Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Release authority harmonisation
Taxation Administration Act 1953
1 Before Division 133 in Schedule 1
Insert:
Division 131 -- Releasing money from superannuation
Table of Subdivisions
131 - A Releasing money from superannuation
Subdivision 131 - A -- Releasing money from superannuation
131 - 1 What this Subdivision is about
You may request the Commissioner to require the release of an amount from your superannuation interests if you are given:
(a) an excess concessional contributions determination or excess non - concessional contributions determination; or
(b) a notice of assessment of an amount of Division 293 tax .
The Commissioner may also require the release of an amount from your superannuation interests in related circumstances .
Superannuation providers must usually pay the amount required to be released . However, for defined benefit superannuation interests the provider may choose whether or not to pay .
Released amounts are paid to the Commissioner . You get a credit for the released amount . Surplus credits are refunded to you under Division 3A of Part IIB .
Table of sections
Requesting a release authority
131 - 5 Requesting the release of amounts from superannuation interests
131 - 10 Restrictions on the total amount you can request to be released
Issuing a release authority to superannuation provider
131 - 15 Issuing release authorities
131 - 20 Amount to be stated in a release authority
131 - 25 Contents of a release authority
131 - 30 Varying and revoking a release authority
Complying with a release authority
131 - 35 Obligations of superannuation providers
131 - 40 Voluntary compliance with a release authority relating to defined benefit interests
131 - 45 Meaning of maximum available release amount
131 - 50 Notifying Commissioner
131 - 55 Notifying you
131 - 60 Compensation for acquisition of property
Consequences of releasing amounts
131 - 65 Entitlement to credits
131 - 70 Interest for late payments of money received by the Commissioner in accordance with release authority
131 - 75 Income tax treatment of amounts released--proportioning rule does not apply
Requesting a release authori t y
131 - 5 Requesting the release of amounts from superannuation interests
(1) You may make a request under this section for a * financial year if you are given any of the following:
(a) an * excess concessional contributions determination for the financial year;
(b) an * excess non - concessional contributions determination for the financial year;
(c) a notice of assessment of an amount of * Division 293 tax payable for the income year that corresponds to the financial year .
(2) You make the request by:
(a) notifying the Commissioner of the total amount to be released; and
(b) identifying your * superannuation interest or interests from which that total amount is to be released; and
(c) if you identify more than one superannuation interest--stating the amount to be released from each such interest .
(3) The request must:
(a) ensure that the total amount to be released for the determination or assessment complies with section 131 - 10 ; and
(b) be in the * approved form; and
(c) be given to the Commissioner within:
(i) 60 days after the Commissioner issues the determination or notice referred to in subsection ( 1); or
(ii) a further period allowed by the Commissioner .
Unsuccessful requests--making a further request
(4) If:
(a) you make a valid request under this section; and
(b) the Commissioner gives you a notice under subsection 131 - 55 (1) stating an amount (the unreleased amount ) that a * superannuation provider did not pay in relation to a release authority issued for that request;
you may make a further request to release the unreleased amount from another of your * superannuation interests .
(5) The further request must comply with subsection ( 2) and paragraphs ( 3)(a) and (b), and must be given to the Commissioner within:
(a) 60 days after the Commissioner issues the notice mentioned in paragraph ( 4)(b); or
(b) a further period allowed by the Commissioner .
Request is irrevocable
(6) A request under this section is irrevocable .
131 - 10 Restrictions on the total amount you can request to be released
(1) The total amount you can request to be released complies with this section if that amount:
(a) if item 1 or 3 of the following table applies--does not exceed the relevant amount referred to in that item; or
(b) if item 2 of the following table applies--is nil or equals the relevant amount referred to in that item .
Amount you can request to be released | ||
Item | If the request relates to this kind of determination or assessment (see subsection 131 - 5 (1)): | The relevant amount is: |
1 | an * excess concessional contributions determination | 85% of the contributions stated in that determination |
2 | an * excess non - concessional contributions determination | the * total release amount stated in that determination |
3 | an assessment of an amount of * Division 293 tax | that amount of Division 293 tax |
(2) However, for an amended determination or assessment, reduce the relevant amount referred to in the above table by any amount released under this Subdivision for an earlier determination or assessment of that kind that you are given for the * financial year or corresponding income year .
(3) An amendment of a determination or assessment does not affect the validity of a request you make under section 131 - 5 before you are given the amended determination or the notice of the amended assessment .
Issuing a release authority to superannuation provid e r
131 - 15 Issuing release authorities
Issuing in response to a valid request
(1) If you make a valid request under section 131 - 5 , the Commissioner must issue a release authority to each * superannuation provider that holds a * superannuation interest identified in the request .
