131-35

Obligations of superannuation providers

Current

(1)

A *superannuation provider issued with a release authority under section 131‑15 must, within 10 *business days after the release authority is issued (or a further period allowed by the Commissioner), pay to the Commissioner 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 you 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 131‑75.

Exception—defined benefit interests not subject to compulsory release

(2)

However, the *maximum available release amount for a *superannuation interest is not to be included in the sum worked out under paragraph (1)(b) if the interest is a *defined benefit interest.

This Act’s bill:Second reading speech

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