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

32   After section 36

Insert:

36A Trustee of self managed superannuation fund to lodge annual returns

Lodgment

(1) The trustee of a superannuation entity that was a self managed superannuation fund at any time during a year of income must, within the reporting period, or within such longer period as the Commissioner of Taxation allows, give to the Commissioner of Taxation a return under this section.

Period for lodgment

(2) The reporting period is the period that begins at the end of the year of income and whose length is:

(a) prescribed by the regulations for the purposes of this paragraph; or

(b) if the length of the period is not prescribed - specified for the purposes of this paragraph by the Commissioner of Taxation by notice in the Gazette.

Form of return

(3) The return must:

(a) be in the approved form; and

(b) contain such information as is required by the form in relation to the fund in respect of that year of income or in relation to another year of income, or both.

Note: The approved form of return may require the trustee to set out the tax file number of the entity. See subsection 299U(2).

Approvals

(4) An approval given by the Commissioner of Taxation of a form of return for the purposes of this section may require or permit the return:

(a) to be attached to, or physically to form part of, another document; and

(b) to be given on a specified kind of data processing device or by specified electronic transmission, in accordance with specified software or other requirements.

Signature when not lodged electronically

(5) If the return is given to the Commissioner of Taxation other than by data processing device or by electronic transmission, the return must be signed by:

(a) if the trustee is a body corporate - a director of the body corporate; or

(b) if the trustee is a group of 2 or more individuals - at least one of those individuals.

Signature when lodged electronically

(6) If the return is given to the Commissioner of Taxation on a data processing device or by way of electronic transmission:

(a) the return must contain the electronic signature of a person specified in the approved form; and

(b) a hard copy of the return must be made and signed by:

(i) if the trustee is a body corporate - a director of the body corporate; or

(ii) if the trustee is a group of 2 or more individuals - at least one of those individuals.

The hard copy need not be given to the Commissioner of Taxation, but must be kept by a person referred to in paragraph (b) for a period of 10 years beginning on the date on which it was signed.

(7) A person who intentionally or recklessly contravenes this section commits an offence punishable on conviction by a fine not exceeding 50 penalty units.

(8) A notice under paragraph (2)(b) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.