Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 (158 of 2012)

Schedule 4   Improving efficiency and data quality in the superannuation system

Part 1   Superannuation Industry (Supervision) Act 1993

Division 1   Information register for data and payment standards

Superannuation Industry (Supervision) Act 1993

6   At the end of Division 4 of Part 3B

Add:

Subdivision B - Register of information about certain funds and schemes

34Y Register of information about certain funds and schemes

(1) The Commissioner of Taxation must keep a register of information for the purposes of this Part.

(2) The Commissioner of Taxation is to keep the register by electronic means.

(3) The register is not a legislative instrument.

(4) The Commissioner of Taxation may cause the contents of all or part of the register to be made available to:

(a) entities that must comply with the superannuation data and payment regulations and standards; and

(b) entities that must comply with the data and payment regulations and standards relating to RSAs; and

(c) exempt public sector superannuation schemes.

Contents of the register

(5) The register must contain the information given to the Commissioner of Taxation in accordance with section 34Z.

(6) The trustee of an exempt public sector superannuation scheme may give the Commissioner of Taxation information that both:

(a) relates to the scheme; and

(b) is of the kind given to the Commissioner of Taxation in accordance with section 34Z.

The Commissioner of Taxation may include that information on the register.

34Z Trustees to provide information for inclusion in register

(1) The following matters may be prescribed by regulation:

(a) information that is required to be given to the Commissioner of Taxation in accordance with this section in relation to prescribed eligible superannuation entities;

(b) the manner and form (including electronic form) in which the prescribed information is to be provided;

(c) the time at which, or period within which, the prescribed information is to be provided.

(2) Each trustee of a prescribed eligible superannuation entity must ensure that the prescribed information in relation to the entity is given to the Commissioner of Taxation in accordance with the regulation.

Contravening requirement to give information

(3) A person commits an offence of strict liability if the person contravenes subsection (2).

Penalty: 25 penalty units.

Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code.