Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 1 Transfer balance cap

Add:

390-20 Statements relating to holders of certain life insurance policies

(1) A *life insurance company must give the Commissioner a statement in relation to an individual if:

(a) the individual held:

(i) an *exempt life insurance policy that provides for an *annuity that is a *superannuation income stream that is in the *retirement phase; or

(ii) a *life insurance policy covered by paragraph (b) of the definition of complying superannuation life insurance policy ; and

(b) the individual held the policy at any time during the period specified in the determination under subsection (3).

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

(2) The statement must:

(a) be in the *approved form; and

(b) be given to the Commissioner on a day specified in the determination under subsection (3).

(3) The Commissioner may determine, by legislative instrument:

(a) the period mentioned in subsection (1); and

(b) the day on which a statement must be given to the Commissioner.

(4) The determination may specify a period beginning before, or a day before, the commencement of either or both of the following:

(a) this section;

(b) the determination.

(5) The *approved form may require the statement to contain information about the policy held by the individual.

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

(a) the *life insurance company; and

(b) the individual who holds the policy if:

(i) the individual has quoted the individual's tax file number to the life insurance company; or

(ii) a person has quoted the individual's tax file number to the life insurance company (and had authority to do so).