Document ID: chunk:federal_register_of_legislation:C2012C00388:clause:7_78a
Version: federal_register_of_legislation:C2012C00388
Segment Type: clause
Provision Reference: sch 7 cl 78A
Character Range: 65805–67358

78A  Reporting where contributions transferred between superannuation providers

 (1) A superannuation provider in relation to a fund or RSA is liable to an administrative penalty if:
 (a) the superannuation provider transfers to another superannuation provider any contributions of a kind mentioned in section 78 in relation to a member of the fund (or holder of the RSA) during a year; and
 (b) the superannuation provider fails to give the other superannuation provider a statement in the approved form setting out the information mentioned in subsection (3) within 30 days after the day on which the amount is transferred.

Note: Section 388‑55 in Schedule 1 to the Taxation Administration Act 1953 allows the Commissioner to defer the time for giving an approved form.

 (2) The amount of the penalty is 5 penalty units.

Note: Division 298 in Schedule 1 to the Taxation Administration Act 1953 contains machinery provisions relating to administrative penalties.

 (3) The regulations may specify information in relation to:
 (a) the total of all contributions made by an employer to a fund or RSA for the benefit of an employee in a year; and

Note: Contributions made by an employer include contributions made on behalf of the employer (see subsection 6(2)).
 (b) the total of all contributions made to a fund or RSA for the benefit of an employee in a year.

 (4) Regulations made for the purposes of this section may specify different information and periods for different kinds of superannuation providers.

Taxation Administration Act 1953