PART 25A
-
TAX FILE NUMBERS
History
Pt 25A inserted by No 76 of 1996.
Division 2
-
Quotation, use and transfer of beneficiary's tax file number
SECTION 299LA
USE OF TAX FILE NUMBER TO LOCATE AMOUNTS OR FOR CONSOLIDATION
299LA(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.
299LA(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):
(a)
in order to locate, in the records or accounts of the entity or scheme, amounts held for the benefit of persons; 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.
History
S 299LA(2) and (2A) substituted for s 299LA(2) by No 41 of 2011, s 3 and Sch 3 item 17, 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 299LA(2) formerly read:
299LA(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.
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.
299LA(2A)
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 that must be followed in a consolidation mentioned in paragraph (2)(b), including procedures to safeguard the integrity of the consolidation; or
(c)
a trustee disclosing tax file numbers to another trustee, or to an RSA provider, in order to facilitate such a consolidation.
History
S 299LA(2) and (2A) substituted for s 299LA(2) by No 41 of 2011, s 3 and Sch 3 item 17, 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. For transitional provisions see note under s 299LA(2).
299LA(3)
This section does not affect the operation of Australian Privacy Principle 9.
Note 1:
Australian Privacy Principle 9 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 rules issued under that Division concerning the collection, storage, use and security of tax file number information.
History
S 299LA(3) amended by No 197 of 2012, s 3 and Sch 5 items 81, 82 and 180, by substituting
"
Australian Privacy Principle 9
"
for
"
subclauses 7.1 and 7.1A of National Privacy Principle 7 in Schedule 3 to the
Privacy Act 1988
"
, substituting
"
Australian Privacy Principle 9
"
for
"
Subclause 7.1
"
in note 1, and substituting
"
rules
"
for
"
guidelines
"
in note 2, effective 12 March 2014.
History
S 299LA inserted by No 41 of 2011, s 3 and Sch 3 item 12, applicable to the use of tax file numbers on or after 1 July 2011, whether the tax file numbers were quoted before, on or after 1 July 2011.
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