Superannuation Safety Amendment Act 2004 (53 of 2004)

Schedule 2   Clarification of the application of the law to groups of trustees

Superannuation Industry (Supervision) Act 1993

327   Subsections 299K(2) and (3)

Repeal the subsections, substitute:

Obligation to record tax file number

(2) 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.

Obligation to retain and later destroy tax file number

(3) 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.


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).