Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 5) (317 of 2012)

Schedule 1   Amendment commencing on commencement of Division 1 of Part 1 of Schedule 4 to the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012

[1]   After Part 3A

insert

Part 3B Superannuation data and payment matters

3B.01 Definitions

In this Part:

prescribed eligible superannuation entity - see regulation 3B.02.

unique superannuation identifier , for an eligible superannuation entity, means either:

(a) the entity's ABN followed by 3 numerals; or

(b) another kind of unique identifier approved in writing by the Commissioner of Taxation.

3B.02 Prescribed eligible superannuation entity for register

For paragraph 34Z (1) (a) of the Act, a prescribed eligible superannuation entity is an eligible superannuation entity that is not a self managed superannuation fund.

3B.03 Information to be given for register

(1) For subsection 34Z (1) of the Act, the trustee of a prescribed eligible superannuation entity must give to the Commissioner of Taxation (the Commissioner ):

(a) at least one unique superannuation identifier for the entity; and

(b) for each unique superannuation identifier:

(i) one set of bank details that is sufficient to enable an electronic payment to be made; and

(ii) either:

(A) one internet protocol address; or

(B) one other kind of digital address approved by the Commissioner for the receipt of electronic communications.

(2) The trustee may give:

(a) the same bank details for more than one unique superannuation identifier; and

(b) the same internet protocol address, or other approved digital address, for more than one unique superannuation identifier.

(3) The trustee must tell the Commissioner the date on which the information is to be operative for the entity.

(4) However, the information must be operative for the entity on or before the later of:

(a) 1 July 2013; and

(b) the date on which the entity first receives a contribution, or a rollover or a transfer of a member's withdrawal benefit.

(5) Subregulation (6) applies to the trustee of an entity if:

(a) the entity is receiving contributions, or rollovers or transfers of members' withdrawal benefits, from an employer, RSA provider or other superannuation entity on the commencement of this Part; and

(b) the trustee expects that the entity will continue to receive contributions, or rollovers or transfers of members' withdrawal benefits, on or after 1 July 2013.

(6) The trustee must give the information mentioned in subregulation (1) to the Commissioner on or before the later of:

(a) 20 business days after the commencement of this Part; and

(b) 1 April 2013.

(7) The trustee of an entity to which subregulation (6) does not apply must give the information mentioned in subregulation (1) to the Commissioner on or before the later of:

(a) 10 business days before the day on which the entity first receives a contribution, or a rollover or a transfer of a member's withdrawal benefit; and

(b) 1 April 2013.

(8) If the trustee of an entity proposes to change any information given for the entity under this regulation, the trustee must give the changed information to the Commissioner no later than 10 business days before the new information is to be operative for the entity.