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 390-5   MEMBER INFORMATION STATEMENTS  

390-5(1)    


A *superannuation provider in relation to a *superannuation plan must give the Commissioner a statement in relation to an individual if the individual held a *superannuation interest in the plan at any time during the period specified in a determination under subsection (6) .
Note 1:

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

Note 2:

If a person is dissatisfied with a statement given to the Commissioner by a superannuation provider under this section, the person may make a complaint under the AFCA scheme (within the meaning of the Corporations Act 2001 ).


390-5(2)    
(Repealed by No 158 of 2012)


390-5(3)    
(Repealed by No 158 of 2012)


390-5(4)    
A statement under subsection (1) must be in the *approved form.

390-5(5)    
The statement must be given to the Commissioner on a day specified in the determination under subsection (6) .

Note:

Section 388-55 allows the Commissioner to defer the time for giving an approved form.


390-5(6)    
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.

390-5(7)    
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 *superannuation provider; and

(ii) in relation to any other matter.

390-5(8)    
Subsection (7) does not limit the way in which the determination may specify the period.

390-5(9)    
The *approved form may require the statement to contain the following information:

(a)    

information relating to the contributions made to the *superannuation plan, including the amount and type of the contributions;

(b)    

the *value of any *superannuation interest, or superannuation account, the individual held in the superannuation plan at a particular time;

(c)    if no contributions were made to the superannuation plan in respect of the individual during the period - a statement to that effect;

(d)    

information relating to the Superannuation (Unclaimed Money and Lost Members) Act 1999 ;

(e)    

if the superannuation plan is a *regulated superannuation fund in relation to which the individual has an LRBA amount under section 307-231 of the Income Tax Assessment Act 1997 (about limited recourse borrowing arrangements) - the amount of the LRBA amount.

390-5(9A)    


Treat the following as contributions for the purposes of this section:

(a)    *notional taxed contributions in relation to a *defined benefit interest in the *superannuation plan;

(b)    amounts, mentioned in subsection 291-25(3) or paragraph 292-90(4)(a) of the Income Tax Assessment Act 1997 , allocated by the *superannuation provider in relation to the superannuation plan;

(c)    amounts mentioned in paragraph 292-90(4)(c) of that Act;

(d)    

*defined benefit contributions in relation to a *defined benefit interest in the superannuation plan.

390-5(10)    
Subsection (9) does not limit the information that the *approved form may require the statement to contain.

390-5(11)    
The *approved form may require the statement to contain the *tax file number of:

(a)    the *superannuation provider; and

(b)    the *superannuation plan; and

(c)    

the individual who holds the *superannuation interest in the plan if:

(i) the individual has quoted the individual ' s tax file number to the superannuation provider; or

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



 

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