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 390-20   STATEMENTS RELATING TO HOLDERS OF CERTAIN LIFE INSURANCE POLICIES  

390-20(1)  
A *life insurance company must give the Commissioner a statement in relation to an individual if:


(a) the individual held:


(i) an *exempt life insurance policy that provides for an *annuity that is a *superannuation income stream that is in the *retirement phase; or

(ii) a *life insurance policy covered by paragraph (b) of the definition of complying superannuation life insurance policy ; and


(b) the individual held the policy at any time during the period specified in the determination under subsection (3).

Note:

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

390-20(2)  
The statement must:


(a) be in the *approved form; and


(b) be given to the Commissioner on a day specified in the determination under subsection (3).

390-20(3)  
The Commissioner may determine, by legislative instrument:


(a) the period mentioned in subsection (1); and


(b) the day on which a statement must be given to the Commissioner.

390-20(4)  
The determination may specify a period beginning before, or a day before, the commencement of either or both of the following:


(a) this section;


(b) the determination.

390-20(5)  
The *approved form may require the statement to contain information about the policy held by the individual.

390-20(6)  
The *approved form may require the statement to contain the *tax file number of:


(a) the *life insurance company; and


(b) the individual who holds the policy if:


(i) the individual has quoted the individual ' s tax file number to the life insurance company; or

(ii) a person has quoted the individual ' s tax file number to the life insurance company (and had authority to do so).

 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.