Commonwealth Consolidated Acts

SUPERANNUATION LAWS AMENDMENT (CAPITAL GAINS TAX RELIEF AND OTHER EFFICIENCY MEASURES) ACT 2012 - SCHEDULE 3

Taxation Administration Act 1953

1   Subdivision   390 - A in Schedule   1 (heading)

Repeal the heading, substitute:

Subdivision   390 - A -- Member information statements and roll - over superannuation benefit statements

2   Section   390 - 5 in Schedule   1 (heading)

Repeal the heading, substitute:

390 - 5   Member information statements

3   Subsections   390 - 5(1), (2) and (3) in Schedule   1

Repeal the subsections, substitute:

  (1)   A * superannuation provider in relation to a * superannuation plan must give the Commissioner a statement in relation to an individual if the individual held a * superannuation interest in the plan at any time during the period specified in a determination under subsection   ( 6).

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.

4   Paragraph 390 - 5(9)(a) in Schedule   1

After "relating to the contributions", insert "made to the * superannuation plan".

5   Paragraph 390 - 5(9)(b) in Schedule   1

Repeal the paragraph, substitute:

  (b)   the * value of any * superannuation interest, or superannuation account, the individual held in the superannuation plan at a particular time;

  (c)   if no contributions were made to the superannuation plan in respect of the individual during the period--a statement to that effect.

6   After subsection   390 - 5(9) in Schedule   1

Insert:

  (9A)   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) or paragraph   292 - 90(4)(a) of the Income Tax Assessment Act 1997 , allocated by the * superannuation provider in rela tion to the superannuation plan;

  (c)   amounts mentioned in paragraph   292 - 90(4)(c) of that Act .

7   Paragraph 390 - 5(11)(c) in Schedule   1

Omit "in respect of whom the contributions are made", substitute "who holds the * superannuation interest in the plan".

8   Subparagraph 390 - 5(11)(c)(ii) in Schedule   1

Omit "who made at least some of the contributions".

9   Application provision

The amendments made by this Schedule apply in relation to periods starting on and after 1   July 2012.