Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
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.
A statement under subsection (2) must be in the *approved form.
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:
(b) may be different:
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.
Note: See section 3AA .
Chapter 5 - Administration
PART 5-25
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RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS
Division 390
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Superannuation reporting
Subdivision 390-A
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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
390-12(7)
(ii) in relation to any other matter.
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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