Tax Laws Amendment (2006 Measures No. 3) Act 2006 (80 of 2006)

Schedule 7 Reporting superannuation contributions

Superannuation Guarantee (Administration) Act 1992

3 After section 77

Insert:

78 Reporting superannuation contributions

(1) A superannuation provider in relation to a fund or RSA is liable to an administrative penalty if:

(a) a person is a member of the fund (or holder of the RSA) at the end of a year; and

(b) contributions are made or transferred to the fund or RSA for the benefit of the person in the year; and

(c) the provider fails to give the Commissioner a statement in the approved form setting out the information mentioned in subsection (3) in respect of the person for the year.

(2) The amount of the penalty is 5 penalty units.

Note: Division 298 in Schedule 1 to the Taxation Administration Act 1953 contains machinery provisions relating to administrative penalties.

(3) The regulations may specify information in relation to:

(a) the total of all contributions made by an employer to a fund or RSA for the benefit of an employee in a year; and

Note: Contributions made by an employer include contributions made on behalf of the employer (see subsection 6(2)).

(b) the total of all contributions made to a fund or RSA for the benefit of an employee in a year.

(4) The superannuation provider must give the statement to the Commissioner within the period specified in the regulations.

Note: Section 388-55 in Schedule 1 to the Taxation Administration Act 1953 allows the Commissioner to defer the time for giving an approved form.

(5) Regulations made for the purposes of this section may specify different information and periods for different kinds of superannuation providers.

78A Reporting where contributions transferred between superannuation providers

(1) A superannuation provider in relation to a fund or RSA is liable to an administrative penalty if:

(a) the superannuation provider transfers to another superannuation provider any contributions of a kind mentioned in section 78 in relation to a member of the fund (or holder of the RSA) during a year; and

(b) the superannuation provider fails to give the other superannuation provider a statement in the approved form setting out the information mentioned in subsection (3) within 30 days after the day on which the amount is transferred.