Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-20 - SUPERANNUATION  

Division 136 - Transfer balance cap  

Subdivision 136-A - Excess transfer balance determinations  

Operative provisions

SECTION 136-10   EXCESS TRANSFER BALANCE DETERMINATION  

136-10(1)    
If you have *excess transfer balance in your *transfer balance account at the end of a day, the Commissioner may make a written determination stating the amount of that excess transfer balance.

Note:

It is not necessary for the Commissioner to issue a determination under this subsection if the Commissioner becomes aware that you no longer have an excess transfer balance. You are still liable to pay excess transfer balance tax if no determination is issued: see Subdivision 294-F of the Income Tax Assessment Act 1997 .

136-10(2)    
A determination under this section is an excess transfer balance determination .

136-10(3)    
The amount of *excess transfer balance stated in an *excess transfer balance determination is a crystallised reduction amount .

136-10(4)    
The Commissioner may amend or revoke an *excess transfer balance determination at any time before a commutation authority relating to the determination is issued under section 136-55 .

136-10(5)    
Notice of a determination given by the Commissioner under this section is prima facie evidence of the matters stated in the notice.

Determination to include default commutation notice

136-10(6)    
A determination made under subsection (1) must include a notice:

(a) stating that, if you do not make an election under section 136-20 within the period specified in that section, the Commissioner will issue one or more commutation authorities; and

(b) specifying:

(i) the *superannuation income stream provider or providers to whom a commutation authority will be issued; and

(ii) the *superannuation income stream or streams that the providers will be obliged to commute in full or in part; and

(iii) if more than one commutation authority will be issued - the amount to be stated in each commutation authority, or the method the Commissioner will use to work out the amount to be stated in each commutation authority.

136-10(7)    
A notice included with an *excess transfer balance determination in accordance with subsection (6) is a default commutation notice .