Retirement Savings Accounts Act 1997

PART 11 - TAX FILE NUMBERS  

Division 6 - General  

SECTION 147A   TRANSITIONAL PROVISIONS  

147A(1)    
Despite the amendments made to this Part by Schedule 2 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 , this Part as it applied immediately before the commencement of that Schedule continues to apply to:

(a) an employee who, before that commencement, quoted his or her tax file number to his or her employer in connection with the operation or the possible future operation of this Act; or

(b) a holder, or a person applying to become a holder, of an RSA who, before that commencement, quoted his or her tax file number to the RSA provider in connection with the operation or the possible future operation of this Act;

as if those amendments had not been made.

147A(2)    

If:

(a) before the commencement of Schedule 2 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 , an employee quoted his or her tax file number to his or her employer in connection with the operation or the possible future operation of this Act; and

(b) the employer notifies the employee in writing that the employer intends to inform an RSA provider of the employee ' s tax file number unless the employee tells the employer, within 30 days after the day on which the notification is received, that the employee objects to the employer informing the RSA provider of the tax file number; and

(c) the employee does not tell the employer within that period that the employee objects to the employer informing the RSA provider of the tax file number;

subsection (1) does not apply to the employee, and the employee is taken to have quoted the tax file number to the employer in connection with the operation or the possible future operation of this Act and the Superannuation Contributions Tax (Assessment and Collection) Act 1997 .

147A(3)    

If:

(a) before the commencement of Schedule 2 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 , a holder, or a person applying to become a holder, of an RSA has quoted his or her tax file number to the RSA provider in connection with the operation or the possible future operation of this Act; and

(b) the RSA provider notifies the holder or applicant in writing that the provider intends to inform the Commissioner of Taxation, another RSA provider or the trustee of a superannuation entity or of a regulated exempt public sector superannuation scheme of the tax file number unless the holder or applicant tells the provider, within 30 days after the day on which the notification is received, that the holder or applicant objects to the provider informing the Commissioner of Taxation, the other RSA provider or the trustee of the entity or scheme, as the case may be, of the tax file number; and

(c) the holder or applicant does not tell the provider within that period that the holder or applicant objects to the provider informing the Commissioner of Taxation, the other RSA provider or the trustee of the entity or scheme, as the case may be, of the tax file number;

subsection (1) does not apply to the holder or applicant, and the holder or applicant is taken to have quoted the tax file number to the RSA provider in connection with the operation or the possible future operation of this Act and the Superannuation Contributions Tax (Assessment and Collection) Act 1997 .