Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 (158 of 2012)

Schedule 4   Improving efficiency and data quality in the superannuation system

Part 2   Retirement Savings Accounts Act 1997

Division 1   Information register for data and payment standards

Retirement Savings Accounts Act 1997

29   At the end of Division 4 of Part 4A

Add:

Subdivision B - Register of information about certain RSAs

45Q Register of information about certain RSAs

(1) The Commissioner of Taxation must keep a register of information for the purposes of this Part.

(2) The Commissioner of Taxation is to keep the register by electronic means.

(3) The register is not a legislative instrument.

(4) The Commissioner of Taxation may cause the contents of all or part of the register to be made available to entities that must comply with:

(a) the data and payment regulations and standards relating to RSAs; or

(b) the superannuation data and payment regulations and standards.

Contents of the register

(5) The register must contain the information given to the Commissioner of Taxation in accordance with section 45R.

(6) The Commissioner of Taxation is to combine the register kept under this section with the register kept under section 34Y of the Superannuation Industry (Supervision) Act 1993.

45R RSA providers to provide information for inclusion in register

(1) The following matters may be prescribed by regulation:

(a) information that is required to be given to the Commissioner of Taxation in accordance with this section in relation to prescribed RSAs;

(b) the manner and form (including electronic form) in which the prescribed information is to be provided;

(c) the time at which, or period within which, the prescribed information is to be provided.

(2) The RSA provider of a prescribed RSA must give the prescribed information in relation to the RSA to the Commissioner of Taxation in accordance with the regulation.

Contravening requirement to give information

(3) A person commits an offence of strict liability if the person contravenes subsection (2).

Penalty: 25 penalty units.

Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code.