Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-20 - SUPERANNUATION  

Division 131 - Releasing money from superannuation  

Subdivision 131-A - Releasing money from superannuation  

Consequences of releasing amounts

SECTION 131-65   ENTITLEMENT TO CREDITS  

131-65(1)  
If a *superannuation provider pays an amount in relation to a release authority issued under section 131-15 in relation to you, you are entitled to a credit equal to that amount.

Note:

Division 3 of Part IIB provides for the treatment of credits that you are entitled to under a taxation law.

131-65(2)  
The credit arises on the day the Commissioner receives the amount. Exception for voluntary payments of Division 293 tax debt account

131-65(3)  
However, if the amount paid in relation to the release authority relates to an amount of *assessed Division 293 tax that is *deferred to a debt account for a *superannuation interest:


(a) subsection (1) does not apply in relation to the payment; and


(b) treat the payment as if it were a voluntary payment under section 133-70 in relation to that debt account.


 

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