Issuing if you do not make a valid request in response to an excess non - concessional contributions determination etc .
(2) If:
(a) on a particular day, the Commissioner issues you with:
(i) an * excess non - concessional contributions determination for a * financial year; or
(ii) a notice to which paragraph 131 - 5 (4)(b) applies for such a determination; and
(b) within 60 days after that day, you do not make a valid request under section 131 - 5 for that determination;
the Commissioner may issue a release authority to one or more * superannuation providers that hold * superannuation interests for you .
Issuing if you are liable to pay excess non - concessional contributions tax
(3) If you are given a notice of an * excess non - concessional contributions tax assessment for a * financial year, the Commissioner may issue a release authority to one or more * superannuation providers that hold * superannuation interests for you .
Issuing if you have an unpaid amount of assessed Division 293 tax that is not deferred to a debt account
(4) If:
(a) for an income year, you are given a notice of assessment of an amount of * Division 293 tax that is not * deferred to a debt account for a * superannuation interest; and
(b) on the 60th day after the day the Commissioner issues that notice, the sum of the following falls short of that amount of tax:
(i) any payments of that tax for the income year that you have already made;
(ii) any amounts that have already been released under this Subdivision for that assessment;
the Commissioner may issue a release authority to one or more * superannuation providers that hold superannuation interests for you .
131 - 20 Amount to be stated in a release authority
(1) The amount to be released from one or more * superannuation interests under a release authority issued under section 131 - 15 must be:
(a) for a release authority issued under subsection 131 - 15 (1)--the amount stated in the request; or
(b) otherwise--worked out so that the total amount stated for all release authorities for the applicable determination or assessment does not exceed:
(i) for a release authority issued under subsection 131 - 15 (2)--the * total release amount stated in the determination referred to in that subsection; or
(ii) for a release authority issued under subsection 131 - 15 (3) or (4)--the amount of tax stated in the assessment referred to in that subsection .
(2) For the purposes of paragraph ( 1)(b), disregard an amount stated in another release authority to the extent that a notice given under subsection 131 - 50 (2) states that the amount will not be paid .
131 - 25 Contents of a release authority
Each release authority issued under section 131 - 15 must:
(a) be issued to a single * superannuation provider; and
(b) state the amount to be released from each * superannuation interest under the release authority; and
(c) be dated; and
(d) contain any other information that the Commissioner considers relevant .
131 - 30 Varying and revoking a release authority
The Commissioner may vary or revoke a release authority issued under section 131 - 15 at any time before the Commissioner is given a notice under section 131 - 50 relating to the release authority .
Complying with a release authori t y
131 - 35 Obligations of superannuation providers
(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 .
131 - 40 Voluntary compliance with a release authority relating to defined benefit interests
(1) A * superannuation provider issued with a release authority under section 131 - 15 may, 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 * defined benefit interest held by the superannuation provider for you in * superannuation plans .
(2) For the purposes of paragraph ( 1)(a), reduce the amount mentioned in that paragraph by any amount the provider pays under section 131 - 35 in relation to the release authority .
131 - 45 Meaning of maximum available release amount
The maximum available release amount for a * superannuation interest at a particular time is the total amount of all the * superannuation lump sums that could be payable from the interest at that time .
131 - 50 Notifying Commissioner
(1) A * superannuation provider issued with a release authority under section 131 - 15 must notify the Commissioner of a payment made in accordance with this Subdivision .
(2) A * superannuation provider that:
(a) has been issued with a release authority under section 131 - 15 ; and
(b) is not required to pay an amount under section 131 - 35 , or is required under that section to pay an amount less than the amount stated in the release authority;
must notify the Commissioner that the provider is not required to comply with the release authority .
(3) A notice under this section must be given in the * approved form within the period applying under subsection 131 - 35 (1) or 131 - 40 (1) for the release authority .
Note: Subsection 286 - 75(1) provides for an administrative penalty for failing to comply with this section .
(1) The Commissioner must notify you if, in relation to a release authority issued under section 131 - 15 in relation to you, the Commissioner:
(a) is given a notice from a * superannuation provider under section 131 - 50 ; or
(b) does not receive a payment from a superannuation provider of the full amount stated in the release authority within the time mentioned in subsection 131 - 35 (1) or 131 - 40 (1) .
(2) A notice under subsection ( 1) must:
(a) be in writing; and
(b) identify the * superannuation provider; and
(c) state how much of the amount stated in the release authority was not paid within the applicable time .
131 - 60 Compensation for acquisition of property
(1) If the operation of section 131 - 35 would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from an entity otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the entity .
