PART 25A
-
TAX FILE NUMBERS
History
Pt 25A inserted by No 76 of 1996.
Division 2
-
Quotation, use and transfer of beneficiary's tax file number
SECTION 299K
USE OF TAX FILE NUMBER FOR CERTAIN PURPOSES
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APPLICANTS TO BECOME BENEFICIARIES OF ELIGIBLE SUPERANNUATION ENTITIES
299K(1)
[Application of section]
This section applies if a person who is an applicant to become 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.
History
S 299K(1) amended by No 53 of 2004, s 3 and Sch 2 item 326, by substituting ``to a trustee'' for ``to the trustee'', effective 1 July 2004.
S 299K(1) amended by No 128 of 1999, s 3 and Sch 1 item 59, by substituting ``other Superannuation'' for ``Surcharge'', effective 13 October 1999. For transitional and application provisions, see the history note to s 2(3).
S 299K(1) amended by No 71 of 1997.
299K(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.
History
S 299K(2) substituted by No 53 of 2004, s 3 and Sch 2 item 327, effective 1 July 2004. S 299K(2) formerly read:
299K(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.
299K(3)
Obligation to retain and later destroy tax file number.
Each trustee of the entity must ensure that:
(a)
the record is retained until the time (the
last retention time
) at which:
(i)
if the person becomes a beneficiary of the entity
-
the person ceases to be a beneficiary of the entity; or
(ii)
if not
-
the person ceases to be an applicant; and
(b)
the record is destroyed as soon as is reasonably practicable after the last retention time.
History
S 299K(3) substituted by No 53 of 2004, s 3 and Sch 2 item 327, effective 1 July 2004. S 299K(3) formerly read:
299K(3)
Obligation to retain and later destroy tax file number.
The trustee must:
(a)
retain the record until the time (the
last retention time
) at which:
(i)
if the person becomes a beneficiary of the entity
-
the person ceases to be a beneficiary of the entity; or
(ii)
if not
-
the person ceases to be an applicant; and
(b)
destroy the record as soon as is reasonably practicable after the last retention time.
299K(4)
(Repealed by No 41 of 2011)
History
S 299K(4) repealed by No 41 of 2011, s 3 and Sch 3 item 8, 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 299K(4) formerly read:
299K(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 299K(4) amended by No 53 of 2004, s 3 and Sch 2 item 328, by substituting ``a trustee'' for ``the trustee'' (wherever occurring), effective 1 July 2004.
299K(5)
(Repealed by No 41 of 2011)
History
S 299K(5) repealed by No 41 of 2011, s 3 and Sch 3 item 8, 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 299K(5) formerly read:
299K(5)
Use of tax file numbers to identify amounts held for the benefit of a particular person.
If a trustee 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 299K(5) amended by No 53 of 2004, s 3 and Sch 2 items 329 and 330, by substituting ``If a trustee'' for ``If the trustee'' and substituting ``to a trustee of the entity'' for ``to the trustee'' in para (b), effective 1 July 2004.
299K(6)
Offences.
A trustee of the entity commits an offence if a requirement of subsection (2) or (3) is contravened by the trustee.
Penalty: 100 penalty units.
History
S 299K(6) amended by No 41 of 2011, s 3 and Sch 3 item 9, 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 299K(6) amended by No 82 of 2010 (as amended by No 136 of 2012), s 3 and Sch 6 item 74, by substituting
"
Penalty
"
for
"
Maximum penalty
"
in the penalty, effective 27 July 2010.
S 299K(6) (not including the penalty) substituted by No 53 of 2004, s 3 and Sch 2 item 331, effective 1 July 2004. S 299K(6) formerly read:
299K(6)
The trustee is guilty of an offence if the trustee contravenes a requirement of this section.
S 299K(6) and (7) substituted for s 299K(6) by No 160 of 2000, s 3 and Sch 3 item 72, effective 18 January 2001. S 299K(6) formerly read:
299K(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.
299K(7)
[Strict liability]
A trustee of the entity commits an offence if a requirement of subsection (2) or (3) is contravened by the trustee. 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
.
History
S 299K(7) amended by No 41 of 2011, s 3 and Sch 3 item 9, 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 299K(7) amended by No 82 of 2010 (as amended by No 136 of 2012), s 3 and Sch 6 item 74, by substituting
"
Penalty
"
for
"
Maximum penalty
"
in the penalty, effective 27 July 2010.
S 299K(7) (not including the penalty and notes) substituted by No 53 of 2004, s 3 and Sch 2 item 332, effective 1 July 2004. S 299K(7) formerly read:
299K(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 299K(6) and (7) substituted for s 299K(6) by No 160 of 2000, s 3 and Sch 3 item 72, effective 18 January 2001.
S 299K inserted by No 76 of 1996.
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