Taxation Administration Act 1953
SCHEDULE 1
-
COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
PART 3-20
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SUPERANNUATION
Division 135
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Releasing money from superannuation
Subdivision 135-B
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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.(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.
135-40(4)
Also, a release authority issued under item 4 of the table in subsection 135-10(1) (for Division 296 debt account discharge liability) may only be given to the * superannuation provider that holds the * superannuation interest to which the * Division 296 debt account relates.
View history note
Hide history noteNote: See section 3AA .
Chapter 3 - Collection, recovery and administration of other taxesSECTION 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:
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.
135-40(4)
Also, a release authority issued under item 4 of the table in subsection 135-10(1) (for Division 296 debt account discharge liability) may only be given to the * superannuation provider that holds the * superannuation interest to which the * Division 296 debt account relates.
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