Superannuation Industry (Supervision) Act 1993

PART 25A - TAX FILE NUMBERS  

Division 2 - Quotation, use and transfer of beneficiary's tax file number  

SECTION 299G   TRUSTEE MUST REQUEST PERSON BECOMING BENEFICIARY AFTER COMMENCEMENT TO QUOTE TAX FILE NUMBER  

299G(1)    


Subject to subsection (3), if:


(a) a person becomes a beneficiary of an eligible superannuation entity after the commencement of this section; and


(b) the person has not quoted his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of this Act, or of this Act and the other Superannuation Acts, by the time he or she becomes a beneficiary;

each trustee must ensure that, before the required time (see subsection (2)), a request is made, in a manner approved by the Regulator, to the person to quote his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of this Act or, if the request was not made before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 , the operation or possible future operation of this Act and the other Superannuation Acts.


299G(2)   Required time.  

The required time is the end of the 30th day after the day on which the person becomes a beneficiary.

299G(3)   Exception.  

A trustee of the entity is not required to ensure that a request is made if the person has already quoted his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of:


(a) if the quotation was given before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 - this Act; or


(b) otherwise - this Act and the other Superannuation Acts.

299G(4)    


A trustee commits an offence if the trustee contravenes subsection (1).

Penalty: 100 penalty units.


299G(4A)    


A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability.

Penalty: 50 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

For strict liability , see section 6.1 of the Criminal Code .


299G(5)   No obligation to quote tax file number.  

If a person requests another person to quote his or her tax file number under this section, the other person is not obliged to comply with the request.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.