Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (67 of 2024)

Schedule 5   Miscellaneous and technical amendments

Part 1   Amendments commencing day after Royal Assent

Division 7   Financial reporting for superannuation entities

Superannuation Industry (Supervision) Act 1993

34   Subsections 254(1) to (3)

Repeal the subsections, substitute:

(1) After a superannuation entity is established, each trustee of the superannuation entity must ensure that the information (if any) mentioned in subsection (2A) is given to the person or body mentioned in subsection (2B) in accordance with subsection (2).

Note: Section 166 imposes an administrative penalty for a contravention of subsection (1) of this section in relation to a self managed superannuation fund.

(2) The information must be given:

(a) in the approved form (if any); and

(b) no later than:

(i) the end of the period, starting immediately after the establishment of the superannuation entity, prescribed by the regulations for the purposes of this subparagraph; or

(ii) if no period is prescribed - 7 days after the establishment of the superannuation entity.

(2A) The information that must be given is:

(a) the information that the approved form (if any) requires to be included; or

(b) if there is no approved form - the information prescribed by the regulations for the purposes of this paragraph in relation to the superannuation entity.

Note: The information may include the tax file number of the entity. See subsections 299U(8) and (8A).

(2B) The information must be given to:

(a) the person or body prescribed by the regulations for the purposes of this paragraph in relation to the superannuation entity; or

(b) if no person or body is prescribed in relation to the superannuation entity - the Commissioner of Taxation.

Receipt

(3) If a trustee of a superannuation entity gives information to a person or body under subsection (1), the person or body must give to the trustee a written statement that the information has been received.

Offences