Tax Laws Amendment (Simplified Superannuation) Act 2007 (9 of 2007)
Schedule 1 Main superannuation amendments
Part 4 TFN consequentials for Division 295
Superannuation Industry (Supervision) Act 1993
35 After Division 3 of Part 25A
Insert:
Division 3A - Incorrect quotation of tax file number
299TA Effect of mistaken quotation of tax file number
(1) The Commissioner may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme notice of the tax file number of a beneficiary of the entity or scheme if:
(a) the trustee has made a record of a number (the recorded TFN ) the trustee believes to be the tax file number of the beneficiary; and
(b) the Commissioner is satisfied that the recorded TFN:
(i) has been cancelled or withdrawn since it was quoted; or
(ii) is otherwise wrong; and
(c) the Commissioner is satisfied that the beneficiary has a tax file number.
(2) The beneficiary is taken to have quoted his or her tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts at a time if:
(a) the Commissioner gives the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme a notice under subsection (1); and
(b) had the recorded TFN been the tax file number of the beneficiary, the beneficiary would have quoted his or her tax file number to the trustee in that way at the time.
299TB Effect of invalid quotation of tax file number
(1) The Commissioner may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme a notice under subsection (2) if:
(a) the trustee has made a record of a number (the recorded TFN ) the trustee believes to be the tax file number of the beneficiary; and
(b) the Commissioner is satisfied that the recorded TFN:
(i) has been cancelled or withdrawn since it was quoted; or
(ii) is otherwise wrong; and
(c) the Commissioner is not satisfied that the beneficiary has a tax file number.
(2) The notice must identify the beneficiary and state that the Commissioner is not satisfied that the beneficiary has a tax file number.
(3) If the Commissioner gives a notice under subsection (2), the Commissioner must give a copy of the notice to the beneficiary.