Commissioner has issued an *excess transfer balance determination to you:


(a) the sum of all *transfer balance debits arising in your *transfer balance account since the determination was issued falls short of the *crystallised reduction amount; and


(b) you have *excess transfer balance in your transfer balance account; and


(c) either:


(i) the only *superannuation income streams of which you are a *retirement phase recipient are *capped defined benefit income streams; or

(ii) you are no longer a retirement phase recipient of any superannuation income stream.
Note:

A debit arises in your transfer balance account when the Commissioner issues a notice under this section: see item 7 of the table in subsection 294-80(1) of the Income Tax Assessment Act 1997 .

136-70(2)  
A notice under subsection (1) must state the amount of the *excess transfer balance mentioned in paragraph (1)(b).




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