Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)

Schedule 1   Consequential amendments etc.

Part 2   Other consequential amendments etc.

Retirement Savings Accounts Act 1997

283   After Division 4 of Part 11

Insert:

Division 4A - Incorrect quotation of tax file number

143A Effect of mistaken quotation of tax file number

(1) The Commissioner of Taxation may give an RSA provider notice of the tax file number of the holder of an RSA if:

(a) the provider has made a record of a number (the recorded TFN ) the provider believes to be the tax file number of the holder; and

(b) the Commissioner is satisfied that the recorded TFN:

(i) has been cancelled or withdrawn since it was quoted; or

(ii) is otherwise wrong; and

(c) the Commissioner is satisfied that the holder has a tax file number.

(2) The holder is taken to have quoted his or her tax file number to the provider in connection with the operation or the possible future operation of this Act and the other Superannuation Acts at a time if:

(a) the Commissioner gives the provider a notice under subsection (1); and

(b) had the recorded TFN been the tax file number of the holder, the holder would have quoted his or her tax file number to the trustee in that way at the time.

143B Effect of invalid quotation of tax file number

(1) The Commissioner may give an RSA provider a notice under subsection (2) if:

(a) the provider has made a record of a number (the recorded TFN ) the trustee believes to be the tax file number of the holder of an RSA; and

(b) the Commissioner is satisfied that the recorded TFN:

(i) has been cancelled or withdrawn since it was quoted; or

(ii) is otherwise wrong; and

(c) the Commissioner is not satisfied that the holder has a tax file number.

(2) The notice must identify the holder and state that the Commissioner is not satisfied that the holder has a tax file number.

(3) If the Commissioner gives a notice under subsection (2), the Commissioner must give a copy of the notice to the holder.