Superannuation Industry (Supervision) Act 1993
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View history notePt 25A inserted by No 76 of 1996.
This section applies if a person who is a beneficiary of an eligible superannuation entity quotes 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 and the other Superannuation Acts.
S 299H(1) amended by No 53 of 2004, s 3 and Sch 2 item 310, by substituting " a trustee " for " the trustee " , effective 1 July 2004.
S 299H(1) amended by No 128 of 1999, s 3 and Sch 1 item 57, by substituting " other Superannuation " for " Surcharge " , effective 13 October 1999. For transitional and application provisions, see the history note to s 2(3).
S 299H(1) amended by No 71 of 1997.
299H(2) Obligation to record tax file number.
If the trustee, or the trustees, of the entity do not already have a record of the tax file number, as soon as is reasonably practicable after the quotation, the trustee to whom the quotation is made must make a record of the number.
S 299H(2) substituted by No 53 of 2004, s 3 and Sch 2 item 311, effective 1 July 2004. S 299H(2) formerly read:
299H(2)
Obligation to record tax file number. If the trustee does not already have a record of the tax file number, the trustee must, as soon as is reasonably practicable after the quotation, make a record of it.
Each trustee of the entity must ensure that:
(a) the record is retained until the person ceases to be a beneficiary of the entity; and
(b) the record is destroyed as soon as is reasonably practicable after the person ceases to be a beneficiary of the entity.
S 299H(3) substituted by No 53 of 2004, s 3 and Sch 2 item 311, effective 1 July 2004. S 299H(3) formerly read:
299H(3)
Obligation to retain and later destroy tax file number. The trustee must:
(a) retain the record until the person ceases to be a beneficiary of the entity; and
(b) destroy the record as soon as is reasonably practicable after the person ceases to be a beneficiary of the entity.
(Repealed by No 41 of 2011)
S 299H(4) repealed by No 41 of 2011, s 3 and Sch 3 item 3, applicable to the use of tax file numbers on or after 1 July 2011, whether the tax file numbers were quoted before, on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. S 299H(4) formerly read:
299H(4) Use of tax file numbers to locate amounts.Subject to subsection (5), a trustee may use tax file numbers quoted to a trustee as mentioned in subsection (1) in order to locate, in the records or accounts of the entity, amounts held for the benefit of persons.
S 299H(4) amended by No 53 of 2004, s 3 and Sch 2 item 312, by substituting ``a trustee ' ' for ``the trustee ' ' (wherever occurring), effective 1 July 2004.
299H(5)
(Repealed by No 41 of 2011)
S 299H(5) repealed by No 41 of 2011, s 3 and Sch 3 item 3, 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. S 299H(5) formerly read:
299H(5) Use of tax file number to identify amounts held for the benefit of a particular person.If a trustee of the entity needs to identify the amounts held for the benefit of a particular person:
(a) the trustee must first use information (other than tax file numbers) to identify the amounts; and
(b) the trustee may only use the tax file number quoted by the person to a trustee of the entity:
(i) if the information referred to in paragraph (a) is insufficient to identify the amounts; or
(ii) to confirm the identification of the amounts resulting from the use of the other information.
S 299H(5) amended by No 53 of 2004, s 3 and Sch 2 items 313 and 314, by substituting " If a trustee of the entity " for " If the trustee " and substituting " to a trustee of the entity " for " to the trustee " in para (b), effective 1 July 2004.
299H(6) Offences.
A trustee of the entity commits an offence if a requirement of subsection (2) or (3) is contravened by the trustee of the entity.
Penalty: 100 penalty units.
S 299H(6) amended by No 41 of 2011, s 3 and Sch 3 item 4, by substituting " subsection (2) or (3) " for " subsection (2), (3) or (5) " , 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.
S 299H(6) amended by No 82 of 2010 (as amended by No 136 of 2012), s 3 and Sch 6 item 72, by substituting " Penalty " for " Maximum penalty " in the penalty, effective 27 July 2010.
S 299H(6) (not including the penalty) substituted by No 53 of 2004, s 3 and Sch 2 item 315, effective 1 July 2004. S 299H(6) formerly read:
299H(6)
The trustee is guilty of an offence if the trustee contravenes a requirement of this section.
S 299H(6) and (7) substituted for s 299H(6) by No 160 of 2000, s 3 and Sch 3 item 70, effective 18 January 2001. S 299H(6) formerly read:
299H(6)
Offence. A trustee who intentionally or recklessly contravenes a requirement of this section is guilty of an offence punishable on conviction by a fine not exceeding 100 penalty units.
A trustee of the entity commits an offence if a requirement of subsection (2) or (3) is contravened by the trustee of the entity. 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 .
S 299H(7) amended by No 41 of 2011, s 3 and Sch 3 item 5, by substituting " subsection (2) or (3) " for " (2), (3) or (5) " , 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.
S 299H(7) amended by No 82 of 2010 (as amended by No 136 of 2012), s 3 and Sch 6 item 72, by substituting " Penalty " for " Maximum penalty " in the penalty, effective 27 July 2010.
S 299H(7) (not including the penalty and notes) substituted by No 53 of 2004, s 3 and Sch 2 item 316, effective 1 July 2004. S 299H(7) formerly read:
299H(7)
The trustee is guilty of an offence if the trustee contravenes a requirement of this section. This is an offence of strict liability.
S 299H(6) and (7) substituted for s 299H(6) by No 160 of 2000, s 3 and Sch 3 item 70, effective 18 January 2001.
S 299H inserted by No 76 of 1996.
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