Amount to be stated in a release authority
139-120 Amount to be stated in a release authority
The amount to be released from one or more *superannuation interests under a release authority issued under section 139‑115 must be worked out so that either:
the amount released equals (but does not exceed) the amount specified in the order made under section 139‑60; or
if the amount released falls short of the amount specified in the order made under section 139‑60—the Commissioner:
has issued at least one release authority to each *superannuation provider that the Commissioner is aware could be given a release authority under section 139‑115; and
has received in response to each such release authority either an amount paid under subsection 139‑135(1), or a notice under subsection 139‑145(2); and
is satisfied that issuing further release authorities will not increase the total amount released.
This Act’s bill:Second reading speech
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