Taxation Administration Act 1953

A *life insurance company must give the Commissioner a statement in relation to an individual if:

the individual held:

an *exempt life insurance policy that provides for an *annuity that is a *superannuation income stream that is in the *retirement phase; or

a *life insurance policy covered by paragraph (b) of the definition of complying superannuation life insurance policy; and

the individual held the policy at any time during the period specified in the determination under subsection (3).

Section 286‑75 provides an administrative penalty for breach of this subsection.

The statement must:

be in the *approved form; and

be given to the Commissioner on a day specified in the determination under subsection (3).

The Commissioner may determine, by legislative instrument:

the period mentioned in subsection (1); and

the day on which a statement must be given to the Commissioner.

The determination may specify a period beginning before, or a day before, the commencement of either or both of the following:

this section;

the determination.

The *approved form may require the statement to contain information about the policy held by the individual.

The *approved form may require the statement to contain the *tax file number of:

the *life insurance company; and

the individual who holds the policy if:

the individual has quoted the individual’s tax file number to the life insurance company; or

a person has quoted the individual’s tax file number to the life insurance company (and had authority to do so).