Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p7
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 7/17)
Character Range: 1774669–1777505

provider or *life insurance company has given the same information to the individual or the trustee previously (whether or not on request by the individual or trustee).
 (4) If the individual or the trustee does not ask for the information to be given in writing, the *superannuation provider or *life insurance company may give the information to the individual or trustee in a way that the provider or company considers appropriate.

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).

Subdivision 390‑B—Statements relating to release authorities

390‑65  Statements relating to release authorities
 (1) A *superannuation provider in relation to a *superannuation plan must give the Commissioner a statement under this section if the superannuation provider has:
 (a) been given a release authority in accordance with:
 (ii) section 292‑80B of the Income Tax (Transitional Provisions) Act 1997; or
 (iii) Subdivision 135‑B in this Schedule; and
 (b) paid an amount out of the plan in accordance with the release authority.
Note: Section 286‑75 provides an administrative penalty for breach of this subsection.
 (2) The statement must be given within 30 days after the amount is paid out of