Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)

Schedule 1   Consequential amendments etc.

Part 2   Other consequential amendments etc.

Taxation Administration Act 1953

373   Section 16-165 in Schedule 1

Repeal the section, substitute:

16-165 Payment summaries for superannuation lump sums and employment termination payments

(1) Within 14 days after an entity (the payee ) makes a payment covered under subsection (2) to a person (the recipient ), the entity must:

(a) give a *payment summary to the recipient that covers the payment (and no other payments); and

(b) give a copy of the summary to the Commissioner.

(2) The following payments are covered under this subsection if they are *withholding payments:

(a) a *superannuation lump sum;

(b) an *employment termination payment, other than a directed termination payment within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997.