Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 10   Administrative streamlining

Part 1   Release authority harmonisation

Division 3   Application of amendments

53   Release authorities issued to individuals before 1 July 2018 but assessed Division 293 tax is still payable on or after that day

(1) This item applies to you if:

(a) the Commissioner issues you with a release authority under item 1 of the table in subsection 135-10(1) in Schedule 1 to the Taxation Administration Act 1953 in relation to an amount of assessed Division 293 tax; and

(b) under subsection 135-45(1) in that Schedule, the Commissioner could have given the release authority to one or more superannuation providers before 1 July 2018; and

(c) the Commissioner did not do so.

(2) This item also applies to you if:

(a) the Commissioner issues you with a release authority under item 1 of the table in subsection 135-10(1) in Schedule 1 to the Taxation Administration Act 1953 in relation to an amount of assessed Division 293 tax; and

(b) as on 30 June 2018, the 120-day period referred to in subsection 135-45(1) in that Schedule for the release authority is to end after that day; and

(c) apart from subitem (3) of this item, paragraphs 135-45(1)(a) and (b) in that Schedule are satisfied for that release authority at the end of that 120-day period.

(3) The amendments made by this Part apply as if:

(a) subsection 131-15(4) in that Schedule permitted the Commissioner to issue a release authority, relating to the assessment of the amount of Division 293 tax, to one or more superannuation providers; and

(b) the reference to this Subdivision in subsection 131-15(4) in that Schedule included a reference to Division 135 in that Schedule (as in force on 30 June 2018); and

(c) subsection 131-20(2) in that Schedule also disregarded any amounts that:

(i) were stated in any other release authorities issued under Division 135 in that Schedule (as in force on 30 June 2018) for that assessment and given to a superannuation provider; but

(ii) were not paid by the superannuation provider.