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Tax Laws Amendment (2011 Measures No. 2) Bill 2011

Schedule 3 Use of TFNs for superannuation purposes

Part 1 Amendments commencing on 1 July 2011

Retirement Savings Accounts Act 1997

1  Subsections 137(4) and (5)

Repeal the subsections.

2  After section 137

Insert:

137A   Use of tax file number to locate amounts

             (1)  This section applies if:

                     (a)  a holder of an RSA; or

                     (b)  a person applying to become such a holder;

quotes his or her tax file number to the RSA provider in connection with the operation, or the possible future operation, of this Act and the other Superannuation Acts.

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

Note:          Sections 8WA and 8WB of the Taxation Administration Act 1953 contain offences for unauthorised use etc. of tax file numbers.

             (3)  This section does not affect the operation of subclauses 7.1 and 7.1A of National Privacy Principle 7 in Schedule 3 to the Privacy Act 1988 .

Note 1:       Subclause 7.1 prohibits an RSA provider adopting a tax file number of an individual as the RSA provider’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 guidelines issued under that Division concerning the collection, storage, use and security of tax file number information.

Superannuation Industry (Supervision) Act 1993

3  Subsections 299H(4) and (5)

Repeal the subsections.

4  Subsection 299H(6)

Omit “subsection (2), (3) or (5)”, substitute “subsection (2) or (3)”.

Note:       The following heading to subsection 299H(6) is inserted “ Offences ”.

5  Subsection 299H(7)

Omit “(2), (3) or (5)”, substitute “subsection (2) or (3)”.

6  Subsections 299J(4) and (5)

Repeal the subsections.

7  Subsections 299J(6) and (7)

Omit “or (5)”.

Note:       The following heading to subsection 299J(6) is inserted “ Offences ”.

8  Subsections 299K(4) and (5)

Repeal the subsections.

9  Subsections 299K(6) and (7)

Omit “subsection (2), (3) or (5)”, substitute “subsection (2) or (3)”.

Note:       The following heading to subsection 299K(6) is inserted “ Offences ”.

10  Subsections 299L(4) and (5)

Repeal the subsections.

11  Subsections 299L(6) and (7)

Omit “or (5)”.

Note:       The following heading to subsection 299L(6) is inserted “ Offences ”.

12  After section 299L

Insert:

299LA   Use of tax file number to locate amounts

             (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.

             (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.

             (3)  This section does not affect the operation of subclauses 7.1 and 7.1A of National Privacy Principle 7 in Schedule 3 to the Privacy Act 1988 .

Note 1:       Subclause 7.1 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 guidelines issued under that Division concerning the collection, storage, use and security of tax file number information.

13  Application provision

The amendments made by this Part apply to the use of tax file numbers on or after the commencement of this item, whether the tax file numbers were quoted before, on or after that commencement.



 

Part 2 Amendments commencing on Proclamation

Retirement Savings Accounts Act 1997

14  Section 16

Insert:

eligible superannuation entity has the meaning given by Part 25A of the Superannuation Industry (Supervision) Act 1993 .

15  Section 16

Insert:

regulated exempt public sector superannuation scheme has the meaning given by Part 25A of the Superannuation Industry (Supervision) Act 1993 .

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 ”.

Superannuation Industry (Supervision) Act 1993

17  Subsection 299LA(2)

Repeal the subsection, substitute:

             (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.

          (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.

Note:       The heading to section 299LA is altered by adding at the end “ or for consolidation ”.

18  Application provision

The amendments made by this Part apply to the use of tax file numbers on or after the commencement of this item, whether the tax file numbers were quoted before, on or after that commencement.

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.