Commonwealth Consolidated Acts Commonwealth Consolidated ActsStatements for ERF low balance accounts held on 1 June 2021
(1) A superannuation provider who is a trustee of an eligible rollover fund must, by the end of 30 June 2021, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following:
(a) each account (an ERF low balance account ) that, as at the end of 1 June 2021:
(i) was held by the fund on behalf of a person (an eligible rollover fund member ); and
(ii) had a balance of less than $6,000;
(b) the administration of any of the following in connection with each ERF low balance account held by the fund:
(i) this Part;
(ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ;
(iii) the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 .
Note 1: If an account is an ERF low balance account as at the end of 1 June 2021, it will remain an ERF low balance account even if the balance of the account subsequently equals or exceeds $6,000.
Note 2: If the balance of an account as at the end of 1 June 2021 equals or exceeds $6,000, it will not become an ERF low balance account even if the balance subsequently falls below $6,000.
(2) The statement under subsection (1) is not required to contain information relevant to an account that, as at the calculation time under subsection 21C(1) in relation to the account, is no longer held by the fund.
(3) If, at the end of 1 June 2021, there are no ERF low balance accounts held by the fund, the statement under subsection (1) must say so.
Statements for other accounts
(4) A superannuation provider who is a trustee of an eligible rollover fund must, by the end of 31 January 2022, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following:
(a) each account (other than an ERF low balance account) that, as at the end of 1 June 2021, was held by the fund on behalf of a person (an eligible rollover fund member );
(b) the administration of any of the following in connection with each account held by the fund that is an account of a kind mentioned in paragraph (a):
(i) this Part;
(ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ;
(iii) the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 .
(5) The statement under subsection (4) is not required to contain information relevant to an account that, as at the calculation time under subsection 21C(1) in relation to the account, is no longer held by the fund.
Note 1: The Commissioner may defer the time for giving a statement required under this section: see section 388 - 55 in Schedule 1 to the Taxation Administration Act 1953 .
Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if a statement required under this section is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.
Note 3: The Taxation Administration Act 1953 provides for offences and administrative penalties if a statement required under this section includes false or misleading information: see sections 8K, 8M, 8N and 8R of that Act and Division 284 in Schedule 1 to that Act.
Note 4: The approved form may also require a statement required under this section to include certain tax file numbers: see subsection 25(3) of this Act.