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 136-20   ELECTING TO COMMUTE A DIFFERENT SUPERANNUATION INCOME STREAM  

136-20(1)    
This section applies to you if:

(a) you receive an *excess transfer balance determination under section 136-10 ; and

(b) you are the *retirement phase recipient of 2 or more *superannuation income streams.

136-20(2)    
You may elect which of those *superannuation income streams is to be fully or partially commuted for the purpose of reducing the *transfer balance in your *transfer balance account by the *crystallised reduction amount.

Requirements for election

136-20(3)    
You make an election under subsection (2) by:

(a) identifying the *superannuation income stream or streams to be commuted in full or in part and the *superannuation income stream provider for each such stream; and

(b) if you identify more than one superannuation income stream - stating the amount to be commuted from each such income stream.

136-20(4)    
The election must:

(a) be in the *approved form; and

(b) be given to the Commissioner within:

(i) 60 days after the *excess transfer balance determination or amended excess transfer balance determination is issued; or

(ii) a further period allowed by the Commissioner.

Election is irrevocable

136-20(5)    
An election under this section is irrevocable.