Requirement for superannuation provider to release money
135-75 Requirement for superannuation provider to release money
If:
a *superannuation provider has been given a release authority in accordance with Subdivision 135‑B; and
the amount mentioned in section 135‑85 (the release amount) is greater than nil;
the superannuation provider must pay the release amount within 30 days after receiving the release authority.
Who superannuation provider pays the amount to
The release amount must be paid to the Commissioner.
Section 288‑95 provides for an administrative penalty for failing to comply with this section.
For the taxation treatment of the payment, see sections 303‑20 and 304‑20 of the Income Tax Assessment Act 1997.
For reporting obligations on the superannuation provider in these circumstances, see section 390‑65 in this Schedule.
Which superannuation interest the amount is to be paid from
The payment must be made out of one or more *superannuation interests (other than a *defined benefit interest) held by the *superannuation provider for the individual.
This Act’s bill:Second reading speech
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