Tax Laws Amendment (Simplified Superannuation) Act 2007 (9 of 2007)

Schedule 4   Reporting

Taxation Administration Act 1953

15   At the end of Part 5-25 in Schedule 1

Add:

Division 390 - Superannuation reporting

Table of Subdivisions

Guide to Division 390

390-A Contributions statements and roll-over superannuation benefit statements etc.

390-B Statements relating to release authorities

390-C Other statements

Guide to Division 390

390-1 What this Division is about

Superannuation providers must give the Commissioner information about superannuation plans (such as contributions to superannuation plans) periodically.

Superannuation providers are also required to give information about roll-over superannuation benefits paid from superannuation plans.

Subdivision 390-A - Contributions statements and roll-over superannuation benefit statements etc.

390-5 Contributions statements

(1) A *superannuation provider in relation to a *superannuation plan must give the Commissioner a statement in relation to contributions (if any) made to the plan in respect of an individual during a period specified in a determination under subsection (6) if:

(a) for a superannuation plan that is a *self managed superannuation fund - either or both of these conditions are satisfied:

(i) the individual held a *superannuation interest in the plan at the end of the period;

(ii) the individual held a superannuation interest in the plan at any time during the period and received one or more *superannuation benefits from the plan during the period; or

(b) for a superannuation plan that is not a self managed superannuation fund:

(i) contributions were made to the plan in respect of the individual during the period; and

(ii) either or both of the conditions in subparagraphs (a)(i) and (ii) are satisfied.

Note 1: Section 286-75 provides an administrative penalty for breach of this subsection.

Note 2: A person may make a complaint to the Superannuation Complaints Tribunal under section 15CA of the Superannuation (Resolution of Complaints) Act 1993 if the person is dissatisfied with a statement given to the Commissioner by a superannuation provider under this section.

(2) Treat the following as contributions for the purposes of this section:

(a) *notional taxed contributions in relation to a *defined benefit interest in the *superannuation plan;

(b) amounts mentioned in subsection 292-25(3) of the Income Tax Assessment Act 1997 allocated by the *superannuation provider in relation to the superannuation plan.

(3) For the purposes of subparagraph (1)(a)(ii), disregard *roll-over superannuation benefits that the individual is taken to receive under section 307-15 of the Income Tax Assessment Act 1997.

(4) A statement under subsection (1) must be in the *approved form.

(5) The statement must be given to the Commissioner on a day specified in the determination under subsection (6).

Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.

(6) 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.

(7) The period specified in the determination:

(a) may be:

(i) all or part of an income year; or

(ii) all or part of a financial year; or

(iii) any other period; and

(b) may be different:

(i) for different kinds of *superannuation provider; and

(ii) in relation to any other matter.

(8) Subsection (7) does not limit the way in which the determination may specify the period.

(9) The *approved form may require the statement to contain the following information:

(a) information relating to the contributions, including the amount and type of the contributions;

(b) if the plan is a *self managed superannuation fund and no contributions were made to the plan in respect of the individual during the period - a statement to that effect.

(10) Subsection (9) does not limit the information that the *approved form may require the statement to contain.

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

(a) the *superannuation provider; and

(b) the *superannuation plan; and

(c) the individual in respect of whom the contributions are made if:

(i) the individual has quoted the individual’s tax file number to the superannuation provider; or

(ii) a person who made at least some of the contributions has quoted the individual’s tax file number to the superannuation provider (and had authority to do so).

390-10 Statements about roll-over superannuation benefits etc.

(1) This section applies if:

(a) a *superannuation provider (the first provider ) in relation to a *superannuation plan (the first plan ) pays a *roll-over superannuation benefit to another superannuation provider in relation to another superannuation plan; or

(b) a superannuation provider (also the first provider ) in relation to a superannuation plan (also the first plan ) pays to another superannuation provider in relation to another superannuation plan a *superannuation benefit (other than a roll-over superannuation benefit) in these circumstances:

(i) the first plan or the other superannuation plan is, or both are, a *non-complying superannuation plan for the income year in which the benefit is paid; or

(ii) the first plan or the other superannuation plan was, or both were, a non-complying superannuation plan for the previous income year.

