Taxation Laws Amendment Act (No. 3) 1992 (98 of 1992)

Part 4   AMENDMENT OF THE OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987

87   Notification of determinations

 

(1) Section 15M of the Principal Act is amended:
        

(a) by omitting from subsection (1) "in relation to an eligible termination payment made to a person or the payment of a superannuation pension or an annuity to a person" and substituting "that a payment to a person is in excess of the reasonable benefit limits";
          

(b) by omitting from paragraph (1)(b) "and" (last occurring);
          

(c) by omitting paragraph (1)(c);
          

(d) by omitting subsection (2) and substituting the following subsections:
          

"(2) Whenever the Commissioner makes a determination under subsection 15K(1) or section 15L, the Commissioner may, at the request of the Commissioner of Taxation, give to the Commissioner of Taxation:

(a) a copy of the determination; and

(b) any or all information disclosed or obtained under or for the purposes of this Act and concerning the payment to which the determination relates.

"(3) A request by the Commissioner of Taxation under subsection (2) may relate to a particular determination or a class of determinations.

"(4) Whenever, under subsection 15K(1) or section 15L, the Commissioner makes a determination to which subsection (1) does not apply, the Commissioner may, if he or she thinks it desirable, give to the recipient of the payment to which the determination relates the documents mentioned in paragraphs (1)(a) and (b).".

      

(2) Subsections 15M(1) and (4) of the Principal Act as amended by this Act apply in relation to any determination that relates to a payment made on or after 1 July 1991.
        

      

(3) Section 15M of the Principal Act as in force immediately before the commencement of this section continues to apply in relation to a determination that relates to a payment made before 1 July 1991.