Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 10   Administrative streamlining

Part 1   Release authority harmonisation

Division 2   Other amendments

Taxation Administration Act 1953

46   Subsection 288-100(1) in Schedule 1

Repeal the subsection, substitute:

(1) 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 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 section 292-80C of that Act.