Document ID: chunk:federal_register_of_legislation:C2012C00388:clause:7_78
Version: federal_register_of_legislation:C2012C00388
Segment Type: clause
Provision Reference: sch 7 cl 78
Character Range: 64267–65805

78  Reporting superannuation contributions

 (1) A superannuation provider in relation to a fund or RSA is liable to an administrative penalty if:
 (a) a person is a member of the fund (or holder of the RSA) at the end of a year; and
 (b) contributions are made or transferred to the fund or RSA for the benefit of the person in the year; and
 (c) the provider fails to give the Commissioner a statement in the approved form setting out the information mentioned in subsection (3) in respect of the person for the year.

 (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) The superannuation provider must give the statement to the Commissioner within the period specified in the regulations.

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.

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