Retirement Savings Accounts Act 1997

PART 11 - TAX FILE NUMBERS

Division 3 - Quotation, use and transfer of holder's tax file number

SECTION 137A USE OF TAX FILE NUMBER TO LOCATE AMOUNTS OR FOR CONSOLIDATION

137A(1)
This section applies if:

(a) a holder of an RSA; or

(b) a person applying to become such a holder;

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

137A(2)

View history reference

An RSA provider 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 RSA provider, amounts held in RSAs provided by it; 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.

View history note

History

S 137A(2) and (2A) substituted for s 137A(2) by No 41 of 2011, s 3 and Sch 3 item 16, 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 137A(2) formerly read:

137A(2)
An RSA provider 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 RSA provider, amounts held in RSAs provided by it.
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.

137A(2A)

View history reference

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

(c) an RSA provider disclosing tax file numbers to another RSA provider, or to a trustee of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme, in order to facilitate such a consolidation.

View history note

137A(3)

View history reference

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

Note 1:

Australian Privacy Principle 9 prohibits an RSA provider adopting a tax file number of an individual as the RSA provider ' 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.

View history note

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.