SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 25A - TAX FILE NUMBERS  

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

SECTION 299N   TRUSTEE OF REGULATED EXEMPT PUBLIC SECTOR SUPERANNUATION SCHEME MAY INFORM RSA PROVIDER OR OTHER TRUSTEE OF TAX FILE NUMBER FOR CERTAIN PURPOSES  

299N(1)  
This section applies if:


(a) there is an amount in a regulated exempt public sector superannuation scheme for the benefit of a beneficiary; and


(b) the beneficiary has quoted (whether as a beneficiary or applicant) his or her tax file number to a trustee of the scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts.

299N(2)   Transfer of benefits to an RSA another regulated exempt public sector superannuation scheme or to an eligible superannuation entity.  

Subject to subsection (3), if a trustee of the scheme transfers any of the amount to an RSA, to another regulated exempt public sector superannuation scheme or to an eligible superannuation entity for the benefit of the beneficiary, the trustee may inform the RSA provider or a trustee of the other regulated exempt public sector superannuation scheme or of the eligible superannuation entity in the manner approved by the Regulator of the beneficiary ' s tax file number.

299N(3)   Exception.  

Subsection (2) does not apply where an amount is transferred to an RSA to another regulated exempt public sector superannuation scheme or to an eligible superannuation entity if, before the transfer, the beneficiary gives the trustee a written statement requesting the trustee not to inform any RSA provider or any other trustee of the beneficiary ' s tax file number.

299N(4)   Offence.  

If:


(a) a trustee (the first trustee ) of a regulated exempt public sector superannuation scheme (the first scheme ) intentionally informs an RSA provider or a trustee (the second trustee ) of another regulated exempt public sector superannuation scheme or of an eligible superannuation entity of the tax file number of a beneficiary of the first scheme; and


(b) the first trustee knows that, because of subsection (3), the trustee is not empowered by subsection (2) to inform the second trustee or the RSA provider of that number;

the first trustee commits an offence punishable on conviction by a fine not exceeding 100 penalty units.


 

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