(2) The first provider in relation to the first plan must:

(a) give the other superannuation provider a statement in relation to the benefit within 7 days after the day on which the benefit is paid; and

(b) give the individual in respect of whom the benefit is paid a statement in relation to the benefit within 30 days after the day on which the benefit is paid.

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

(3) A statement under subsection (2) must be in the *approved form.

Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.

(4) The *approved form may require the statement to contain the following information:

(a) information relating to contributions made to the first plan in respect of the individual during the period specified in a determination under subsection (5) in which the benefit is paid, to the extent those contributions are reflected in that benefit;

(b) other information relating to the benefit, including the *tax free component, *taxable component, *element taxed in the fund and *element untaxed in the fund (as applicable) of the benefit.

(5) The Commissioner may determine, by legislative instrument, the period mentioned in paragraph (4)(a).

(6) The period specified in the determination:

(a) may be:

(i) all or part of an income year; or

(ii) all or part of a financial year; or

(iii) any other period; and

(b) may be different:

(i) for different kinds of *superannuation provider; and

(ii) in relation to any other matter.

(7) Subsection (6) does not limit the way in which the determination may specify the period.

(8) The *approved form may require the statement to contain different information depending on whether paragraph (1)(a) or (b) applies.

(9) Subsections (4) and (8) do not limit the information that the *approved form may require the statement to contain.

390-15 Superannuation statements to members

(1) An individual, or the trustee of an individual’s estate:

(a) may ask a *superannuation provider who has given information in a statement under section 390-5 or 390-10 in relation to the individual to give the individual or the trustee the same information; and

(b) may ask the superannuation provider to give the information in writing.

(2) The *superannuation provider must:

(a) comply with the request within 30 days after receiving the request; and

(b) if the individual or the trustee asked for the information to be given in writing - give the information in the *approved form.

Note 1: Section 286-75 provides an administrative penalty for breach of this subsection.

Note 2: Section 388-55 allows the Commissioner to defer the time for giving an approved form.

(3) Subsection (2) does not apply if the *superannuation provider has given the same information to the individual or the trustee previously (whether or not on request by the individual or trustee).

(4) If the individual or the trustee does not ask for the information to be given in writing, the *superannuation provider may give the information to the individual or trustee in a way that the provider considers appropriate.

Subdivision 390-B - Statements relating to release authorities

390-65 Statements relating to release authorities

(1) A *superannuation provider in relation to a *superannuation plan must give the Commissioner a statement under this section if the superannuation provider has:

(a) been given a release authority in accordance with section 292-410 of the Income Tax Assessment Act 1997 or section 292-80B of the Income Tax (Transitional Provisions) Act 1997; and

(b) paid an amount out of the plan in accordance with the release authority.

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

(2) The statement must be given within 30 days after the amount is paid out of the plan.

(3) A statement under subsection (1) must be in the *approved form.

Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.

(4) The *approved form must require the statement to contain information relating to the release authority.

(5) The *approved form may require the statement to contain the following information:

(a) the amount paid;

(b) details relating to the *superannuation provider in relation to the *superannuation plan;

(c) the individual in respect of whom the release authority was given to the superannuation provider.

(6) Subsection (5) does not limit the information that the *approved form may require the statement to contain.

(7) The *superannuation provider must also give the individual to whom the release authority relates a copy of the statement within 30 days after the amount is paid out of the plan.

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

Subdivision 390-C - Other statements

390-115 Change or omission in information given to the Commissioner

(1) If a *superannuation provider in relation to a *superannuation plan becomes aware of a material change or material omission in any information given to the Commissioner in relation to the plan under this Division, the provider must:

(a) tell the Commissioner of the change in the *approved form; or

(b) give the omitted information to the Commissioner in the approved form.

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

(2) Information required by subsection (1) must be given no later than 30 days after the *superannuation provider becomes aware of the change or omission.

Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.