Insurance Act 1973

This section applies if one or more amounts are paid to, or applied for the benefit of, one or more persons (the recipients) in a financial year to meet (wholly or partly) the recipients’ entitlements under this Division.

Within 14 days after the end of the financial year, APRA must give each of the recipients a statement about the amounts paid to, or applied for the benefit of, the recipient in the financial year. The statement must:

be in the approved form; and

name the recipient; and

state the recipient’s tax file number, if APRA knows it; and

state the total of the amounts and the total of the amounts (if any) withheld from them under the Taxation Administration Act 1953; and

specify the financial year to which the statement relates.

Division 388 in Schedule 1 to the Taxation Administration Act 1953 applies as if this section were a taxation law for the purposes of that Act.

That Division sets out rules about approved forms and when they can be given.

Subsection (4) does not limit the operation of the Taxation Administration Act 1953 in relation to APRA.