Tax Laws Amendment (Simplified Superannuation) Act 2007 (9 of 2007)

Schedule 1   Main superannuation amendments

Part 2   Main consequential amendments

Taxation Administration Act 1953

23   At the end of Division 288 of Part 4-25 in Schedule 1

288-90 Failing to give release authority for excess non-concessional contributions tax

A person to whom the Commissioner has given a release authority in accordance with paragraph 292-405(1)(b) of the Income Tax Assessment Act 1997 and who fails to comply with subsection 292-410(2) of that Act in relation to the release authority is liable to an administrative penalty of 20 penalty units.

288-95 Failing to comply etc. with release authority

(1) A *superannuation provider that has been given a release authority in accordance with section 292-410 of the Income Tax Assessment Act 1997 and that fails to comply with subsection 292-415(1) of that Act is liable to an administrative penalty of 20 penalty units.

(2) A *superannuation provider that has been given a transitional release authority in accordance with section 292-80B of the Income Tax (Transitional Provisions) Act 1997 and that fails to comply with subsection 292-80C(1) of that Act is liable to an administrative penalty of 20 penalty units.

288-100 Excess money paid under release authority

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:

(i) section 292-410 of the Income Tax Assessment Act 1997; or

(ii) 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:

(i) if subparagraph (a)(i) applies - subsection 292-415(1) of the Income Tax Assessment Act 1997; or

(ii) if subparagraph (a)(ii) applies - section 292-80C of the Income Tax (Transitional Provisions) Act 1997.

288-105 Superannuation provider to calculate crystallised pre-July 83 amount of superannuation interest by 30 June 2008

(1) An entity is liable to an administrative penalty of 5 penalty units if:

(a) the entity is the *superannuation provider in relation to a *superannuation plan (other than a *constitutionally protected fund) on 30 June 2008; and

(b) the entity has not ensured that the crystallised pre-July 83 amount in relation to each superannuation interest in the plan has been calculated on or before that day.

(2) For the purpose of paragraph (1)(b), disregard a *superannuation interest unless the *element taxed in the fund of the *taxable component of the interest exceeds nil just before 1 July 2007.

(3) For the purpose of paragraph (1)(b), disregard a *superannuation interest that supported a *superannuation income stream just before 1 July 2007.