INSURANCE ACT 1973 - SECT 62ZZKA Giving information about payments in a financial year

INSURANCE ACT 1973 - SECT 62ZZKA

  (1)   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.

Giving each recipient an annual statement

  (2)   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:

  (a)   be in the approved form; and

  (b)   name the recipient; and

  (c)   state the recipient's tax file number, if APRA knows it; and

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

  (e)   specify the financial year to which the statement relates.

Provisions about statements and reports in approved forms

  (4)   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.

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

This section does not limit the Taxation Administration Act 1953

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