Commonwealth legislation

Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953

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Commonwealth

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legislative instrument

Plain English Summary

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This determination requires superannuation providers and life insurance companies that must lodge a Transfer Balance Account Report (TBAR) to submit event-based TBARs within 10 business days after the end of the month in which the reporting event occurred. The Deputy Commissioner may allow a later date. The instrument takes effect the day after registration and applies from 1 October 2017. It matters because it creates a short, fixed reporting deadline and gives limited administrative discretion, affecting providers' compliance timing and administrative burden.

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Current sections

Direct links to the current provisions in Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953.

Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953

Legislative Instrument

Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953

I, James O’Halloran, Deputy Commissioner of Taxation, make this determination under the following provisions:

Taxation Administration Act 1953 (Schedule 1)

Section 390-5 and Section 390-20

James O’Halloran

Deputy Commissioner of Taxation

Dated: 14 September 2017

Name of instrument

This determination may be cited as ‘Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953’.

Commencement

This instrument will commence on the day after it is registered on the Federal Register of Legislation and will apply from 1 October 2017.
Application

This instrument applies to every superannuation provider in relation to a superannuation plan and every life insurance company, who is required to lodge a Transfer Balance Account Report (TBAR).

The TBAR is required to be lodged, no later than 10 business days after the end of the month, or such later date as I may allow, in which the relevant reporting event occurred.

Definitions

‘Superannuation provider’ and ‘life insurance company’ take their meanings from the Income Tax Assessment Act 1997.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953

Legislative Instrument

Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953

I, James O’Halloran, Deputy Commissioner of Taxation, make this determination under the following provisions:

Taxation Administration Act 1953 (Schedule 1)

Section 390-5 and Section 390-20

James O’Halloran

Deputy Commissioner of Taxation

Dated: 14 September 2017

Name of instrument

This determination may be cited as ‘Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953’.

Commencement

This instrument will commence on the day after it is registered on the Federal Register of Legislation and will apply from 1 October 2017.
Application

This instrument applies to every superannuation provider in relation to a superannuation plan and every life insurance company, who is required to lodge a Transfer Balance Account Report (TBAR).

The TBAR is required to be lodged, no later than 10 business days after the end of the month, or such later date as I may allow, in which the relevant reporting event occurred.

Definitions

‘Superannuation provider’ and ‘life insurance company’ take their meanings from the Income Tax Assessment Act 1997.