(2) If the Commonwealth and the entity do not agree on the amount of the compensation, the entity may institute proceedings in:
(a) the Federal Court of Australia; or
(b) the Supreme Court of a State or Territory;
for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines .
Consequences of releasing amoun t s
131 - 65 Entitlement to credits
(1) If a * superannuation provider pays an amount in relation to a release authority issued under section 131 - 15 in relation to you, you are entitled to a credit equal to that amount .
Note: Division 3 of Part IIB provides for the treatment of credits that you are entitled to under a taxation law .
(2) The credit arises on the day the Commissioner receives the amount .
Exception for voluntary payments of Division 293 tax debt account
(3) However, if the amount paid in relation to the release authority relates to an amount of * assessed Division 293 tax that is * deferred to a debt account for a * superannuation interest:
(a) subsection ( 1) does not apply in relation to the payment; and
(b) treat the payment as if it were a voluntary payment under section 133 - 70 in relation to that debt account .
(1) You are entitled to an amount of interest worked out under subsection ( 2) if:
(a) the Commissioner is required under Division 3A of Part IIB to refund all or part of a credit you are entitled to under section 131 - 65 ; and
(b) the Commissioner does not so refund all or part of that credit within 60 days after receiving the payment that gave rise to the credit .
(2) The interest is to be calculated:
(a) on so much of the amount of the credit as the Commissioner fails to refund under that Division; and
(b) for the period:
(i) beginning 60 days after the day the Commissioner receives the amount; and
(ii) ending on the day the Commissioner refunds the amount mentioned in paragraph ( 1)(a); and
(c) on a daily basis; and
(d) at the * base interest rate for the day the interest is calculated .
131 - 75 Income tax treatment of amounts released--proportioning rule does not apply
Section 307 - 125 of the Income Tax Assessment Act 1997 (the proportioning rule) does not apply to a payment made as required or permitted under this Subdivision .
Note: The income tax treatment of released amounts is also affected by Subdivision 292 - B, and section 303 - 15, of that Act .
Income Tax Assessment Act 1997
2 Section 10 - 5 (table item headed "superannuation")
Omit "304 - 15(4)" .
3 Section 11 - 55 (table item headed "superannuation")
Omit "303 - 17" .
4 Section 11 - 55 (table item headed "superannuation")
Omit "304 - 15" .
5 Subsections 280 - 15(3) and (4)
Repeal the subsections, substitute:
(3) If non - concessional contributions exceed an indexed cap, the individual can request the release of either:
(a) nothing; or
(b) an amount equal to the sum of that excess and 85% of the associated earnings on that excess;
from the individual's superannuation interests . Whether or not such a request is made, an amount relating to those associated earnings may be included in the individual's assessable income and may give rise to a tax offset .
(4) In the absence of such a request, the Commissioner may require the relevant superannuation fund to release the amount described in paragraph ( 3)(b) .
Note: This can be done under subsection 131 - 15 (2) in Schedule 1 to the Taxation Administration Act 1953 .
(5) The individual is taxed:
(a) on any shortfall between the amount released as described in subsection ( 3) or (4) and the excess referred to in subsection ( 3); or
(b) on that excess, if the individual requested that nothing be released from the individual's superannuation interests .
(6) The Commissioner may require the release of an amount equal to this tax liability from the individual's superannuation interests .
Note: This can be done under subsection 131 - 15 (3) in Schedule 1 to the Taxation Administration Act 1953 .
6 Section 291 - 15 (note 3)
Repeal the note, substitute:
Note 3: You can request the release of excess concessional contributions from superannuation: see Division 131 in that Schedule .
7 Section 292 - 1
Repeal the section, substitute:
292 - 1 What this Division is about
This Division limits the superannuation contributions made in a financial year that receive concessional tax treatment .
You become liable for tax if:
(a) your non - concessional contributions exceed an indexed cap; and
(b) a corresponding amount is not released from your superannuation interests .
An amount may be included in your assessable income, and you may become entitled to a tax offset, if your non - concessional contributions exceed that indexed cap .
8 Section 292 - 15
Repeal the section, substitute:
292 - 15 What this Subdivision is about
An amount is included in your assessable income, and you are entitled to a tax offset, if:
(a) your non - concessional contributions exceed an indexed cap; and
(b) you are not liable to pay excess non - concessional contributions tax for the financial year on the full amount of the excess .
This amount included in your assessable income relates to:
(a) your associated earnings on those excess contributions; and
(b) any amounts that have been released from your superannuation interests .
9 Section 292 - 20
Repeal the section, substitute:
Your assessable income for an income year includes an amount, and you are entitled to a * tax offset for the income year, if:
(a) you receive one or more * excess non - concessional contributions determinations for a * financial year that corresponds to the income year; and
(b) you are not liable to pay * excess non - concessional contributions tax for the financial year on the full amount of the excess stated in the most recent of those determinations .
