Taxation Administration Act 1953
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Chapter 3 - Collection, recovery and administration of other taxesSECTION 136-55 ISSUING OF COMMUTATION AUTHORITIES
Commutation authority must be issued if there is a commutable amount
136-55(1)
The Commissioner must issue a commutation authority under this section to one or more *superannuation income stream providers if:
(a) an *excess transfer balance determination has been issued to you; and
(b) the excess transfer balance determination has not been revoked; and
(c) the period mentioned in subsection 136-20(4) has ended; and
(d) an amount (the commutable amount ) greater than nil remains after reducing the *crystallised reduction amount by the sum of any *transfer balance debits notified to the Commissioner under section 136-25 .
Issuing in response to a valid election
136-55(2)
If you have made a valid election under section 136-20 , the Commissioner must issue a commutation authority under this section to each *superannuation income stream provider identified in your election.
136-55(3)
If the total of the amounts stated in your election under section 136-20 falls short of the commutable amount, the Commissioner must also issue a commutation authority to one or more *superannuation income stream providers specified in the *default commutation notice.
Issuing if you do not make a valid election
136-55(4)
If you have not made a valid election under section 136-20 , the Commissioner must issue a commutation authority to each *superannuation income stream provider specified in the *default commutation notice.
Requirements for commutation authority
136-55(5)
Each commutation authority must:
(a) specify the *superannuation income stream that the *superannuation income stream provider is to commute, in full or in part; and
(b) state the amount (the reduction amount ) by which the superannuation income stream is to be reduced; and
(c) be dated; and
(d) contain any other information that the Commissioner considers relevant.
136-55(6)
The total of all reduction amounts stated in commutation authorities issued under this section relating to an *excess transfer balance determination must not exceed the commutable amount.
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