Taxation Administration Act 1953
View history note
Hide history noteSch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).
Note: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxCh 2 title inserted by No 73 of 2006 , s 3 and Sch 5 item 40, effective 1 July 2006.
Pt 2-35 heading substituted by No 21 of 2015, s 3 and Sch 1 item 20, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. The heading formerly read:
PART 2-35 - EXCESS CONCESSIONAL CONTRIBUTIONS
Pt 2-35 inserted by No 118 of 2013, s 3 and Sch 1 item 2, effective 29 June 2013. No 118 of 2013, s 3 and Sch 1 Pt 7 contains the following application, transitional and saving provisions:
Part 7 - Application, transitional and saving provisions
Division 1 - Application and transitional provisions
110 Application
(1)
Subject to this Part, the amendments made by this Schedule [ of No 118 of 2013] apply:
(a) so far as they affect assessments relating to an income year - to assessments for the 2013-14 income year and later income years; and
(b) so far as they affect assessments relating to a financial year - to assessments for the 2013-2014 financial year and later financial years; and
(c) otherwise - to acts done or omitted to be done, or states of affairs existing, or periods ending, on or after the start of the first income year starting on or after 1 July 2013.
(2)
Subitem (1) does not apply to item 1 of this Schedule [ of No 118 of 2013].
…
Division 2 - Saving provisions
112 Making and amending assessments, and doing other things etc., in relation to past matters
112
Even though an Act is repealed or amended by this Act [ No 118 of 2013], the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003 ):
(a) making or amending an assessment (including under a provision that is itself repealed or amended);
(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
113 Saving of provisions about effect of assessments
113
If a provision or part of a provision that is repealed or amended by this Schedule [ of No 118 of 2013] deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies. 114 Saving of provisions about general interest charge and interest
114
If:
(a) a provision or part of a provision that is repealed or amended by this Act [ No 118 of 2013] provides for the payment of:
(i) general interest charge or shortfall interest charge; or
(ii) an amount of interest worked out under subsection 292-425(2) of the Income Tax Assessment Act 1997 ; and
(b) in a particular case, the period in respect of which the charge or interest is payable (whether under the provision or under the Taxation Administration Act 1953 ) has not begun, or has begun but not ended, when the provision is repealed or amended;then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.
115 Saving of regulations - allocated amounts
(1)
This item applies to a regulation if:
(a) the regulation was made for the purposes of subsection 292-25(3) of the Income Tax Assessment Act 1997 ; and
(b) the regulation was in force immediately before the commencement of this item [ 29 June 2013].
(2)
The regulation has effect, after the commencement of this item [ 29 June 2013], as if it had been made under subsection 291-25(3) of the Income Tax Assessment Act 1997 as amended by this Act [ No 118 of 2013].
116 Saving of regulations - notional taxed contributions
(1)
This item applies to a regulation if:
(a) the regulation was made for the purposes of subsection 292-170(1) of the Income Tax Assessment Act 1997 ; and
(b) the regulation was in force immediately before the commencement of this item [ 29 June 2013].
(2)
The regulation has effect, after the commencement of this item [ 29 June 2013], as if it had been made under subsection 291-170(1) of the Income Tax Assessment Act 1997 as amended by this Act [ No 118 of 2013].
117 Saving of regulations - transitional rules for notional taxed contributions
(1)
This item applies to a regulation if:
(a) the regulation was made for the purposes of a provision of section 292-170 of the Income Tax Assessment Act 1997 mentioned in column 1 of an item of the table in subitem (3); and
(b) the regulation was in force immediately before the commencement of this item [ 29 June 2013].
(2)
The regulation has effect, after the commencement of this item [ 29 June 2013], as if it had been made under the provision of section 291-170 of the Income Tax (Transitional Provisions) Act 1997 mentioned in column 2 of that item of the table, as inserted by this Act [ No 118 of 2013].
(3)
This is the table mentioned in subitems (1) and (2):
Saving of regulations - notional taxed contributions Item Column 1
Provision of the Income Tax Assessment Act 1997 under which the existing regulation was madeColumn 2
Provision of the Income Tax (Transitional Provisions) Act 1997 under which the regulation is taken, after the commencement of this item [ 29 June 2013], to have been made1 Paragraph 292-170(6)(d) Paragraph 291-170(2)(d) 2 Subparagraph 292-170(7)(e)(ii) Subparagraph 291-170(3)(e)(ii) 3 Paragraph 292-170(7)(f) Paragraph 292-170(3)(f) 4 Paragraph 292-170(8)(d) Paragraph 292-170(4)(d) 5 Subparagraph 292-170(9)(e)(ii) Subparagraph 291-170(5)(e)(ii) 6 Paragraph 292-170(9)(f) Paragraph 292-170(5)(f)
118 Saving of determination about discretion to disregard contributions
Determination relating to concessional contributions
(1)
This item applies to a determination if:
(a) the determination was made under section 292-465 of the Income Tax Assessment Act 1997 in relation to concessional contributions for a financial year; and
(b) the determination was in force immediately before the commencement of this item [ 29 June 2013].