10 Paragraph 292 - 25(2)(a)
Omit "to you" .
11 Subsection 292 - 25(2) (notes 1 and 2)
Repeal the notes, substitute:
Note 1: The release authorities are issued under Division 131, or former Division 96, in Schedule 1 to the Taxation Administration Act 1953 .
Note 2: Any amounts paid in response to the release authorities are non - assessable non - exempt income (see section 303 - 15 or former sections 303 - 15 and 303 - 17) .
12 Paragraph 292 - 85(1)(b)
Repeal the paragraph, substitute:
(b) the excess amount stated in the most recent of those determinations exceeds the sum of any amounts paid in response to release authorities issued in relation to those determinations; and
13 At the end of subsection 292 - 85(1)
Add:
Note: The release authorities are issued under Division 131, or former Division 96, in Schedule 1 to the Taxation Administration Act 1953 .
14 Paragraph 292 - 85(1A)(a)
Omit "to you" .
15 Paragraph 292 - 90(1A)(a)
Omit "election under section 96 - 5", substitute "request under section 131 - 5 " .
16 Paragraph 292 - 90(1A)(b)
Omit "96 - 10", substitute " 131 - 15 " .
17 Paragraph 292 - 90(1A)(b)
Omit "election", substitute "request" .
18 Sections 292 - 405, 292 - 410 and 292 - 415
Repeal the sections .
19 Paragraphs 292 - 467(1)(b) and (c)
Repeal the paragraphs, substitute:
(c) the sum of any amounts paid in response to release authorities issued in relation to those determinations is less than the excess amount stated in the most recent of those determinations; and
20 Subsection 292 - 467(1) (note 1)
Omit "to you", substitute "in response to release authorities issued under Division 131, or former Division 96, in Schedule 1 to the Taxation Administration Act 1953 " .
21 Subsection 293 - 70(2) (note 2)
Omit "135", substitute "131" .
22 Sections 303 - 15 and 303 - 17
Repeal the sections, substitute:
303 - 15 Payments from release authorities--general
A * superannuation benefit that you receive (or are taken to receive) is not assessable income and is not * exempt income if it is paid in response to a release authority issued under section 131 - 15 in Schedule 1 to the Taxation Administration Act 1953 in relation to you .
Note: In some cases, a related amount may still be included in your assessable income (see Subdivision 292 - B and section 304 - 20) .
23 Section 303 - 20 (heading)
Repeal the heading, substitute:
24 Section 304 - 15
Repeal the section .
25 Section 304 - 20 (heading)
Repeal the heading, substitute:
26 Subsection 995 - 1(1) (definition of maximum available release amount )
Omit "96 - 30", substitute " 131 - 45 " .
27 Subsection 995 - 1(1) (definition of total release amount )
Repeal the definition, substitute:
"total release amount" , in relation to an * excess non - concessional contributions determination, has the meaning given by paragraph 97 - 25(1)(c) in Schedule 1 to the Taxation Administration Act 1953 .
Income Tax (Transitional Provisions) Act 1997
28 Subsection 292 - 80C(1) (note 4)
Repeal the note .
Taxation Administration Act 1953
29 Paragraph 95 - 5(b) in Schedule 1
Omit "96", substitute "131" .
30 Division 96 in Schedule 1
Repeal the Division .
31 Section 135 - 1 in Schedule 1
Omit "amounts relating to the Division 293 tax", substitute "your debt account discharge liability" .
32 Section 135 - 5 in Schedule 1
Omit "assessed Division 293 tax that is due and payable, make voluntary payments in reduction of a debt account, or pay" .
33 Subsection 135 - 10(1) in Schedule 1 (table items 1 and 2)
Repeal the items .
34 Section 135 - 35 in Schedule 1
Omit:
The Commissioner may give the release authority to a superannuation provider if you fail to pay assessed Division 293 tax that is due and payable within 120 days after the release authority being issued .
35 Section 135 - 45 in Schedule 1
Repeal the section .
36 Subsection 135 - 75(3) in Schedule 1 (not including the notes)
Repeal the subsection .
37 Section 135 - 85 in Schedule 1 (note)
Omit "96 - 30", substitute " 131 - 45 " .
38 Subsection 135 - 90(1) in Schedule 1
Omit "(1)" .
39 Subsections 135 - 90(2) and (3) in Schedule 1
Repeal the subsections .
40 Subsection 250 - 10(2) in Schedule 1 (table item 135R)
Omit "96 - 20", substitute " 131 - 35 " .
