TAXATION ADMINISTRATION ACT 1953

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

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-25 - CHARGES AND PENALTIES  

Division 288 - Miscellaneous administrative penalties  

SECTION 288-100   EXCESS MONEY PAID UNDER RELEASE AUTHORITY  

288-100(1)  


A person is liable for an administrative penalty of 20 penalty units if:


(a) the person gives one or more *superannuation providers a release authority in accordance with section 292-80B of the Income Tax (Transitional Provisions) Act 1997 ; and


(b) the total of the amounts paid by the superannuation provider or providers to the person and the Commissioner as a result of being given the release authority exceeds the amount required to be paid in respect of the release authority under section 292-80C of that Act.

288-100(2)  


An individual is liable to an administrative penalty of 20 penalty units if one or more *superannuation benefits that the individual receives (or is taken to receive), paid in relation to a release authority issued in accordance with Subdivision 135-A in this Schedule, is assessable income to any extent.

 

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