Superannuation Legislation Amendment Act (No. 3) 1999 (121 of 1999)
Schedule 1 Amendment of the Superannuation Industry (Supervision) Act 1993 relating to self managed superannuation funds
Part 1 Regulation of self managed superannuation funds
44 After section 106
106A Duty to notify Commissioner of Taxation of change in status of entity
Trustee's duty to notify Commissioner of Taxation
(1) The trustee of a superannuation entity must give written notice to the Commissioner of Taxation if the trustee:
(a) has knowledge that the superannuation entity has ceased to be a self managed superannuation fund; or
(b) has knowledge that the superannuation entity has become a self managed superannuation fund since first becoming a superannuation entity.
Note: The trustee of a fund that was already a self managed superannuation fund when the trustee made an election under section 19 does not have to give a notice to the Commissioner of Taxation at that time, because the fund became a self managed superannuation fund before (not since) becoming a superannuation entity.
Timing of notice
(2) A notice under subsection (1) must be given as soon as practicable, and not later than 21 days, after the trustee first has knowledge that the superannuation fund has ceased to be, or has become, a self managed superannuation fund.
(3) A person who contravenes subsection (1) is guilty of an offence punishable on conviction by a fine not exceeding 100 penalty units.
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