41 Paragraph 286 - 75(2AA)(a) in Schedule 1
Repeal the paragraph, substitute:
(a) you are required under section 136 - 90 (about commutation authorities) to give a notice to an entity (other than the Commissioner) in the * approved form by a particular day; and
42 Section 288 - 90 in Schedule 1
Repeal the section .
43 Subsection 288 - 95(1) in Schedule 1
Repeal the subsection .
44 Subsection 288 - 95(3) in Schedule 1
Omit "96 - 20 (about release authority for excess superannuation contributions)", substitute " 131 - 35 (about release authorities for superannuation)" .
45 Subsection 288 - 95(4) in Schedule 1
Omit "Division 293 tax", substitute "debt account discharge liabilities" .
46 Subsection 288 - 100(1) in Schedule 1
Repeal the subsection, substitute:
(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 .
47 Subparagraph 390 - 65(1)(a)(i) in Schedule 1
Repeal the subparagraph .
Taxation (Interest on Overpayments and Early Payments) Act 1983
48 Subsection 3(1) ( subparagraph ( a)(ii) of the definition of income tax crediting amount )
Omit "96 - 50", substitute " 131 - 65 " .
Division 3--Application of amendments
49 Main case
(1) The amendments made by this Part apply in relation to:
(a) excess concessional contributions determinations issued on or after 1 July 2018 (whether for financial years commencing before, on or after 1 July 2018); and
(b) excess non - concessional contributions determinations issued on or after 1 July 2018 (whether for financial years commencing before, on or after 1 July 2018); and
(c) notices of excess non - concessional contributions tax assessments issued on or after 1 July 2018 (whether for financial years commencing before, on or after 1 July 2018); and
(d) notices of assessments of amounts of Division 293 tax issued on or after 1 July 2018 (whether for income years commencing before, on or after 1 July 2018) .
(2) Those amendments so apply as if:
(a) the reference to this Subdivision in subsection 131 - 10 (2) in Schedule 1 to the Taxation Administration Act 1953 included a reference to each of the following:
(i) Division 96 in that Schedule (as in force on 30 June 2018);
(ii) Division 135 in that Schedule (as in force on 30 June 2018);
(iii) section 292 - 415 of the Income Tax Assessment Act 1997 (as in force on 30 June 2018); and
(b) the reference to this Subdivision in subsection 131 - 15 (4) in that Schedule included a reference to Division 135 in that Schedule (as in force on 30 June 2018) .
Note: For an amended determination or assessment, the reference to all release authorities in paragraph 131 - 20 (1)(b) in that Schedule includes any of the following issued for an earlier determination or assessment of that kind given to the relevant individual for the relevant financial year or income year:
(a) release authorities issued under section 131 - 15 in that Schedule;
(b) release authorities issued under former section 292 - 405 of the Income Tax Assessment Act 1997 , former Division 96 in that Schedule or former item 1 or 2 of the table in subsection 135 - 10(1) in that Schedule, as applicable .
50 Elections not yet acted on
(1) This item applies to you if:
(a) you make a valid election under section 96 - 5 or 96 - 7 in Schedule 1 to the Taxation Administration Act 1953 ; and
(b) in response to the election, the Commissioner does not issue a release authority under section 96 - 10 or 96 - 12 in that Schedule before 1 July 2018 .
(2) The amendments made by this Part apply as if:
(a) the election were a valid request made under section 131 - 5 in that Schedule; and
(b) the reference to this Subdivision in subsection 131 - 10 (2) in that Schedule included a reference to Division 96 in that Schedule (as in force on 30 June 2018) .
51 Requests made after 1 July 2018 within a period that started before that day
(1) This item applies to you if:
(a) you could have made a valid election under section 96 - 5 or 96 - 7 in Schedule 1 to the Taxation Administration Act 1953 ; and
(b) you did not give the election to the Commissioner before 1 July 2018; and
(c) as on 30 June 2018, the period for giving the election to the Commissioner under that section was to end after that day .
(2) The amendments made by this Part apply as if:
(a) section 131 - 5 in that Schedule permitted you to make a request that is the same in substance as the election you could have made; and
(b) the period under that section for giving the request to the Commissioner were 60 days starting on the same day that the period referred to in paragraph ( 1)(c) of this item started; and
(c) the reference to this Subdivision in subsection 131 - 10 (2) in that Schedule included a reference to Division 96 in that Schedule (as in force on 30 June 2018) .
52 Release authorities for ENCC tax issued to individuals before 1 July 2018 but not to superannuation providers before that day
(1) This item applies to you if:
(a) the Commissioner issues you with a release authority under section 292 - 405 of the Income Tax Assessment Act 1997 in relation to an excess non - concessional contributions tax assessment; and
(b) under subsection 292 - 410(4) of that Act, the Commissioner could have given the release authority to one or more superannuation providers before 1 July 2018; and
(c) the Commissioner did not do so .
