Div 296tax law has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

Division 296 tax law has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

release authority lump sum has the meaning given by section 22SC.

superannuation provider has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

22SB  Secretary treated as superannuation provider

  For the purposes of this Act, the Division 293 tax law and Division 296 tax law apply as if the Secretary of the Finance Department was the superannuation provider in relation to the defined benefit interest established under this Act.

Division 2—Release under a release authority

22SC  Release of benefits under a release authority

 (1) A lump sum (the release authority lump sum) may be paid at a time in compliance with a release authority issued to a person under item 3 or 4 of the table in subsection 135‑10(1) in Schedule 1 to the Taxation Administration Act 1953 and given to the Secretary of the Finance Department in accordance with Subdivision 135‑B in that Schedule if, at that time:

 (a) the person’s surcharge debt account is not in debit; or

 (b) subsection (2) applies; or

 (c) the person is entitled to an associate deferred annuity.

Note: The purpose of the release authority is to allow a lump sum to be paid to the Commissioner to meet a debt the person has under Subdivision 133‑C or 134‑C in Schedule 1 to the Taxation Administration Act 1953.

Surcharge election must be made or forgone

 (2) This subsection applies if any of the following are satisfied:

 (a) the person has made an election under subsection 18A(1) (which deals with the adjustment of benefits to take account of the surcharge deduction amount);

 (b) the person has not made an election under that subsection and the period within which such an election may be made has expired;

 (c) the person gives the Secretary of the Finance Department written notice that the person forgoes making an election under that subsection.

Appropriation

 (3) Payment of a release authority lump sum must be made out of the Consolidated Revenue Fund, which is appropriated accordingly.

22SD  Limit on amount that may be released

 (1) In addition to any requirements in Division 135 in Schedule 1 to the Taxation Administration Act 1953, the amount of a release authority lump sum paid in relation to a release authority issued to a person must not have the effect that the person’s retiring allowance or associate deferred annuity is reduced below zero.

 (2) For the purpose of subsection (1), the effect of a release authority lump sum on the amount of the person’s retiring allowance is to be worked out after taking account of: