Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 (158 of 2012)

Schedule 4   Improving efficiency and data quality in the superannuation system

Part 1   Superannuation Industry (Supervision) Act 1993

Division 3   Tax file numbers

Superannuation Industry (Supervision) Act 1993

24   At the end of Division 3A of Part 25A

Add:

299TC Commissioner of Taxation may inform trustee of tax file number

(1) The Commissioner of Taxation (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 person if the Commissioner is satisfied that:

(a) the person is a beneficiary of the eligible superannuation entity or the regulated exempt public sector superannuation scheme, or an applicant to become such a beneficiary; and

(b) the person has quoted (for superannuation purposes) (within the meaning of the Income Tax Assessment Act 1997) his or her tax file number to another person.

(2) However if, before the time the Commissioner gives the notice, the person specifically requests the trustee not to record the person's tax file number:

(a) the notice is to be disregarded; and

(b) section 299SA does not apply to deem the person to have quoted the tax file number to the trustee when the notice was given.

Note: A consequence is that provisions that require or permit a trustee to record or use a validly quoted tax file number do not apply.

299TD Validation notice - beneficiaries of eligible superannuation entities

(1) The Commissioner of Taxation (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 gives the Commissioner information that the trustee believes to be:

(i) the full name, tax file number and date of birth of a person; or

(ii) the full name, tax file number, date of birth and address of a person; and

(b) the Commissioner is satisfied that:

(i) the person is a beneficiary of the entity or scheme, or an applicant to become such a beneficiary; and

(ii) the trustee is giving the information to the Commissioner in connection with the operation of the entity or scheme; and

(c) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the tax file number given, that it is reasonable to give the notice.

(2) The notice must state whether or not the Commissioner is able to validate the information given.

(3) To avoid doubt, a notice that the Commissioner is not able to validate the information is not a notice under section 299TB.

299TE Validation notice - employees

(1) The Commissioner of Taxation (the Commissioner ) may give an employer a notice under subsection (2) if:

(a) the employer gives the Commissioner information that the employer believes to be:

(i) the full name, tax file number and date of birth of a person; or

(ii) the full name, tax file number, date of birth and address of a person; and

(b) the Commissioner is satisfied that:

(i) the person is an employee of the employer for whose benefit a contribution to an eligible superannuation entity or a regulated exempt public sector superannuation scheme is to be made; and

(ii) the employer is giving the information to the Commissioner in connection with the operation of the entity or scheme; and

(iii) that use by the employer of the tax file number complies with section 299CA; and

(c) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the tax file number given, that it is reasonable to give the notice.

(2) The notice must state whether or not the Commissioner is able to validate the information given.

(3) To avoid doubt, a notice that the Commissioner is not able to validate the information is not a notice under subsection202CE(3) of the Income Tax Assessment Act 1936.

299TF Commissioner of Taxation may provide electronic interface

The Commissioner of Taxation may use an electronic interface to receive information and give notices under this Division.