Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:1_25
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 1 cl 25
Character Range: 69589–71405

25  At the end of Subdivision 390‑A in Schedule 1
Add:

390‑20  Statements relating to holders of certain life insurance policies
 (1) A *life insurance company must give the Commissioner a statement in relation to an individual if:
 (a) the individual held:
 (i) an *exempt life insurance policy that provides for an *annuity that is a *superannuation income stream that is in the *retirement phase; or
 (ii) a *life insurance policy covered by paragraph (b) of the definition of complying superannuation life insurance policy; and
 (b) the individual held the policy at any time during the period specified in the determination under subsection (3).
Note: Section 286‑75 provides an administrative penalty for breach of this subsection.
 (2) The statement must:
 (a) be in the *approved form; and
 (b) be given to the Commissioner on a day specified in the determination under subsection (3).
 (3) The Commissioner may determine, by legislative instrument:
 (a) the period mentioned in subsection (1); and
 (b) the day on which a statement must be given to the Commissioner.
 (4) The determination may specify a period beginning before, or a day before, the commencement of either or both of the following:
 (a) this section;
 (b) the determination.
 (5) The *approved form may require the statement to contain information about the policy held by the individual.
 (6) The *approved form may require the statement to contain the *tax file number of:
 (a) the *life insurance company; and
 (b) the individual who holds the policy if:
 (i) the individual has quoted the individual's tax file number to the life insurance company; or
 (ii) a person has quoted the individual's tax file number to the life insurance company (and had authority to do so).

Part 2—Defined benefit income

Income Tax Assessment Act 1997