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 superannuation income stream providers

SECTION 136-80   OBLIGATIONS ON SUPERANNUATION INCOME STREAM PROVIDERS  

136-80(1)  
A *superannuation income stream provider issued with a commutation authority under this Subdivision must, within 60 days after the commutation authority is issued, pay by way of commutation of the specified *superannuation income stream, a *superannuation lump sum equal to the lesser of:


(a) the reduction amount stated in the commutation authority; and


(b) the *maximum available release amount for the *superannuation interest that supports the specified superannuation income stream. Exception for capped defined benefit income streams

136-80(2)  
Despite subsection (1), if the specified *superannuation income stream is a *capped defined benefit income stream, the *superannuation income stream provider may choose not to comply with the commutation authority. Exception for deceased member

136-80(3)  
Despite subsection (1), if the *retirement phase recipient has died, the *superannuation income stream provider may choose not to comply with the commutation authority.




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