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-B - Statements relating to release authorities  

SECTION 390-65   STATEMENTS RELATING TO RELEASE AUTHORITIES  

390-65(1)  
A *superannuation provider in relation to a *superannuation plan must give the Commissioner a statement under this section if the superannuation provider has:

(a) been given a release authority in accordance with:

(i) (Repealed by No 81 of 2016)

(ii) section 292-80B of the Income Tax (Transitional Provisions) Act 1997 ; or

(iii) Subdivision 135-B in this Schedule; and

(b) paid an amount out of the plan in accordance with the release authority.

Note:

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

390-65(2)  
The statement must be given within 30 days after the amount is paid out of the plan.

390-65(3)  
A statement under subsection (1) must be in the *approved form.

Note:

Section 388-55 allows the Commissioner to defer the time for giving an approved form.

390-65(4)  
The *approved form must require the statement to contain information relating to the release authority.

390-65(5)  
The *approved form may require the statement to contain the following information:

(a) the amount paid;

(b) details relating to the *superannuation provider in relation to the *superannuation plan;

(c) the individual in respect of whom the release authority was given to the superannuation provider.

390-65(6)  
Subsection (5) does not limit the information that the *approved form may require the statement to contain.

390-65(7)  
The *superannuation provider must also give the individual to whom the release authority relates a copy of the statement within 30 days after the amount is paid out of the plan.

Note:

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