35
In forceNotice that insurer is liable for contributions
Part 6Returns and other requirements
35 Notice that insurer is liable for contributions
(1)
An insurer who receives, or becomes entitled to receive, premiums for relevant insurance in a financial year must, within 30 days of receiving or becoming entitled to receive the premiums, lodge with the Chief Commissioner a written statement advising the Chief Commissioner of that fact.
(2)
Subsection (1) does not apply to an insurer who was liable for a contribution in the previous financial year.
Note.
It is an offence under section 57 of the Taxation Administration Act 1996 to fail to lodge a statement as required by this section.
This Act’s bill:Explanatory memorandumSecond reading speech
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