Superannuation Safety Amendment Act 2004 (53 of 2004)

Schedule 2   Clarification of the application of the law to groups of trustees

Superannuation Industry (Supervision) Act 1993

327   Subsections 299K(2) and (3)

Repeal the subsections, substitute:

Obligation to record tax file number

(2) If the trustee, or the trustees, of the entity do not already have a record of the tax file number, as soon as is reasonably practicable after the quotation, the trustee to whom the quotation is made must make a record of the number.

Obligation to retain and later destroy tax file number

(3) Each trustee of the entity must ensure that:

(a) the record is retained until the time (the last retention time ) at which:

(i) if the person becomes a beneficiary of the entity - the person ceases to be a beneficiary of the entity; or

(ii) if not - the person ceases to be an applicant; and

(b) the record is destroyed as soon as is reasonably practicable after the last retention time.