(2)
The determination has effect, after the commencement of this item [ 29 June 2013], as if it had been made under section 291-465 of that Act as amended by this Act [ No 118 of 2013].
Determination relating to non-concessional contributions
(3)
This item applies to a determination if:
(a) the determination was made under section 292-465 of the Income Tax Assessment Act 1997 in relation to non-concessional contributions for a financial year; and
(b) the determination was in force immediately before the commencement of this item [ 29 June 2013].
(4)
The determination has effect, after the commencement of this item [ 29 June 2013], as if it had been made under section 292-465 of that Act as amended by this Act [ No 118 of 2013].
119 Part does not limit operation of the Acts Interpretation Act 1901
119
This Part does not limit the operation of the Acts Interpretation Act 1901 .
Div 96 repealed by No 81 of 2016, s 3 and Sch 10 item 30, effective 1 July 2018. For application provisions, see note under Div 131 heading. Div 96 formerly read:
Division 96 - Releasing money from superannuation
Subdivision 96-A - Releasing money from superannuation
Guide to Subdivision 96-A
SECTION 96-1 WHAT THIS SUBDIVISION IS ABOUT
You may elect to release from your superannuation interests:
(a) up to 85% of your excess concessional contributions for a financial year; and (b) your non-concessional contributions that exceed your non-concessional contributions cap for the financial year, and 85% of any associated earnings. Superannuation providers will usually be required to pay an amount from the superannuation interests. However, for certain interests the provider may choose whether or not to pay.
Released concessional contributions 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.
Released non-concessional contributions and associated earnings are paid to you.
Requesting a release authorityHistoryS 96-1 substituted by No 21 of 2015, s 3 and Sch 1 item 21, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. S 96-1 formerly read:
SECTION 96-1 WHAT THIS SUBDIVISION IS ABOUT
You may elect to release up to 85 % of your excess concessional contributions for a financial year from a superannuation interest.
Superannuation providers will usually be required to pay an amount from the superannuation interest. However, for certain interests the provider may choose whether or not to pay.
Released amounts are paid by the superannuation provider to the Commissioner.
You get a credit for the released amount. Surplus credits are refunded to you under Division 3A of Part IIB.
SECTION 96-5 ELECTING TO RELEASE EXCESS CONCESSIONAL CONTRIBUTIONS
Original determinations
96-5(1)
If you receive an * excess concessional contributions determination for a *financial year, you may elect to release from a * superannuation interest an amount not exceeding 85 % of the * excess concessional contributions stated in the determination.Note 1:
For excess concessional contributions determinations, see Subdivision 97-A.
Note 2:
Released excess concessional contributions are not included in your non-concessional contributions (a gross-up also applies): see subsection 292-90(1A) of the Income Tax Assessment Act 1997 .
HistoryS 96-5(1) amended by No 21 of 2015, s 3 and Sch 1 items 23 and 24, by inserting " for a *financial year " and substituting " Subdivision 97-A " for " Division 97 " in note 1, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
Amended determinations
96-5(2)
However, if the * excess concessional contributions determination is an amended determination increasing the stated amount of your * excess concessional contributions, you may elect to release an amount not exceeding:
(a) 85 % of the excess concessional contributions stated in the amended determination; less
(b) any amount you elect to release under subsection (1) in relation to an earlier determination.
Requirements for election
96-5(3)
You make the election by:
(a) notifying the Commissioner of the amount you elect to release; and
(b) identifying the * superannuation interest or interests you have from which the 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.
96-5(4)
The election must:
(a) be in the * approved form; and
(b) be given to the Commissioner within:
(i) 21 days after receiving notice of the * excess concessional contributions determination or amended excess concessional contributions determination; or
(ii) a further period allowed by the Commissioner.
Unsuccessful elections - making a further election
96-5(5)
If:
(a) you make a valid election under this section; and
(b) the Commissioner gives you a notice under subsection 96-40(1) stating an amount (the unreleased amount ) that a * superannuation provider did not pay in relation to the release authority issued in relation to that election;you may make a further election to release the unreleased amount from another superannuation interest you have.
