TAXATION ADMINISTRATION ACT 1953

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

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-25 - RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS  

Division 390 - Superannuation reporting  

Subdivision 390-A - Member information statements and roll-over superannuation benefit statements  

SECTION 390-20   STATEMENTS RELATING TO HOLDERS OF CERTAIN LIFE INSURANCE POLICIES  

390-20(1)  
A *life insurance company must give the Commissioner a statement in relation to an individual if:


(a) the individual held:


(i) an *exempt life insurance policy that provides for an *annuity that is a *superannuation income stream that is in the *retirement phase; or

(ii) a *life insurance policy covered by paragraph (b) of the definition of complying superannuation life insurance policy ; and


(b) the individual held the policy at any time during the period specified in the determination under subsection (3).

Note:

Section 286-75 provides an administrative penalty for breach of this subsection.

390-20(2)  
The statement must:


(a) be in the *approved form; and


(b) be given to the Commissioner on a day specified in the determination under subsection (3).

390-20(3)  
The Commissioner may determine, by legislative instrument:


(a) the period mentioned in subsection (1); and


(b) the day on which a statement must be given to the Commissioner.

390-20(4)  
The determination may specify a period beginning before, or a day before, the commencement of either or both of the following:


(a) this section;


(b) the determination.

390-20(5)  
The *approved form may require the statement to contain information about the policy held by the individual.

390-20(6)  
The *approved form may require the statement to contain the *tax file number of:


(a) the *life insurance company; and


(b) the individual who holds the policy if:


(i) the individual has quoted the individual ' s tax file number to the life insurance company; or

(ii) a person has quoted the individual ' s tax file number to the life insurance company (and had authority to do so).



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