Sentences with phrase «commutation authority issued»
[36] A commutation also occurs where a superannuation income stream provider converts superannuation income stream entitlements to a superannuation lump sum in compliance with a commutation authority issued under Subdivision 136 - B of Schedule 1 to the TAA in respect of that superannuation income stream.
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we issued the commutation authority in relation to a non-commutable capped defined benefit income stream.
In these situations, there is risk we will incorrectly issue an ETB determination and a commutation authority.
We may issue a commutation authority to you if a member has exceeded their transfer balance cap.
The Commissioner may amend or revoke an excess transfer balance determination at any time before a commutation authority is issued.
As part of the default commutation notice, the Commissioner is required to specify which superannuation income stream provider / s the Commissioner will issue a commutation authority to and the superannuation income stream / s that the provider needs to commute in full or in part.
An example of when this may occur is when a determination is issued and your transfer balance subsequently changes before a commutation authority is issued, such as if you start another pension.
Where the initial commutation authorities fail to reduce your transfer balance to or below your transfer balance cap, the Commissioner is able to issue further commutation authorities to any of your superannuation income stream providers to ensure you no longer have excess transfer balance.
Where you make an election in accordance with this section the Commissioner can only issue a commutation authority consistent with your election after this period has ended.
If the amounts specified in your election are less than the commutable amount, the Commissioner will issue commutation authorities to one or more superannuation providers specified in the default commutation notice to remove the difference.
Where no valid election is made, the Commissioner must issue a commutation authority in accordance with the default commutation notice if there is a commutable amount.
Once a valid election is made, it is irrevocable and the Commissioner will issue a commutation authority consistent with your election.
The Commissioner will issue commutation authorities with the objective of ensuring that transfer balance debits after the determination date equal the crystallised reduction amount.
Once an excess transfer balance determination is issued and is not revoked, the Commissioner must issue commutation authorities to one or more superannuation income stream providers if there is a commutable amount.