Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 2AA - Financial claims scheme for account-holders with insolvent ADIs  

Subdivision C - Payment of account-holders with declared ADI  

SECTION 16AHA   Giving information about payments in a financial year  

(1)    
This section applies if one or more amounts are paid to, or applied for the benefit of, one or more account-holders in a financial year to meet (wholly or partly) the account-holders ' entitlements under this Subdivision.

Giving each account-holder an annual statement

(2)    
Within 14 days after the end of the financial year, APRA must give each of those account-holders a statement about the amounts paid to, or applied for the benefit of, the account-holder in the financial year. The statement must:

(a) be in the approved form; and

(b) name the account-holder; and

(c) state the account-holder ' s tax file number, if APRA knows it; and

(d) state the total of the amounts and the total of the amounts (if any) withheld from them under the Taxation Administration Act 1953 ; and

(e) specify the financial year to which the statement relates.

(3)    
(Repealed by No 10 of 2018)

Provisions about statements and reports in approved forms

(4)    
Division 388 in Schedule 1 to the Taxation Administration Act 1953 applies as if this section were a taxation law for the purposes of that Act.

Note:

That Division sets out rules about approved forms and when they can be given.

This section does not limit the Taxation Administration Act 1953

(5)    
Subsection (4) does not limit the operation of the Taxation Administration Act 1953 in relation to APRA.