TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-25 - CHARGES AND PENALTIES  

Division 288 - Miscellaneous administrative penalties  

SECTION 288-105   SUPERANNUATION PROVIDER TO CALCULATE CRYSTALLISED PRE-JULY 83 AMOUNT OF SUPERANNUATION INTEREST BY 30 JUNE 2008  

288-105(1)  
An entity is liable to an administrative penalty of 5 penalty units if:


(a) the entity is the *superannuation provider in relation to a *superannuation plan (other than a *constitutionally protected fund) on 30 June 2008; and


(b) the entity has not ensured that the crystallised pre-July 83 amount in relation to each superannuation interest in the plan has been calculated on or before that day.

288-105(2)  
For the purpose of paragraph (1)(b), disregard a *superannuation interest unless the *element taxed in the fund of the *taxable component of the interest exceeds nil just before 1 July 2007.

288-105(3)  
For the purpose of paragraph (1)(b), disregard a *superannuation interest that supported a *superannuation income stream just before 1 July 2007.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.