Tax Laws Amendment (2011 Measures No. 2) Act 2011 (41 of 2011)

Schedule 3   Use of TFNs for superannuation purposes

Part 1   Amendments commencing on 1 July 2011

Superannuation Industry (Supervision) Act 1993

12   After section 299L

Insert:

299LA Use of tax file number to locate amounts

(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.

(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.

(3) This section does not affect the operation of subclauses 7.1 and 7.1A of National Privacy Principle 7 in Schedule 3 to the Privacy Act 1988.

Note 1: Subclause 7.1 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 guidelines issued under that Division concerning the collection, storage, use and security of tax file number information.