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

Schedule 10   Administrative streamlining

Part 1   Release authority harmonisation

Division 3   Application of amendments

52   Release authorities for ENCC tax issued to individuals before 1 July 2018 but not to superannuation providers before that day

(1) This item applies to you if:

(a) the Commissioner issues you with a release authority under section 292-405 of the Income Tax Assessment Act 1997 in relation to an excess non-concessional contributions tax assessment; and

(b) under subsection 292-410(4) of that Act, the Commissioner could have given the release authority to one or more superannuation providers before 1 July 2018; and

(c) the Commissioner did not do so.

(2) This item also applies to you if:

(a) the Commissioner issues you with a release authority under section 292-405 of the Income Tax Assessment Act 1997 in relation to an excess non-concessional contributions tax assessment; and

(b) by the end of 30 June 2018, the Commissioner had not given the release authority to any superannuation provider; and

(c) apart from subitem (3) of this item, the conditions in subsection 292-410(3) of that Act are satisfied for that release authority after 30 June 2018.

(3) The amendments made by this Part apply as if:

(a) subsection 131-15(3) in Schedule 1 to the Taxation Administration Act 1953 permitted the Commissioner to issue a release authority, relating to the excess non-concessional contributions tax assessment, to one or more superannuation providers; and

(b) subsection 131-20(2) in that Schedule also disregarded any amounts that:

(i) were stated in any other release authorities issued under section 292-405 of the Income Tax Assessment Act 1997 (as in force on 30 June 2018) for that assessment and given to a superannuation provider; but

(ii) were not paid by the superannuation provider.