Taxation Administration Act 1953
Note: See section 3AA .Chapter 5 - Administration
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).
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).
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