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

336   Subsection 299L(3)

Repeal the subsection, substitute:

Obligation to retain and later destroy tax file number

(3) Each trustee of the scheme 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 scheme - the person ceases to be a beneficiary of the scheme; 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.