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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 292.80C

Superannuation provider given transitional release authority must pay amount

             (1)  A superannuation provider that has been given a transitional release authority in accordance with section  292-80B must pay to the person within 30 days after receiving the release authority the least of the following amounts:

                     (a)  if the person requests the provider in writing to pay a specified amount in relation to the release authority --that amount;

                     (b)  the amount of excess non-concessional contributions stated in the release authority;

                     (c)  the sum of the values of every superannuation interest (other than a defined benefit interest) held by the superannuation provider for the person in complying superannuation plans .

Note 1:       Section 288-95 in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with this subsection.

Note 2:       Section 288-100 in Schedule 1 to the Taxation Administration Act 1953 provides that the person giving the release authority to the superannuation provider can be liable to an administrative penalty if excess amounts are paid in relation to the release authority.

Note 3:       For reporting obligations on the superannuation provider in these circumstances, see section 390-65 in Schedule 1 to the Taxation Administration Act 1953 .

             (2)  The payment must be made out of one or more superannuation interests (other than a defined benefits interest) held by the superannuation provider for the person in complying superannuation plans .

             (3)  Section 307-125 of the Income Tax Assessment Act 1997 (the proportioning rule) does not apply to a payment made as required under this section.



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