HistoryS 96-5(5) amended by No 21 of 2015, s 3 and Sch 1 item 25, by substituting " subsection 96-40(1) " for " section 96-40 " in para (b), applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
96-5(6)
The further election must comply with subsection (3) and paragraph (4)(a), and must be given to the Commissioner within:
(a) 21 days after receiving the notice mentioned in paragraph (5)(b); or
(b) a further period allowed by the Commissioner.
Election is irrevocable
96-5(7)
An election under this section is irrevocable.
SECTION 96-7 ELECTING TO RELEASE NON-CONCESSIONAL CONTRIBUTIONS ETC.
Original determinations
96-7(1)
If you receive an *excess non-concessional contributions determination for a *financial year, you may:
(a) elect to release the *total release amount stated in the determination from your *superannuation interests; or
(b) elect not to release that total release amount if the value of your superannuation interests is nil; or
(c) elect not to release that total release amount for some other reason.Note 1:
For excess non-concessional contributions determinations, see Subdivision 97-B.
Note 2:
The released amount will be non-assessable non-exempt income (see section 303-17 of the Income Tax Assessment Act 1997 ), but an amount corresponding to your associated earnings on those excess contributions will be included in your assessable income (see Subdivision 292-B of that Act).
Note 3:
If the value of your superannuation interests is between nil and that total release amount, you could first make an election under paragraph (a) and then a further election under paragraph (b) (see subsection (6)).
Note 4:
An election purportedly made under paragraph (b) will be invalid if the value of your superannuation interests was not nil.
Amended determinations
96-7(2)
However, if that determination is an amended determination that increased the *total release amount, any election under subsection (1) relating to the amended determination is to be made as if that new total release amount were reduced by:
(a) if you made an election under paragraph (1)(a) for each earlier *excess non-concessional contributions determination you received for the *financial year - the sum of any amounts paid to you in response to release authorities issued in relation to those determinations; or
(b) otherwise - the total release amount stated in the most recent of those earlier determinations.
96-7(3)
Receiving an amended determination does not prevent you from making an election under subsection (1) in relation to an earlier determination.
Requirements for election
96-7(4)
You make an election under paragraph (1)(a) by identifying:
(a) one or more superannuation providers who hold one or more *superannuation interests for you; and
(b) the amount each superannuation provider is to release.
96-7(5)
An election under paragraph (1)(a), (b) or (c) relating to an *excess non-concessional contributions determination must:
(a) be in the *approved form; and
(b) be given to the Commissioner within:
(i) 60 days after the Commissioner issued notice of that determination; or
(ii) a further period allowed by the Commissioner.
Unsuccessful release - making a further election
96-7(6)
If:
(a) you make a valid election under paragraph (1)(a); and
(b) the Commissioner gives you a notice under subsection 96-40(2) stating an amount (the unpaid amount ) that a *superannuation provider did not pay in relation to the release authority issued in relation to that election;you may make a further election under paragraph (1)(a) or (b) for the release, or non-release, of the unpaid amount.
Note:
That further election would be under paragraph (1)(b) if the value of your superannuation interests is now nil.
96-7(7)
The further election must comply with subsection (4) and paragraph (5)(a), and must be given to the Commissioner within:
(a) 60 days after the Commissioner issued the notice mentioned in paragraph (6)(b); or
(b) a further period allowed by the Commissioner.
Election is irrevocable
96-7(8)
An election under this section is irrevocable.
Issuing a release authority to superannuation providerHistoryS 96-7 inserted by No 21 of 2015, s 3 and Sch 1 item 26, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
SECTION 96-10 RELEASE AUTHORITIES FOR ELECTIONS UNDER SECTION 96-5
96-10(1)
If you make a valid election under section 96-5, the Commissioner must issue a release authority to each * superannuation provider that holds a * superannuation interest identified in the election.HistoryS 96-10(1) amended by No 21 of 2015, s 3 and Sch 1 item 28, by omitting " in relation to *excess concessional contributions you have for a *financial year " after " section 96-5 " , applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
96-10(2)
The release authority must:
(a) state the amount to be released from the * superannuation interest, as stated in the election; and
(b) be dated; and
(c) contain any other information that the Commissioner considers relevant.
SECTION 96-12 RELEASE AUTHORITIES FOR ELECTIONS UNDER SECTION 96-7
96-12(1)
The Commissioner must issue one or more release authorities under this section if you make a valid election under paragraph 96-7(1)(a).
