TAXATION ADMINISTRATION ACT 1953
Note: See section 3AA .Chapter 5 - Administration
A *superannuation provider in relation to a *superannuation plan must give the Commissioner a statement in relation to an individual if the individual held a *superannuation interest in the plan at any time during the period specified in a determination under subsection (6).
Section 286-75 provides an administrative penalty for breach of this subsection.
If a person is dissatisfied with a statement given to the Commissioner by a superannuation provider under this section, the person may make a complaint under the AFCA scheme (within the meaning of Chapter 7 of the Corporations Act 2001 ).
(Repealed by No 158 of 2012)
(Repealed by No 158 of 2012)
A statement under subsection (1) must be in the *approved form. 390-5(5)
The statement must be given to the Commissioner on a day specified in the determination under subsection (6).
Section 388-55 allows the Commissioner to defer the time for giving an approved form.390-5(6)
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. 390-5(7)
The period specified in the determination:
(a) may be:
(i) all or part of an income year; or
(ii) all or part of a financial year; or
(iii) any other period; and
(b) may be different:
(i) for different kinds of *superannuation provider; and
(ii) in relation to any other matter.
Subsection (7) does not limit the way in which the determination may specify the period. 390-5(9)
The *approved form may require the statement to contain the following information:
(a) information relating to the contributions made to the *superannuation plan, including the amount and type of the contributions;
(b) the *value of any *superannuation interest, or superannuation account, the individual held in the superannuation plan at a particular time;
(c) if no contributions were made to the superannuation plan in respect of the individual during the period - a statement to that effect;
(d) information relating to the Superannuation (Unclaimed Money and Lost Members) Act 1999 .
[ CCH Note: S 390-5(9) will be amended by No 78 of 2019, s 3 and Sch 3 item 3, by inserting para (e), effective 1 January 2020. Para (e) will read:
; (e) if the superannuation plan is a *regulated superannuation fund in relation to which the individual has an LRBA amount under section 307-231 of the Income Tax Assessment Act 1997 (about limited recourse borrowing arrangements) - the amount of the LRBA amount.
Treat the following as contributions for the purposes of this section:
(a) *notional taxed contributions in relation to a *defined benefit interest in the *superannuation plan;
(b) amounts, mentioned in subsection 291-25(3) or paragraph 292-90(4)(a) of the Income Tax Assessment Act 1997 , allocated by the *superannuation provider in relation to the superannuation plan;
(c) amounts mentioned in paragraph 292-90(4)(c) of that Act;
(d) *defined benefit contributions in relation to a *defined benefit interest in the superannuation plan.
Subsection (9) does not limit the information that the *approved form may require the statement to contain. 390-5(11)
The *approved form may require the statement to contain the *tax file number of:
(a) the *superannuation provider; and
(b) the *superannuation plan; and
(c) the individual who holds the *superannuation interest in the plan if:
(i) the individual has quoted the individual ' s tax file number to the superannuation provider; or
(ii) a person has quoted the individual ' s tax file number to the superannuation provider (and had authority to do so).