Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 1   Excess non-concessional superannuation contributions tax reforms

Taxation Administration Act 1953

41   Section 96-40 in Schedule 1

Repeal the section, substitute:

96-40 Notifying individual - unsuccessful release attempt

(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).

(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).

(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.

96-42 Notifying individual - successful releases under section 96-12

(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.

(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.