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 390-10   STATEMENTS ABOUT ROLL-OVER SUPERANNUATION BENEFITS ETC.  

390-10(1)    
This section applies if:

(a) a *superannuation provider (the first provider ) in relation to a *superannuation plan (the first plan ) pays a *roll-over superannuation benefit to another superannuation provider in relation to another superannuation plan; or

(b) a superannuation provider (also the first provider ) in relation to a superannuation plan (also the first plan ) pays to another superannuation provider in relation to another superannuation plan a *superannuation benefit (other than a roll-over superannuation benefit) in these circumstances:

(i) the first plan or the other superannuation plan is, or both are, a *non-complying superannuation plan for the income year in which the benefit is paid; or

(ii) the first plan or the other superannuation plan was, or both were, a non-complying superannuation plan for the previous income year.

390-10(2)    
The first provider in relation to the first plan must:

(a) give the other superannuation provider a statement in relation to the benefit within 7 days after the day on which the benefit is paid; and

(b) unless the benefit is an *involuntary roll-over superannuation benefit, give the individual in respect of whom the benefit is paid a statement in relation to the benefit within 30 days after the day on which the benefit is paid.

Note:

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

390-10(3)    
A statement under subsection (2) must be in the *approved form.

Note:

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

390-10(4)    
The *approved form may require the statement to contain the following information:

(a) information relating to contributions made to the first plan in respect of the individual during the period specified in a determination under subsection (5) in which the benefit is paid, to the extent those contributions are reflected in that benefit;

(b) other information relating to the benefit, including the *tax free component, *taxable component, *element taxed in the fund and *element untaxed in the fund (as applicable) of the benefit.

390-10(5)    
The Commissioner may determine, by legislative instrument, the period mentioned in paragraph (4)(a).

390-10(6)    
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.

390-10(7)    
Subsection (6) does not limit the way in which the determination may specify the period.

390-10(8)    
The *approved form may require the statement to contain different information depending on whether paragraph (1)(a) or (b) applies.

390-10(9)    
Subsections (4) and (8) do not limit the information that the *approved form may require the statement to contain.

390-10(10)    

The *approved form may require the statement to contain the *tax file number of:

(a) the first provider; and

(b) the first plan; and

(c) the individual in respect of whom the benefit is paid if:

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

(ii) a person who made at least some of the contributions mentioned in paragraph (4)(a) has quoted the individual ' s tax file number to the first provider (and had authority to do so).