Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
PART 3-20
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SUPERANNUATION
Division 134
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Division 296 tax
Subdivision 134-C
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Compulsory payment
Division 296 debt account discharge liability
SECTION 134-105 LIABILITY TO PAY DIVISION 296 DEBT ACCOUNT DISCHARGE LIABILITY 134-105(1)
You are liable to pay the amount of your * Division 296 debt account discharge liability for a * superannuation interest if the * Division 296 end benefit for the interest becomes payable.
134-105(2)
The liability arises: (a) unless paragraph (b) applies - at the time the * Division 296 end benefit becomes payable; or (b) if the Division 296 end benefit is a * superannuation death benefit - just before you die.
134-105(3)
Payment of your * Division 296 debt account discharge liability for a * superannuation interest discharges your liability for so much of your total * assessed Division 296 tax for all income years as is * deferred to a Division 296 debt account for the superannuation interest.
View history note
Hide history noteNote: See section 3AA .
Chapter 3 - Collection, recovery and administration of other taxesSECTION 134-105 LIABILITY TO PAY DIVISION 296 DEBT ACCOUNT DISCHARGE LIABILITY 134-105(1)
You are liable to pay the amount of your * Division 296 debt account discharge liability for a * superannuation interest if the * Division 296 end benefit for the interest becomes payable.
134-105(2)
The liability arises: (a) unless paragraph (b) applies - at the time the * Division 296 end benefit becomes payable; or (b) if the Division 296 end benefit is a * superannuation death benefit - just before you die.
Note 1:
For paragraph (a) , a release authority allows money to be released from the superannuation plan to pay this amount: see subsection 135-10(1) .
Note 2:
For paragraph (b) , the debt will be recovered from your estate: see Subdivision 260-E .
134-105(3)
Payment of your * Division 296 debt account discharge liability for a * superannuation interest discharges your liability for so much of your total * assessed Division 296 tax for all income years as is * deferred to a Division 296 debt account for the superannuation interest.
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