Superannuation Industry (Supervision) Act 1993

PART 25A - TAX FILE NUMBERS

Division 2 - Quotation, use and transfer of beneficiary's tax file number

SECTION 299LA USE OF TAX FILE NUMBER TO LOCATE AMOUNTS OR FOR CONSOLIDATION

299LA(1)
This section applies if:

(a) a beneficiary of an eligible superannuation entity, or of a regulated exempt public sector superannuation scheme; or

(b) an applicant to become such a beneficiary;

quotes his or her tax file number to a trustee of the entity or scheme in connection with the operation, or the possible future operation, of this Act and the other Superannuation Acts.

299LA(2)

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A trustee of an eligible superannuation entity, or of a regulated exempt public sector superannuation scheme, may, subject to any conditions contained in the regulations, use tax file numbers quoted as mentioned in subsection (1):

(a) in order to locate, in the records or accounts of the entity or scheme, amounts held for the benefit of persons; or

(b) in order to facilitate the consolidation of any of the following in relation to a particular person:

(i) RSAs provided by one or more RSA providers and held by the person;

(ii) interests of the person in eligible superannuation entities or regulated exempt public sector superannuation schemes.

Note:

Sections 8WA and 8WB of the Taxation Administration Act 1953 contain offences for unauthorised use etc. of tax file numbers.

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History

S 299LA(2) and (2A) substituted for s 299LA(2) by No 41 of 2011, s 3 and Sch 3 item 17, applicable to the use of tax file numbers on or after 1 January 2012, whether the tax file numbers were quoted before, on or after 1 January 2012. S 299LA(2) formerly read:

299LA(2)
A trustee of an eligible superannuation entity, or of a regulated exempt public sector superannuation scheme, may, subject to any conditions contained in the regulations, use tax file numbers quoted as mentioned in subsection (1) in order to locate, in the records or accounts of the entity or scheme, amounts held for the benefit of persons.
Note:

Sections 8WA and 8WB of the Taxation Administration Act 1953 contain offences for unauthorised use etc. of tax file numbers.

No 41 of 2011, Sch 3 item 19 contains the following transitional provisions:

19 Transitional provision - regulations
(1)
A regulation:

(a) made for the purposes of subsection 137A(2) of the Retirement Savings Accounts Act 1997 ; and

(b) in force immediately before the commencement of this item;
has effect, after the commencement of this item, as if it had been made for the purposes of that subsection as amended by this Part.

(2)
A regulation:

(a) made for the purposes of subsection 299LA(2) of the Superannuation Industry (Supervision) Act 1993 ; and

(b) in force immediately before the commencement of this item;
has effect, after the commencement of this item, as if it had been made for the purposes of that subsection as amended by this Part.

299LA(2A)

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Without limiting subsection (2), regulations made for the purposes of that subsection may contain conditions relating to:

(a) a person consenting to use of a tax file number; or

(b) procedures that must be followed in a consolidation mentioned in paragraph (2)(b), including procedures to safeguard the integrity of the consolidation; or

(c) a trustee disclosing tax file numbers to another trustee, or to an RSA provider, in order to facilitate such a consolidation.

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299LA(3)

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This section does not affect the operation of Australian Privacy Principle 9.

Note 1:

Australian Privacy Principle 9 prohibits a trustee adopting a tax file number of an individual as the trustee ' s own identifier of the individual, such as by using the tax file number as an account or membership number.

Note 2:

See also Division 4 of Part III of the Privacy Act 1988 and the rules issued under that Division concerning the collection, storage, use and security of tax file number information.

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