(2) This item also applies to you if:
(a) the Commissioner issues you with a release authority under section 292 - 405 of the Income Tax Assessment Act 1997 in relation to an excess non - concessional contributions tax assessment; and
(b) by the end of 30 June 2018, the Commissioner had not given the release authority to any superannuation provider; and
(c) apart from subitem ( 3) of this item, the conditions in subsection 292 - 410(3) of that Act are satisfied for that release authority after 30 June 2018 .
(3) The amendments made by this Part apply as if:
(a) subsection 131 - 15 (3) in Schedule 1 to the Taxation Administration Act 1953 permitted the Commissioner to issue a release authority, relating to the excess non - concessional contributions tax assessment, to one or more superannuation providers; and
(b) subsection 131 - 20 (2) in that Schedule also disregarded any amounts that:
(i) were stated in any other release authorities issued under section 292 - 405 of the Income Tax Assessment Act 1997 (as in force on 30 June 2018) for that assessment and given to a superannuation provider; but
(ii) were not paid by the superannuation provider .
53 Release authorities issued to individuals before 1 July 2018 but assessed Division 293 tax is still payable on or after that day
(1) This item applies to you if:
(a) the Commissioner issues you with a release authority under item 1 of the table in subsection 135 - 10(1) in Schedule 1 to the Taxation Administration Act 1953 in relation to an amount of assessed Division 293 tax; and
(b) under subsection 135 - 45(1) in that Schedule, the Commissioner could have given the release authority to one or more superannuation providers before 1 July 2018; and
(c) the Commissioner did not do so .
(2) This item also applies to you if:
(a) the Commissioner issues you with a release authority under item 1 of the table in subsection 135 - 10(1) in Schedule 1 to the Taxation Administration Act 1953 in relation to an amount of assessed Division 293 tax; and
(b) as on 30 June 2018, the 120 - day period referred to in subsection 135 - 45(1) in that Schedule for the release authority is to end after that day; and
(c) apart from subitem ( 3) of this item, paragraphs 135 - 45(1)(a) and (b) in that Schedule are satisfied for that release authority at the end of that 120 - day period .
(3) The amendments made by this Part apply as if:
(a) subsection 131 - 15 (4) in that Schedule permitted the Commissioner to issue a release authority, relating to the assessment of the amount of Division 293 tax, to one or more superannuation providers; and
(b) the reference to this Subdivision in subsection 131 - 15 (4) in that Schedule included a reference to Division 135 in that Schedule (as in force on 30 June 2018); and
(c) subsection 131 - 20 (2) in that Schedule also disregarded any amounts that:
(i) were stated in any other release authorities issued under Division 135 in that Schedule (as in force on 30 June 2018) for that assessment and given to a superannuation provider; but
(ii) were not paid by the superannuation provider .
54 Notice on or after 1 July 2018 of amounts not paid for release authorities issued before that day
(1) This item applies to you if:
(a) a release authority is issued under Division 96 in Schedule 1 to the Taxation Administration Act 1953 in relation to you before 1 July 2018; and
(b) the Commissioner gives you a notice under section 96 - 40 in that Schedule on or after 1 July 2018 stating an amount (the unreleased amount ) that a superannuation provider did not pay in relation to the release authority .
(2) The amendments made by this Part apply as if:
(a) subsection 131 - 5 (4) in that Schedule permitted you to make a request to release the unreleased amount from another of your superannuation interests; and
(b) the notice mentioned in paragraph ( 1)(b) of this item were a notice mentioned in paragraph 131 - 5 (4)(b) in that Schedule; and
(c) the reference to this Subdivision in subsection 131 - 10 (2) in that Schedule included a reference to Division 96 in that Schedule (as in force on 30 June 2018) .
Taxation Administration Act 1953
55 Subsection 133 - 10(3) in Schedule 1
Repeal the subsection ( not including the note), substitute:
(3) However, the Commissioner must not make a determination under this section in relation to a * superannuation interest if, at the time the determination is to be made, the * end benefit for the superannuation interest has become payable .
56 Subsection 133 - 120(1) in Schedule 1
Repeal the subsection, substitute:
(1) The debt account discharge liability for a * superannuation interest for which the Commissioner keeps a debt account is the amount by which the debt account is in debit at the time the * end benefit for the superannuation interest becomes payable .
