Tax Laws Amendment (2011 Measures No. 2) Act 2011 (41 of 2011)

Schedule 3   Use of TFNs for superannuation purposes

Part 1   Amendments commencing on 1 July 2011

Retirement Savings Accounts Act 1997

2   After section 137

Insert:

137A Use of tax file number to locate amounts

(1) This section applies if:

(a) a holder of an RSA; or

(b) a person applying to become such a holder;

quotes his or her tax file number to the RSA provider in connection with the operation, or the possible future operation, of this Act and the other Superannuation Acts.

(2) An RSA provider may, subject to any conditions contained in the regulations, use tax file numbers quoted as mentioned in subsection (1) in order to locate, in the records or accounts of the RSA provider, amounts held in RSAs provided by it.

Note: Sections 8WA and 8WB of the Taxation Administration Act 1953 contain offences for unauthorised use etc. of tax file numbers.

(3) This section does not affect the operation of subclauses 7.1 and 7.1A of National Privacy Principle 7 in Schedule 3 to the Privacy Act 1988.

Note 1: Subclause 7.1 prohibits an RSA provider adopting a tax file number of an individual as the RSA provider’s own identifier of the individual, such as by using the tax file number as an account or membership number.

Note 2: See also Division 4 of Part III of the Privacy Act 1988 and the guidelines issued under that Division concerning the collection, storage, use and security of tax file number information.