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 390-7   GRACE PERIODS FOR CORRECTING FALSE OR MISLEADING MEMBER INFORMATION STATEMENTS  

When statements can be corrected

390-7(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

390-7(2)  
The Commissioner may determine the period within which the *superannuation provider may correct a statement.

390-7(3)  
The Commissioner must give the *superannuation provider written notice of the determination.

390-7(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

390-7(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.


 

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