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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 299F

Trustee must request person who is beneficiary at commencement to quote tax file number

  (1)   Subject to subsection   (3), if:

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

  (b)   the person is not taken by section   299S or 299T to have quoted his or her tax file number to a trustee of the entity at or before that commencement;

each trustee must ensure that, before the required time (see subsection   (2)) in relation to the beneficiary, 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 the possible future operation of this Act and the Surcharge Acts.

Required time

  (2)   The required time in relation to a beneficiary is the end of the 7th day after the day that is the starting day in relation to the beneficiary.

Exception

  (3)   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 Surcharge Acts.

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

Penalty:   100 penalty units.

  (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 .

No obligation to quote tax file number

  (5)   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.

Starting day--trustee required to give information to beneficiary

  (6)   The starting day, in relation to a beneficiary of an eligible superannuation entity a trustee of which is required under Subdivision   2.4.2 or 2.4.3 of Division   2.4 of Part   2 of the Superannuation Industry (Supervision) Regulations to give information to the beneficiary, is the earlier of:

  (a)   the day referred to in whichever of the following subparagraphs is applicable:

  (i)   if the trustee chooses to act under this subparagraph in relation to the beneficiary--the day on which the information referred to in Subdivision   2.4.2 of Division   2.4 of Part   2 of those Regulations is first given to the beneficiary on or after the day on which this section commences;

  (ii)   if the trustee chooses to act under this subparagraph in relation to the beneficiary--the day on which the information referred to in Subdivision   2.4.3 of Division   2.4 of Part   2 of those Regulations is first given to the beneficiary on or after the day on which this section commences;

  (iii)   if the trustee does not choose to act under subparagraph   (i) or (ii) in relation to the beneficiary--the day on which information referred to in either of those Subdivisions is first given to the beneficiary on or after the day on which this section commences; or

  (b)   the last day of the period of one year beginning on the day on which this section commences.

Starting day--trustee not required to give information to beneficiary

  (7)   The starting day, in relation to a beneficiary of an eligible superannuation entity a trustee of which is not required, under Subdivision   2.4.2 or 2.4.3 of Division   2.4 of Part   2 of the Superannuation Industry (Supervision) Regulations to give information to the beneficiary, is the day on which this section commences.



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