Taxation Administration Act 1953
SCHEDULE 1
-
COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
This section applies to you if:
(a) you receive an *excess transfer balance determination under section 136-10 ; and
(b) you are the *retirement phase recipient of 2 or more *superannuation income streams. 136-20(2)
You may elect which of those *superannuation income streams is to be fully or partially commuted for the purpose of reducing the *transfer balance in your *transfer balance account by the *crystallised reduction amount. Requirements for election 136-20(3)
You make an election under subsection (2) by:
(a) identifying the *superannuation income stream or streams to be commuted in full or in part and the *superannuation income stream provider for each such stream; and
(b) if you identify more than one superannuation income stream - stating the amount to be commuted from each such income stream. 136-20(4)
The election must:
(a) be in the *approved form; and
(b) be given to the Commissioner within:
An election under this section is irrevocable.
Note: See section 3AA .
Chapter 3 - Collection, recovery and administration of other taxes
PART 3-20
-
SUPERANNUATION
Division 136
-
Transfer balance cap
Subdivision 136-A
-
Excess transfer balance determinations
Operative provisions
SECTION 136-20
ELECTING TO COMMUTE A DIFFERENT SUPERANNUATION INCOME STREAM
136-20(1)
This section applies to you if:
(a) you receive an *excess transfer balance determination under section 136-10 ; and
(b) you are the *retirement phase recipient of 2 or more *superannuation income streams. 136-20(2)
You may elect which of those *superannuation income streams is to be fully or partially commuted for the purpose of reducing the *transfer balance in your *transfer balance account by the *crystallised reduction amount. Requirements for election 136-20(3)
You make an election under subsection (2) by:
(a) identifying the *superannuation income stream or streams to be commuted in full or in part and the *superannuation income stream provider for each such stream; and
(b) if you identify more than one superannuation income stream - stating the amount to be commuted from each such income stream. 136-20(4)
The election must:
(a) be in the *approved form; and
(b) be given to the Commissioner within:
(i) 60 days after the *excess transfer balance determination or amended excess transfer balance determination is issued; or
Election is irrevocable 136-20(5)
(ii) a further period allowed by the Commissioner.
An election under this section is irrevocable.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.