96-12(2)
A release authority may be issued to:
(a) a *superannuation provider identified in the election; or
(b) any other superannuation provider who holds one or more *superannuation interests for you.
96-12(3)
Each release authority must:
(a) state the total amount to be released by the *superannuation provider from *superannuation interests held by the provider for you; and
(b) be dated; and
(c) contain any other information that the Commissioner considers relevant.
HistoryS 96-12 inserted by No 21 of 2015, s 3 and Sch 1 item 29, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
SECTION 96-15 SECTION 96-15 VARYING AND REVOKING A RELEASE AUTHORITY
96-15
The Commissioner may vary or revoke a release authority at any time before the Commissioner receives a notice under section 96-35 relating to the release authority.Complying with a release authorityHistoryS 96-15 amended by No 21 of 2015, s 3 and Sch 1 item 30, by substituting " notice under section 96-35 " for " payment " , applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
SECTION 96-20 OBLIGATIONS OF SUPERANNUATION PROVIDERS
96-20(1)
A * superannuation provider issued with a release authority under section 96-10 must, within 7 days after the release authority is issued, 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 the individual 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 96-60.
HistoryS 96-20(1) amended by No 21 of 2015, s 3 and Sch 1 item 31, by omitting " that has been " after " A * superannuation provider " , applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
96-20(1A)
A *superannuation provider issued with a release authority under section 96-12 must, within 21 days after the release authority is issued (or a further period allowed by the Commissioner), pay to the individual 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 the individual 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 96-60.
HistoryS 96-20(1A) inserted by No 21 of 2015, s 3 and Sch 1 item 32, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
Exception - interests not subject to compulsory release
96-20(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 of any of the following kinds (a voluntary release interest ):
(a) a * defined benefit interest;
(b) a superannuation interest in a * non-complying superannuation fund;
(c) a superannuation interest that is treated as a separate interest under regulations made for the purposes of section 307-200 of the Income Tax Assessment Act 1997 in circumstances where the interest is supporting a * superannuation income stream.
96-20(3)
Despite paragraph (1A)(b), the *maximum available release amount for a *defined benefit interest is not to be included in the sum worked out under that paragraph.HistoryS 96-20(3) inserted by No 21 of 2015, s 3 and Sch 1 item 33, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
SECTION 96-25 VOLUNTARY COMPLIANCE WITH A RELEASE AUTHORITY RELATING TO VOLUNTARY RELEASE INTERESTS AND DEFINED BENEFIT INTERESTS
96-25(1)
A * superannuation provider issued with a release authority under section 96-10 may, within 7 days after the release authority is issued, 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 voluntary release interest held by the superannuation provider for the individual in * superannuation plans.HistoryS 96-25(1) amended by No 21 of 2015, s 3 and Sch 1 item 35, by omitting " that has been " after " A * superannuation provider " , applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
96-25(2)
A *superannuation provider issued with a release authority under section 96-12 may, within 21 days after the release authority is issued (or a further period allowed by the Commissioner), pay to the individual 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 the individual in *superannuation plans.HistoryS 96-25(2) substituted by No 21 of 2015, s 3 and Sch 1 item 36, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. S 96-25(2) formerly read:
96-25(2)
However, the amount mentioned in paragraph (1)(a) must be reduced by any amount the provider pays to the Commissioner under section 96-20 in relation to the release authority.
96-25(3)
For the purposes of paragraph (1)(a) or (2)(a), reduce the amount mentioned in that paragraph by any amount the provider pays under section 96-20 in relation to the release authority.HistoryS 96-25(3) inserted by No 21 of 2015, s 3 and Sch 1 item 36, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
SECTION 96-30 SECTION 96-30 MEANING OF MAXIMUM AVAILABLE RELEASE AMOUNT
96-30
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. SECTION 96-35 NOTIFYING COMMISSIONER
96-35(1)
A * superannuation provider issued with a release authority under section 96-10 or 96-12 must notify the Commissioner of a payment made in accordance with this Subdivision.HistoryS 96-35(1) amended by No 21 of 2015, s 3 and Sch 1 items 37 and 38, by omitting " that has been " after " A * superannuation provider " and inserting " or 96-12 " , applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
96-35(2)
A * superannuation provider that:
(a) has been issued with a release authority under section 96-10 or 96-12; and
(b) is not required to pay an amount under section 96-20, 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.
