Commonwealth Consolidated Acts Commonwealth Consolidated ActsOutstanding annual returns etc.--self managed funds
(1) If:
(a) a superannuation fund was a self managed superannuation fund at either of the following times:
(i) the end of the last day of a designated year of income; or
(ii) if the fund ceased to exist during a designated year of income--the time at which the fund ceased to exist; and
(b) at that time, a trustee of the fund was under an obligation to ensure that APRA is given an annual return in respect of a previous year of income, or any other report or information under this Act or the Financial Sector (Collection of Data) Act 2001 ;
each trustee of the fund is taken (subject to any later application of this section) to be under an obligation, beginning immediately after that time, to ensure that the annual return, report or information is given to the Commissioner of Taxation. The annual return, report or information is to be given in the approved form.
Note: This provision only affects annual returns outstanding from years before the designated year of income. A trustee will still be required to submit a return under section 36A for the designated year of income (and also under the Financial Sector (Collection of Data) Act 2001 if the fund changed status during the designated year of income). Levy will be payable on lodgment of any such return.
Outstanding annual returns etc.--other funds
(2) If:
(a) a superannuation fund was a fund other than a self managed superannuation fund at either of the following times:
(i) the end of the last day of a designated year of income; or
(ii) if the fund ceased to exist during a designated year of income--the time at which the fund ceased to exist; and
(b) at that time, a trustee of the fund was under an obligation to ensure that the Commissioner of Taxation is given an annual return in respect of a previous year of income, or any other report or information under this Act;
each trustee of the fund is taken (subject to any later application of this section) to be under an obligation, beginning immediately after that time, to ensure that the annual return, report or information is given to APRA. The annual return, report or information is to be given in the approved form.
Note: This provision only affects annual returns outstanding from years before the designated year of income. A trustee will still be required to submit a return under the Financial Sector (Collection of Data) Act 2001 for the designated year of income (and also under section 36A if the fund changed status during the designated year of income). Levy will be payable on lodgment of any such return.
Outstanding levy--self managed funds
(3) If:
(a) a superannuation fund was a self managed superannuation fund at either of the following times:
(i) the end of the last day of a designated year of income; or
(ii) if the fund ceased to exist during a designated year of income--the time at which the fund ceased to exist; and
(b) at that time, an amount was payable by the trustee, or the trustees, of the superannuation fund to APRA on behalf of the Commonwealth under a prescribed Act in respect of a previous year of income;
then:
(c) the amount is taken (subject to any later application of this section) to be payable by the trustee, or the trustees, of the superannuation fund, immediately after the that time, to the Commissioner of Taxation on behalf of the Commonwealth; and
(d) the Commissioner of Taxation has the same power to waive or remit the amount as APRA would have had if this subsection had not been enacted.
(4) If:
(a) a superannuation fund was a fund other than a self managed superannuation fund at either of the following times:
(i) the end of the last day of a designated year of income; or
(ii) if the fund ceased to exist during a designated year of income--the time at which the fund ceased to exist; and
(b) at that time, an amount was payable by the trustee, or the trustees, of the superannuation fund to the Commissioner of Taxation under a prescribed Act in respect of a previous year of income;
then:
(c) the amount is taken (subject to any later application of this section) to be payable by the trustee, or the trustees, of the superannuation fund, immediately after that time, to APRA on behalf of the Commonwealth; and
(d) APRA has the same power to waive or remit the amount as the Commissioner of Taxation would have had if this subsection had not been enacted.
Regulations
(5) The regulations may prescribe exceptions to the rules set out in subsections (1) to (4), including, but not limited to the following:
(a) prescribing that, in specified circumstances, a trustee of a superannuation fund is taken to be under an obligation to give a return, report or information to APRA rather than to the Commissioner of Taxation, or to the Commissioner of Taxation rather than to APRA;
(b) prescribing that, in specified circumstances, an amount is taken to be payable by a trustee of a superannuation fund to APRA rather than to the Commissioner of Taxation, or to the Commissioner of Taxation rather than to APRA.
(6) In this section:
"amount" means an amount of levy or an amount of late payment penalty.
"designated year of income" means the 1999 - 2000 year of income or a later year of income.
"prescribed Act" means the following:
(a) the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 ;
(b) the Financial Institutions Supervisory Levies Collection Act 1998 ;
(c) any other Act prescribed by the regulations for the purposes of this paragraph.