(1A) However, if the end benefit cap for the * superannuation interest stated in a notice given to the Commissioner under subsection ( 2) of this section or section 133 - 140 is less than the amount mentioned in subsection ( 1) of this section, the debt account discharge liability for the superannuation interest is an amount equal to the end benefit cap .
57 Subsection 133 - 125(1) in Schedule 1
Repeal the subsection, substitute:
(1) The Commissioner must give you a notice under this section if the * end benefit becomes payable from a * superannuation interest for which the Commissioner keeps a debt account .
58 Subparagraph 133 - 125(2)(c)(i) in Schedule 1
Omit "paragraph 133 - 120(1)(a)", substitute "subsection 133 - 120(1)" .
59 Subparagraph 133 - 125(2)(c)(ii) in Schedule 1
Omit "paragraph 133 - 120(1)(b)", substitute "subsection 133 - 120(1A)" .
60 Section 133 - 135 in Schedule 1
Repeal the section, substitute:
133 - 135 Superannuation provider may request debt account status
(1) If:
(a) a * superannuation provider has been given a notice under section 133 - 75 saying that the Commissioner has started to keep a debt account for a * superannuation interest; and
(b) the superannuation provider receives a request to pay the * end benefit from the superannuation interest or the end benefit becomes payable from the superannuation interest;
the superannuation provider may, in the * approved form, request the Commissioner to advise as to the status of the debt account .
(2) If the Commissioner receives a request, the Commissioner must advise the * superannuation provider as soon as practicable whether or not the debt account is in debit .
61 Paragraph 133 - 140(1)(a) in Schedule 1
Repeal the paragraph, substitute:
(a) unless subsection ( 1A) applies--the amount of the end benefit cap mentioned in subsection 133 - 120(2) for the superannuation interest; and
62 After subsection 133 - 140(1) in Schedule 1
Insert:
(1A) The notice does not need to state the amount of the end benefit cap if:
(a) the * superannuation provider has already given the Commissioner notice of the end benefit cap under subsection 133 - 120(2); or
(b) before the end of the period mentioned in subsection ( 2), the Commissioner has advised the superannuation provider under subsection 133 - 135(2) that the debt account is not in debit .
63 Subsection 133 - 145(1) in Schedule 1
Omit "133 - 135 or" .
64 Application
The amendments made by this Part apply in relation to superannuation interests from which the end benefit becomes payable on or after 1 July 2017 .
Taxation Administration Act 1953
65 At the end of Part 5 - 100 in Schedule 1
Add:
Table of Subdivisions
990 - A Combining notices
Subdivision 990 - A -- Combining notices
Table of sections
990 - 5 Commissioner may combine notices
990 - 5 Commissioner may combine notices
(1) For the purposes of a * taxation law under which the Commissioner must or may give you a document (however described), that document may be included in or with any other document (however described) that the Commissioner gives you under a taxation law .
(2) This section is enacted for the avoidance of doubt .
Income Tax Assessment Act 1936
66 Subsection 45D(1)
Omit the second sentence .
67 Subsection 102AAM(13)
Repeal the subsection .
68 Subsection 159GZZZZH(3)
Repeal the subsection .
69 Subsection 177EA(6)
Omit the second sentence .
70 Subsection 177EB(7)
Omit the second sentence .
71 Subsection 177F(2D)
Repeal the subsection .
Income Tax Assessment Act 1997
72 Subsection 204 - 50(4)
Repeal the subsection .
73 Subsection 214 - 60(3)
Repeal the subsection .
74 Subsection 214 - 140(1)
Omit "(1)" .
75 Subsection 214 - 140(2)
Repeal the subsection .
76 Subsection 275 - 615(3)
Omit the second sentence .
77 Subsection 291 - 465(6)
Repeal the subsection .
78 Subsections 292 - 230(3), 292 - 310(3), 292 - 465(8), 292 - 467(3) and 295 - 625(1)
Repeal the subsections .
79 Subsection 295 - 625(2) (heading)
Repeal the heading .
80 Subsections 815 - 30(8), 815 - 35(8) and 815 - 145(6)
Repeal the subsections .
Income Tax (Transitional Provisions) Act 1997
81 Subsection 214 - 25(3)
Repeal the subsection .
82 Subsection 214 - 80(1)
Omit "(1)" .
83 Subsection 214 - 80(2)
Repeal the subsection .
Petroleum Resource Rent Tax Assessment Act 1987
84 Subsection 98C(2)
Repeal the subsection .
Superannuation Guarantee (Administration) Act 1992
85 Subsection 62(2)
Repeal the subsection .
Taxation Administration Act 1953
86 Subsection 8AAF(3)
Repeal the subsection .
87 Subsection 45 - 320(6) in Schedule 1
Repeal the subsection .
