Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A lump sum (the release authority lump sum ) may be paid at a time in compliance with a release authority issued to a person under item 3 of the table in subsection 135 - 10(1) in Schedule 1 to the Taxation Administration Act 1953 and given to CSC in accordance with Subdivision 135 - B in that Schedule if:
(a) at or before that time, the person gives CSC written notice of the person's election under section 146RC of this Act (which deals with the reduction of benefits to reflect the release authority lump sum); and
(b) at that time, either:
(i) there is no surcharge deduction amount in relation to the person; or
(ii) subsection (2) applies.
Note: The purpose of the release authority is to allow a lump sum to be paid to the Commissioner to meet a debt the person has under Subdivision 133 - C in Schedule 1 to the Taxation Administration Act 1953 .
Surcharge election must be made or forgone
(2) This subsection applies if any of the following are satisfied:
(a) the person has made an election under section 80B or 80C (which deal with the adjustment of benefits to take account of the surcharge deduction amount);
(b) the person has not made an election under either of those sections and the periods within which such elections may be made have expired;
(c) the person gives CSC written notice that the person forgoes making an election under both of those sections.