Superannuation Industry (Supervision) Act 1993
View history note
Hide history noteSubject to subsection (3), if:
(a) a person is a beneficiary of an eligible superannuation entity at the commencement of this section; and
(b) the person is not taken by section 299S or 299T to have quoted his or her tax file number to a trustee of the entity at or before that commencement;
each trustee must ensure that, before the required time (see subsection (2)) in relation to the beneficiary, a request is made, in a manner approved by the Regulator, to the person to quote his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of this Act or, if the request was not made before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 , the operation or the possible future operation of this Act and the Surcharge Acts.
[ CCH Note: APRA revoked " Approval of Manner of Requesting and Informing of Tax File Numbers " under s 299E(1), 299F(1), 299G(1) and 299P issued by the former ISC on 19 June 1997 except to the extent that it applies to self managed superannuation funds.]
299F(2) Required time.
The required time in relation to a beneficiary is the end of the 7th day after the day that is the starting day in relation to the beneficiary.
299F(3) Exception.A trustee of the entity is not required to ensure that a request is made if the person has already quoted his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of:
(a) if the quotation was given before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 - this Act; or
(b) otherwise - this Act and the Surcharge Acts.
A trustee commits an offence if the trustee contravenes subsection (1).
Penalty: 100 penalty units.
299F(4A)
A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability.
Penalty: 50 penalty units.
Note 1:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2:
For strict liability , see section 6.1 of the Criminal Code .
299F(5) No obligation to quote tax file number.
If a person requests another person to quote his or her tax file number under this section, the other person is not obliged to comply with the request.
The starting day, in relation to a beneficiary of an eligible superannuation entity a trustee of which is required under Subdivision 2.4.2 or 2.4.3 of Division 2.4 of Part 2 of the Superannuation Industry (Supervision) Regulations to give information to the beneficiary, is the earlier of:
(a) the day referred to in whichever of the following subparagraphs is applicable:
(i) if the trustee chooses to act under this subparagraph in relation to the beneficiary - the day on which the information referred to in Subdivision 2.4.2 of Division 2.4 of Part 2 of those Regulations is first given to the beneficiary on or after the day on which this section commences;
(ii) if the trustee chooses to act under this subparagraph in relation to the beneficiary - the day on which the information referred to in Subdivision 2.4.3 of Division 2.4 of Part 2 of those Regulations is first given to the beneficiary on or after the day on which this section commences;
(iii) if the trustee does not choose to act under subparagraph (i) or (ii) in relation to the beneficiary - the day on which information referred to in either of those Subdivisions is first given to the beneficiary on or after the day on which this section commences; or
(b) the last day of the period of one year beginning on the day on which this section commences.
The starting day, in relation to a beneficiary of an eligible superannuation entity a trustee of which is not required, under Subdivision 2.4.2 or 2.4.3 of Division 2.4 of Part 2 of the Superannuation Industry (Supervision) Regulations to give information to the beneficiary, is the day on which this section commences.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
