Superannuation Industry (Supervision) Act 1993

Pt 25A inserted by No 76 of 1996.

S 299L(1) amended by No 53 of 2004, s 3 and Sch 2 item 333, by substituting " to a trustee " for " to the trustee " , effective 1 July 2004.

S 299L(1) amended by No 128 of 1999, s 3 and Sch 1 item 60, by substituting " other Superannuation " for " Surcharge " , effective 13 October 1999. For transitional and application provisions, see the history note to s 2(3).

S 299L(1) amended by No 71 of 1997.

S 299L(2) amended by No 53 of 2004, s 3 and Sch 2 items 334 and 335, by substituting " the trustee, or the trustees, do " for " the trustee does " and substituting " a trustee of the scheme may " for " the trustee may " , effective 1 July 2004.

S 299L(3) substituted by No 53 of 2004, s 3 and Sch 2 item 336, effective 1 July 2004. S 299L(3) formerly read:

299L(3)
Obligation to retain and later destroy tax file number. The trustee must:

(a) retain the record 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) destroy the record as soon as is reasonably practicable after the last retention time.

S 299L(4) repealed by No 41 of 2011, s 3 and Sch 3 item 10, applicable to the use of tax file numbers on or after 1 July 2011, whether the tax file numbers were quoted before, on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. S 299L(4) formerly read:

299L(4) Use of tax file numbers to locate amounts.  

Subject to subsection (5), a trustee may use tax file numbers quoted to a trustee as mentioned in subsection (1) in order to locate, in the records or accounts of the scheme, amounts held for the benefit of persons.

S 299L(4) amended by No 53 of 2004, s 3 and Sch 2 item 337, by substituting " a trustee " for " the trustee " (wherever occurring), effective 1 July 2004.

S 299L(5) repealed by No 41 of 2011, s 3 and Sch 3 item 10, applicable to the use of tax file numbers on or after 1 July 2011, whether the tax file numbers were quoted before, on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. S 299L(5) formerly read:

299L(5) Use of tax file numbers to identify amounts held for the benefit of a particular person.  

If a trustee of the scheme needs to identify the amounts held for the benefit of a particular person:

(a) the trustee must first use information (other than tax file numbers) to identify the amounts; and

(b) the trustee may only use the tax file number quoted by the person to a trustee of the scheme:

(i) if the information referred to in paragraph (a) is insufficient to identify the amounts; or

(ii) to confirm the identification of the amounts resulting from the use of the other information.

S 299L(5) amended by No 53 of 2004, s 3 and Sch 2 items 338 and 339, by substituting " If a trustee of the scheme " for " If the trustee " and substituting " to a trustee of the scheme " for " to the trustee " in para (b), effective 1 July 2004.

S 299L(6) amended by No 41 of 2011, s 3 and Sch 3 item 11, by omitting " or (5) " after " subsection (3) " , 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.

S 299L(6) amended by No 82 of 2010 (as amended by No 136 of 2012), s 3 and Sch 6 item 75, by substituting " Penalty " for " Maximum penalty " in the penalty, effective 27 July 2010.

S 299L(6) (not including the penalty) substituted by No 53 of 2004, s 3 and Sch 2 item 340, effective 1 July 2004. S 299L(6) formerly read:

299L(6)
The trustee is guilty of an offence if the trustee contravenes a requirement of this section.

S 299L(6) and (7) substituted for s 299L(6) by No 160 of 2000, s 3 and Sch 3 item 73, effective 18 January 2001. S 299L(6) formerly read:

299L(6)
Offence. A trustee who intentionally or recklessly contravenes a requirement of this section is guilty of an offence punishable on conviction by a fine not exceeding 100 penalty units.

S 299L(7) amended by No 41 of 2011, s 3 and Sch 3 item 11, by omitting " or (5) " after " subsection (3) " , 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.

S 299L(7) amended by No 82 of 2010 (as amended by No 136 of 2012), s 3 and Sch 6 item 75, by substituting " Penalty " for " Maximum penalty " in the penalty, effective 27 July 2010.

S 299L(7) (not including the penalty and notes) substituted by No 53 of 2004, s 3 and Sch 2 item 341, effective 1 July 2004. S 299L(7) formerly read:

299L(7)
The trustee is guilty of an offence if the trustee contravenes a requirement of this section. This is an offence of strict liability.

S 299L(6) and (7) substituted for s 299L(6) by No 160 of 2000, s 3 and Sch 3 item 73, effective 18 January 2001.

S 299L inserted by No 76 of 1996.