88 Subsection 45 - 473(1) in Schedule 1
Omit "(1)" .
89 Subsection 45 - 473(2) in Schedule 1
Repeal the subsection .
90 Subsections 97 - 5(4) and 97 - 25(4) in Schedule 1
Repeal the subsections .
91 Subsection 133 - 30(2) in Schedule 1
Repeal the subsection .
92 Subsection 280 - 110(2) in Schedule 1
Repeal the subsection .
Division 3--Application of amendments
93 Application of amendments
The amendments made by this Part apply to documents (however described) that the Commissioner gives on or after 1 July 2017 under taxation laws .
Part 4 -- Early release of benefits
94 Subsection 3(1) ( subparagraphs ( b)(i) and (iii) of the definition of benefit )
After "under", insert "former" .
95 Subsection 79A(1)
Insert:
"available early release authority amount" , in relation to a person at a particular time, means the amount worked out by:
(a) starting with the person's early release authority amount at that time; and
(b) subtracting from the result of paragraph ( a) the person's early release deduction amount at that time; and
(c) adding to the result of paragraph ( b) the lesser of:
(i) the amount referred to in paragraph ( a) of the definition of early release amount ; and
(ii) the modified early release deduction amount in relation to the person at the time .
Note 1: The result of paragraph ( b) may be less than nil .
Note 2: Subparagraph ( c)(i) is affected by subsection ( 2) .
"early release authority amount" , in relation to a person at a particular time, means the sum of the amounts referred to in paragraphs ( b) to (e) of the definition of early release amount .
Note: This definition is affected by subsection ( 2) .
96 Subsection 79A(1) (definition of early release lump sum )
Repeal the definition, substitute:
"early release lump sum" means a lump sum paid under section 79B .
97 Subsection 79A(1)
Insert:
"modified early release deduction amount" , in relation to a person at a particular time, means the total of the following:
(a) the amount of each early release lump sum previously paid to or for the benefit of the person under subsection 79B(1);
(b) interest on the amount of each such early release lump sum for the period beginning at the time the early release lump sum is paid and ending at the particular time .
98 Subsection 79A(2)
Omit "For the purposes of the definition of early release amount , work out the sum of the amounts referred to in that definition", substitute "For the purposes of a provision mentioned in subsection ( 3), work out an amount referred to in the definition of early release amount " .
99 Section 79A (note)
After "early release amount", insert "and early release authority amount" .
100 At the end of section 79A
Add:
(3) For the purposes of subsection ( 2), the provisions are as follows:
(a) the definition of early release amount ;
(b) the definition of early release authority amount ;
(c) the definition of available early release authority amount .
101 Subsection 79B(1)
Omit "(the early release lump sum )" .
102 Subsection 79B(1) (note)
Repeal the note .
103 After subsection 79B(1)
Insert:
(1A) A lump sum may be paid in compliance with a release authority issued to CSC under section 131 - 15 in Schedule 1 to the Taxation Administration Act 1953 for the benefit of the following persons:
(a) an eligible employee;
(b) a deferred benefit member;
(c) a person who has made an election under section 110T (postponement of benefits) .
104 At the end of section 79B
Add:
Note: The components that make up the person's early release amount and early release authority amount are not reduced when a lump sum is paid under this section . However, when a benefit to which the person is entitled under this Act becomes payable to the person, the amount of the benefit is reduced to reflect any previous lump sums paid to or for the benefit of the person (see section 79D) .
105 Subsection 79C(1)
Omit "exceed the person's available early release amount at that time", substitute:
exceed:
(a) for a lump sum paid under subsection 79B(1)--the person's available early release amount at that time; and
(b) for a lump sum paid under subsection 79B(1A)--the person's available early release authority amount at that time .
106 Subparagraph 110SN(2)(a)(i)
After "CSC under", insert "former" .
107 Subparagraph 110SN(2)(a)(iii)
After "under", insert "former" .
108 Subsection 110SN(2) (note)
Omit "or transitional", substitute "mentioned in subparagraph ( 2)(a)(i) or (iii) or a transitional" .
109 Subparagraph 130D(3)(a)(i)
After "CSC under", insert "former" .
110 Subparagraph 130D(3)(a)(iii)
After "under", insert "former" .
111 Subsection 130D(3) (note)
Omit "or transitional", substitute "mentioned in subparagraph ( 3)(a)(i) or (iii) or a transitional" .
Part 5 -- Objective of the superannuation system
112 After paragraph 15J(2)(f)
Insert:
(fa) if the instrument is a regulation relating to superannuation (other than a regulation to which section 7 of the Superannuation (Objective) Act 2016 does not apply)--contain a statement of compatibility prepared under subsection 7(1) of that Act; and