HistoryS 96-35(2) amended by No 21 of 2015, s 3 and Sch 1 item 39, by inserting " or 96-12 " in para (a), applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
96-35(3)
A notice under this section must be given in the *approved form:
(a) within 7 days after the release authority is issued, if the release authority was issued under section 96-10; or
(b) within 21 days after the release authority is issued (or a further period allowed by the Commissioner), if the release authority was issued under section 96-12.Note:
Subsection 286-75(1) provides for an administrative penalty for failing to comply with this section.
HistoryS 96-35(3) substituted by No 21 of 2015, s 3 and Sch 1 item 40, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. S 96-35(3) formerly read:
96-35(3)
A notice under this section must be given:
(a) in the * approved form; and
(b) within 7 days after the release authority is issued.Note:
Subsection 286-75(1) provides for an administrative penalty for failing to comply with this section.
SECTION 96-40 NOTIFYING INDIVIDUAL - UNSUCCESSFUL RELEASE ATTEMPT
96-40(1)
The Commissioner must notify an individual if, in relation to the individual ' s election under section 96-5, the Commissioner:
(a) receives a notice from a *superannuation provider under subsection 96-35(2); or
(b) does not receive a payment from a superannuation provider of the full amount stated in a release authority within the time mentioned in subsection 96-20(1) or 96-25(1).
96-40(2)
The Commissioner must notify an individual if, in relation to the individual ' s election under paragraph 96-7(1)(a):
(a) the Commissioner receives a notice from a *superannuation provider under subsection 96-35(2); or
(b) the individual does not receive a payment from a superannuation provider of the full amount stated in a release authority within the time mentioned in subsection 96-20(1A) or 96-25(2).
96-40(3)
A notice under subsection (1) or (2) 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.
SECTION 96-42 NOTIFYING INDIVIDUAL - SUCCESSFUL RELEASES UNDER SECTION 96-12HistoryS 96-40 substituted by No 21 of 2015, s 3 and Sch 1 item 41, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. S 96-40 formerly read:
SECTION 96-40 NOTIFYING INDIVIDUAL OF UNSUCCESSFUL RELEASE ATTEMPT
96-40(1)
If the Commissioner:
(a) receives a notice from a * superannuation provider under subsection 96-35(2) ; or
(b) does not receive a payment from a superannuation provider of the full amount stated in a release authority within the time mentioned in subsection 96-20(1) ;the Commissioner must give the individual a written notice under this section.
96-40(2)
The notice must:
(a) identify the * superannuation provider; and
(b) state how much of the amount stated in the release authority was not paid to the Commissioner.
96-42(1)
A *superannuation provider issued with a release authority under section 96-12 must notify an individual of a payment made to the individual in accordance with the release authority and this Subdivision.
96-42(2)
The notice must be given in the *approved form within:
(a) 21 days after the release authority is issued; or
(b) a further period allowed by the Commissioner.Note:
Subsection 286-75(2AA) provides an administrative penalty for failing to comply with this section.
SECTION 96-45 COMPENSATION FOR ACQUISITION OF PROPERTYHistoryS 96-42 inserted by No 21 of 2015, s 3 and Sch 1 item 41, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
96-45(1)
If the operation of section 96-20 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.
96-45(2)
If the Commonwealth and the entity do not agree on the amount of the compensation, the entity may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.
Consequences of releasing amounts
SECTION 96-50 ENTITLEMENT TO CREDITS
96-50(1)
If a * superannuation provider pays an amount in relation to a release authority issued under section 96-10 in relation to an election you make, you are entitled to a credit equal to that amount.Note:
Division 3 of Part IIB provides for the treatment of credits that an entity is entitled to under a taxation law.
96-50(2)
The credit arises on the day the Commissioner receives the amount.
SECTION 96-55 INTEREST FOR LATE PAYMENTS OF MONEY RECEIVED BY THE COMMISSIONER IN ACCORDANCE WITH RELEASE AUTHORITY
96-55(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 96-50; 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.
96-55(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.
SECTION 96-60 SECTION 96-60 INCOME TAX TREATMENT OF AMOUNTS RELEASED - PROPORTIONING RULE DOES NOT APPLY
96-60
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 sections 303-15 and 303-17, of that Act.
HistoryS 96-60 amended by No 21 of 2015, s 3 and Sch 1 item 42, by substituting the note, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. The note formerly read:
Note:
Further provision about the income tax treatment of amounts released is in section 303-15 of that Act.
Div 96 inserted by No 118 of 2013, s 3 and Sch 1 item 2, effective 29 June 2013. For application, transitional and saving provisions, see note under Pt 2-35 heading.
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