Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 299M

  (1)   This section applies if:

  (a)   there is an amount in an eligible superannuation entity 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 entity in connection with the operation or the possible future operation of this Act and the other Superannuation Acts.

Transfer of benefits to an RSA, another eligible superannuation entity or to a regulated exempt public sector superannuation scheme

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

Exception

  (3)   Subsection   (2) does not apply where an amount is transferred to an RSA, to another eligible superannuation entity or to a regulated exempt public superannuation scheme 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.

  (4)   A trustee commits an offence if the trustee contravenes subsection   (2).

Penalty:   100 penalty units.

  (5)   A trustee commits an offence if the trustee contravenes subsection   (2). 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 .