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

Schedule 3   Use of TFNs for superannuation purposes

Part 2   Amendments commencing on Proclamation

Retirement Savings Accounts Act 1997

16   Subsection 137A(2)

Repeal the subsection, substitute:

(2) An RSA provider 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 RSA provider, amounts held in RSAs provided by it; 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.

(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 to be followed in a consolidation mentioned in paragraph (2)(b), including procedures to safeguard the integrity of the consolidation; or

(c) an RSA provider disclosing tax file numbers to another RSA provider, or to a trustee of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme, in order to facilitate such a consolidation.

Note: The heading to section 137A is altered by adding at the end “ or for consolidation ”.