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 390-12   STATEMENTS ABOUT BENEFITS PAID TO KIWISAVER SCHEMES  

390-12(1)  
This section applies if the trustee of a *complying superannuation fund pays a *superannuation benefit to a *KiwiSaver scheme provider.

390-12(2)  
The trustee must:


(a) give to the *KiwiSaver scheme provider a statement under this section within 7 days after the day on which the benefit is paid; and


(b) give to the individual in respect of whom the benefit is paid a statement in relation to the benefit within 30 days after the day on which the benefit is paid.

Note:

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

390-12(3)  
A statement under subsection (2) must be in the *approved form.

Note:

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

390-12(4)  
The *approved form may require the statement to contain the following information:


(a) information relating to contributions made to the *complying superannuation fund in respect of the individual during the period specified in a determination under subsection (5) in which the benefit is paid, to the extent those contributions are reflected in that benefit;


(b) other information relating to the benefit, including the *tax free component and *taxable component (as applicable) of the benefit.

390-12(5)  
The Commissioner may determine, by legislative instrument, the period mentioned in paragraph (4)(a).

390-12(6)  
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 trustee; and

(ii) in relation to any other matter.

390-12(7)  
Subsection (6) does not limit the way in which the determination may specify the period.

390-12(8)  
Subsection (4) does not limit the information that the *approved form may require the statement to contain.




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