PART 11
-
TAX FILE NUMBERS
Division 3
-
Quotation, use and transfer of holder's tax file number
SECTION 137A
USE OF TAX FILE NUMBER TO LOCATE AMOUNTS OR FOR CONSOLIDATION
137A(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.
137A(2)
An RSA provider may, subject to any conditions contained in the regulations, use tax file numbers quoted as mentioned in subsection (1):
(a)
in order to locate, in the records or accounts of the RSA provider, amounts held in RSAs provided by it; or
(b)
in order to facilitate the consolidation of any of the following in relation to a particular person:
(i)
RSAs provided by one or more RSA providers and held by the person;
(ii)
interests of the person in eligible superannuation entities or regulated exempt public sector superannuation schemes.
Note:
Sections
8WA
and
8WB
of the
Taxation Administration Act 1953
contain offences for unauthorised use etc. of tax file numbers.
History
S 137A(2) and (2A) substituted for s 137A(2) by No 41 of 2011, s 3 and Sch 3 item 16, applicable to the use of tax file numbers on or after 1 January 2012, whether the tax file numbers were quoted before, on or after 1 January 2012. S 137A(2) formerly read:
137A(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.
No 41 of 2011, Sch 3 item 19 contains the following transitional provisions:
19 Transitional provision
-
regulations
(1)
A regulation:
(a)
made for the purposes of subsection 137A(2) of the
Retirement Savings Accounts Act 1997
; and
(b)
in force immediately before the commencement of this item;
has effect, after the commencement of this item, as if it had been made for the purposes of that subsection as amended by this Part.
(2)
A regulation:
(a)
made for the purposes of subsection
299LA(2)
of the
Superannuation Industry (Supervision) Act 1993
; and
(b)
in force immediately before the commencement of this item;
has effect, after the commencement of this item, as if it had been made for the purposes of that subsection as amended by this Part.
137A(2A)
Without limiting subsection (2), regulations made for the purposes of that subsection may contain conditions relating to:
(a)
a person consenting to use of a tax file number; or
(b)
procedures to be followed in a consolidation mentioned in paragraph (2)(b), including procedures to safeguard the integrity of the consolidation; or
(c)
an RSA provider disclosing tax file numbers to another RSA provider, or to a trustee of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme, in order to facilitate such a consolidation.
History
S 137A(2) and (2A) substituted for s 137A(2) by No 41 of 2011, s 3 and Sch 3 item 16, applicable to the use of tax file numbers on or after 1 January 2012, whether the tax file numbers were quoted before, on or after 1 January 2012. For transitional provisions see note under s 137A(2).
137A(3)
This section does not affect the operation of Australian Privacy Principle 9.
Note 1:
Australian Privacy Principle 9 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 rules issued under that Division concerning the collection, storage, use and security of tax file number information.
History
S 137A(3) amended by No 197 of 2012, s 3 and Sch 5 items 77
-
78 and 178, by substituting
"
Australian Privacy Principle 9
"
for
"
subclauses 7.1 and 7.1A of National Privacy Principle 7 in Schedule 3 to the
Privacy Act 1988
"
,
"
Australian Privacy Principle 9
"
for
"
Subclause 7.1
"
in note 1, and
"
rules
"
for
"
guidelines
"
in note 2, effective 12 March 2014.
S 137A inserted by No 41 of 2011, s 3 and Sch 3 item 2, applicable to the use of tax file numbers on or after 1 July 2011, whether the tax file numbers were quoted before, on or after 1 July 2011.
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