Treasury Laws Amendment (2018 Measures No. 4) Act 2019 (8 of 2019)

Schedule 4   Fund reporting

Part 1   Grace period for member information statements

Taxation Administration Act 1953

5   After section 390-5 in Schedule 1

Insert:

390-7 Grace periods for correcting false or misleading member information statements

When statements can be corrected

(1) A *superannuation provider in relation to a *superannuation plan that has given a statement to the Commissioner under section 390-5 may correct the statement:

(a) within the period determined by the Commissioner under subsection (2) of this section; or

(b) if paragraph (a) does not apply but the superannuation provider is covered by a determination under subsection (5) - within the period specified in that determination.

Note 1: Correcting the statement can protect the superannuation provider from liability for a false or misleading statement: see subsections 8K(2B), 8N(3) and 284-75(9).

Note 2: If no period has been determined under subsection (2) or (5) in relation to a superannuation provider, the superannuation provider will not be able to take advantage of the grace period provided for by this section.

Determinations for particular superannuation providers

(2) The Commissioner may determine the period within which the *superannuation provider may correct a statement.

(3) The Commissioner must give the *superannuation provider written notice of the determination.

(4) The *superannuation provider may object, in the manner set out in Part IVC, against a decision of the Commissioner determining a period under subsection (2) relating to the superannuation provider.

Determinations for classes of superannuation providers

(5) The Commissioner may, by legislative instrument, determine the period within which *superannuation providers included in a class of superannuation providers specified in the determination may correct a statement.