Taxation Administration Act 1953
16‑165 Payment summaries for superannuat16‑165 Payment summaries for superannuation lump sums and payments for termination of employment
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16‑165 Payment summaries for superannuation lump sums and payments for termination of employment
(1) Within 14 days after an entity (the payer) makes a payment covered under subsection (2) to a person (the recipient), the entity must: (a) give a *payment summary to the recipient that covers the payment (and no other payments); and (b) give a copy of the summary to the Commissioner. (2) The following payments are covered under this subsection if they are *withholding payments: (a) a *superannuation lump sum; (b) a payment that is an *employment termination payment or would be one except that it is received more than 12 months after termination of employment, other than a directed termination payment within the meaning of section 82‑10F of the Income Tax (Transitional Provisions) Act 1997.
Note: A payment summary under this section will not cover amounts that an employer notifies to the Commissioner under Division 389: see section 389‑20.