Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 1   Excess non-concessional superannuation contributions tax reforms

Taxation Administration Act 1953

32   After subsection 96-20(1) in Schedule 1

Insert:

(1A) A *superannuation provider issued with a release authority under section 96-12 must, within 21 days after the release authority is issued (or a further period allowed by the Commissioner), pay to the individual the lesser of:

(a) the amount stated in the release authority; and

(b) the sum of the *maximum available release amounts for each *superannuation interest held by the superannuation provider for the individual in *superannuation plans.

Note 1: Subsection 288-95(3) provides for an administrative penalty for failing to comply with this section.

Note 2: For the taxation treatment of the payment, see section 96-60.