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Schedule 4—Fund reporting

Schedule 4 Fund reporting

Part 1 Grace period for member information statements

Taxation Administration Act 1953

1  After subsection 8K(2A)

Insert:

          (2B)  Subsection (1) or (1B) does not apply if:

                     (a)  the statement (the original statement ) was made under section 390-5 in Schedule 1; and

                     (b)  the person who made the original statement makes a further statement to a taxation officer that corrects the original statement in each of the respects in which it is false or misleading in a material particular; and

                     (c)  subsection 390-7(1) in Schedule 1 provides for a period for correcting the original statement; and

                     (d)  the further statement:

                              (i)  is in the approved form; and

                             (ii)  is made within the period referred to in paragraph (c) of this subsection.

Note:          A defendant bears an evidential burden in relation to the matter in subsection (2B): see subsection 13.3(3) of the Criminal Code .

2  At the end of section 8N

Add:

             (3)  This section does not apply if:

                     (a)  the statement (the original statement ) was made under section 390-5 in Schedule 1; and

                     (b)  the person who made the original statement makes a further statement to a taxation officer that corrects the original statement in each of the respects in which it is false or misleading in a material particular; and

                     (c)  subsection 390-7(1) in Schedule 1 provides for a period for correcting the original statement; and

                     (d)  the further statement:

                              (i)  is in the approved form; and

                             (ii)  is made within the period referred to in paragraph (c) of this subsection.

Note:          A defendant bears an evidential burden in relation to the matter in subsection (3): see subsection 13.3(3) of the Criminal Code .

3  Subsection 284-75(8) in Schedule 1 (heading)

Repeal the heading, substitute:

Further exceptions to subsection (1)

4  At the end of section 284-75 in Schedule 1

Add:

             (9)  You are not liable to an administrative penalty under subsection (1) if:

                     (a)  you made the statement (the original statement ) under section 390-5; and

                     (b)  you make a further statement to a taxation officer that corrects the original statement in each of the respects in which it is false or misleading in a material particular; and

                     (c)  subsection 390-7(1) provides for a period for correcting the original statement; and

                     (d)  the further statement:

                              (i)  is in the * approved form; and

                             (ii)  is made within the period referred to in paragraph (c) of this subsection.

5  After section 390-5 in Schedule 1

Insert:

390-7   Grace periods for correcting false or misleading member information statements

When statements can be corrected

             (1)  A * superannuation provider in relation to a * superannuation plan that has given a statement to the Commissioner under section 390-5 may correct the statement:

                     (a)  within the period determined by the Commissioner under subsection (2) of this section; or

                     (b)  if paragraph (a) does not apply but the superannuation provider is covered by a determination under subsection (5)—within the period specified in that determination.

Note 1:       Correcting the statement can protect the superannuation provider from liability for a false or misleading statement: see subsections 8K(2B), 8N(3) and 284-75(9).

Note 2:       If no period has been determined under subsection (2) or (5) in relation to a superannuation provider, the superannuation provider will not be able to take advantage of the grace period provided for by this section.

Determinations for particular superannuation providers

             (2)  The Commissioner may determine the period within which the * superannuation provider may correct a statement.

             (3)  The Commissioner must give the * superannuation provider written notice of the determination.

             (4)  The * superannuation provider may object, in the manner set out in Part IVC, against a decision of the Commissioner determining a period under subsection (2) relating to the superannuation provider.

Determinations for classes of superannuation providers

             (5)  The Commissioner may, by legislative instrument, determine the period within which * superannuation providers included in a class of superannuation providers specified in the determination may correct a statement.

Part 2 Employer reporting of superannuation contributions

Taxation Administration Act 1953

6  Subsection 389-5(1) in Schedule 1 (table item 3)

Repeal the item.

7  Application

The amendment made by this Part applies in relation to a contribution that is paid on or after 1 July 2018.

Part 3 Statements for lost members

Superannuation (Unclaimed Money and Lost Members) Act 1999

8  Section 7

Omit:

The regulations may establish a scheme under which superannuation providers must provide the Commissioner of Taxation with details relating to lost members. An aim of the scheme would be to reduce at an early stage the number of accounts which become unclaimed money.

9  Section 8 (definition of lost member )

Repeal the definition, substitute:

lost member means a member of a fund who is:

                     (a)  a lost RSA holder within the meaning of the Retirement Savings Accounts Regulations 1997 ; or

                     (b)  a lost member within the meaning of the Superannuation Industry (Supervision) Regulations 1994 .

10  Part 4

Repeal the Part, substitute:

Part 4 Register of lost members

   

23   Register of lost members

                   The Commissioner must keep a register of lost members.

24   Commissioner may give information to State or Territory authorities

                   The Commissioner may give information contained in the register to a State or Territory authority if the State or Territory has a law satisfying the requirements of subsections 18(4) and (5).

11  Subsection 24HA(1)

Omit “subsections 25(3) and (4)”, substitute “subsection 25(4)”.

12  Subsections 25(3) and 26(3)

Repeal the subsections.

13  Section 27

Omit “subsection 23(2)”, substitute “Part 4”.

14  Paragraph 29(1)(b)

Omit “subsection 23(2)”, substitute “Part 4”.

15  Subsection 44(1)

Omit “subsection 23(2)”, substitute “Part 4”.

16  Application of amendments

The repeal of subsection 23(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 made by this Part does not apply in relation to information that must be given to the Commissioner, under the scheme mentioned in that subsection as in force at any time before the commencement of this item, for a half year ending before 1 January 2018.

17  Transitional provisions

(1)       The register that, just before the commencement of this item, was kept under regulations made for the purposes of subsection 23(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 is treated, from that commencement, as being kept under section 23 of that Act, as amended by this Part.

(2)       Without limiting section 23 of that Act, as amended by this Part, the register kept under that section may contain any information given to the Commissioner (whether before, on or after the commencement of this item) under the scheme established by regulations made for the purposes of that section, as in force at any time before that commencement.

Taxation Administration Act 1953

18  At the end of subsection 390-5(9) in Schedule 1

Add:

                   ; (d)  information relating to the Superannuation (Unclaimed Money and Lost Members) Act 1999 .