The Commissioner registered the Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953 [F2017L01273] on Wed 27.9.2017.
This instrument is made under s390-5 (relating to Member information statements) and s 390-20 (relating to Statements relating to Holders of certain Life Insurance Policies) of Sch 1 to the TAA. It sets out the way in which superannuation providers in relation to superannuation plans, and life insurance companies, in respect of certain life insurance policies, are required to report transactions to enable the ATO, to determine if an individual has exceeded their transfer balance cap and take appropriate action.
This was recently released as a draft – see the related TT Article explaining this.
DATE OF EFFECT: The instrument commences on 28 September 2017 and will apply from 1 October 2017.