Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
PART 3-20
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SUPERANNUATION
Division 136
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Transfer balance cap
Subdivision 136-B
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Commutation authorities
Obligations of Commissioner
SECTION 136-70 NOTIFYING OF NON-COMMUTABLE EXCESS TRANSFER BALANCE 136-70(1)
The Commissioner must notify you in writing if, at the end of a day after the Commissioner has issued an *excess transfer balance determination to you:
(a) the sum of all *transfer balance debits arising in your *transfer balance account since the determination was issued falls short of the *crystallised reduction amount; and
(b) you have *excess transfer balance in your transfer balance account; and
(c) either:
136-70(2)
A notice under subsection (1) must state the amount of the *excess transfer balance mentioned in paragraph (1)(b).
View history note
Hide history noteNote: See section 3AA .
Chapter 3 - Collection, recovery and administration of other taxesSECTION 136-70 NOTIFYING OF NON-COMMUTABLE EXCESS TRANSFER BALANCE 136-70(1)
The Commissioner must notify you in writing if, at the end of a day after the Commissioner has issued an *excess transfer balance determination to you:
(a) the sum of all *transfer balance debits arising in your *transfer balance account since the determination was issued falls short of the *crystallised reduction amount; and
(b) you have *excess transfer balance in your transfer balance account; and
(c) either:
(i) the only *superannuation income streams of which you are a *retirement phase recipient are *capped defined benefit income streams; or
(ii) you are no longer a retirement phase recipient of any superannuation income stream.
Note:
A debit arises in your transfer balance account when the Commissioner issues a notice under this section: see item 7 of the table in subsection 294-80(1) of the Income Tax Assessment Act 1997 .
136-70(2)
A notice under subsection (1) must state the amount of the *excess transfer balance mentioned in paragraph (1)(b).
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