Taxation Administration Act 1953
View history note
Hide history noteNote: See section 3AA .
Chapter 5 - AdministrationWhen statements can be corrected
390-7(1)
A *superannuation provider in relation to a *superannuation plan that has given a statement to the Commissioner under section 390-5 may correct the statement:
(a) within the period determined by the Commissioner under subsection (2) of this section; or
(b) if paragraph (a) does not apply but the superannuation provider is covered by a determination under subsection (5) - within the period specified in that determination.
Note 1:
Correcting the statement can protect the superannuation provider from liability for a false or misleading statement: see subsections 8K(2B) , 8N(3) and 284-75(9) .
Note 2:
If no period has been determined under subsection (2) or (5) in relation to a superannuation provider, the superannuation provider will not be able to take advantage of the grace period provided for by this section.
Determinations for particular superannuation providers
390-7(2)
The Commissioner may determine the period within which the *superannuation provider may correct a statement.
390-7(3)
The Commissioner must give the *superannuation provider written notice of the determination.
390-7(4)
The *superannuation provider may object, in the manner set out in Part IVC , against a decision of the Commissioner determining a period under subsection (2) relating to the superannuation provider.
Determinations for classes of superannuation providers
390-7(5)
The Commissioner may, by legislative instrument, determine the period within which *superannuation providers included in a class of superannuation providers specified in the determination may correct a statement.
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