Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Superannuation Industry (Supervision) Act 1993
Division 1--Information register for data and payment standards
Superannuation Industry (Supervision) Act 1993
1 Subsection 10(1)
Insert:
"data and payment regulations and standards relating to RSAs" has the same meaning as in the Retirement Savings Accounts Act 1997 .
2 Subsection 10(1)
Insert:
"eligible superannuation entity" means a regulated superannuation fund or an approved deposit fund.
3 Subsection 10(1)
Insert:
"superannuation data and payment regulations and standards" means:
(a) the regulations made under section 34K; and
(b) the standards issued by the Commissioner of Taxation under that section.
4 Division 4 of Part 3B (heading)
Repeal the heading, substitute:
5 Before section 34X
Insert:
Subdivision A -- Correction and rectification of information
6 At the end of Division 4 of Part 3B
Add:
Subdivision B -- Register of information about certain funds and schemes
34Y Register of information about certain funds and schemes
(1) The Commissioner of Taxation must keep a register of information for the purposes of this Part.
(2) The Commissioner of Taxation is to keep the register by electronic means.
(3) The register is not a legislative instrument.
(4) The Commissioner of Taxation may cause the contents of all or part of the register to be made available to:
(a) entities that must comply with the superannuation data and payment regulations and standards; and
(b) entities that must comply with the data and payment regulations and standards relating to RSAs; and
(c) exempt public sector superannuation schemes.
Contents of the register
(5) The register must contain the information given to the Commissioner of Taxation in accordance with section 34Z.
(6) The trustee of an exempt public sector superannuation scheme may give the Commissioner of Taxation information that both:
(a) relates to the scheme; and
(b) is of the kind given to the Commissioner of Taxation in accordance with section 34Z.
The Commissioner of Taxation may include that information on the register.
34Z Trustees to provide information for inclusion in register
(1) The following matters may be prescribed by regulation:
(a) information that is required to be given to the Commissioner of Taxation in accordance with this section in relation to prescribed eligible superannuation entities;
(b) the manner and form (including electronic form) in which the prescribed information is to be provided;
(c) the time at which, or period within which, the prescribed information is to be provided.
(2) Each trustee of a prescribed eligible superannuation entity must ensure that the prescribed information in relation to the entity is given to the Commissioner of Taxation in accordance with the regulation.
Contravening requirement to give information
(3) A person commits an offence of strict liability if the person contravenes subsection ( 2).
Penalty: 25 penalty units.
Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code .
7 Application
(1) The register provided for by Subdivision B of Division 4 of Part 3B of the Superannuation Industry (Supervision) Act 1993 , as inserted by this Schedule, is to be kept from 1 July 2013.
(2) A regulation made for the purposes of subsection 34Z(1) of the Superannuation Industry (Supervision) Act 1993 , as inserted by this Schedule, must not prescribe a time by which information is to be provided to the Commissioner of Taxation that is before 1 March 2013.
Superannuation Industry (Supervision) Act 1993
8 After subsection 6(2AB)
Insert:
(2AC) Nothing in subsection ( 2AB) limits the powers and duties conferred on the Commissioner of Taxation by Part 25 (as mentioned in subsection ( 2A)) in relation to contributing employers.
Note: The Commissioner of Taxation's powers and duties under Part 25 in relation to contributing employers are found in sections 255 and 256, with related provisions in Divisions 7, 8 and 9 of that Part.
9 Subsection 10(1)
Insert:
"contributing employer" means an employer having obligations under Part 3B (about the superannuation data and payment regulations and standards).
10 After paragraph 253(a)
Insert:
(aa) to ensure that the Regulator has sufficient power to monitor employers' compliance with Part 3B (superannuation data and payment regulations and standards) (Division 2); and
11 Section 253 (at the end of note 3)
Add: "However, this does not affect any powers and duties the Commissioner of Taxation has under this Part in relation to contributing employers: see subsection 6(2AC)".
12 At the end of paragraph 255(1)(b)
Add "or".
13 After paragraph 255(1)(b)
Insert:
(c) a contributing employer;
14 Subsection 255(1)
Omit "require the relevant person", substitute "require the relevant person, or the contributing employer,".
15 At the end of subsection 255(1)
Add ", or to the obligations of the contributing employer under Part 3B".
16 Subsection 256(1)
Repeal the subsection, substitute:
(1) For the purposes of this Act, an authorised person may enter, at any reasonable time, any premises at which the person has reason to believe books are kept relating to:
(a) the affairs of a superannuation entity or approved SMSF auditor; or
(b) the conduct of an audit of a self managed superannuation fund; or
(c) the obligations of a contributing employer under Part 3B.
(1A) The authorised person may:
(a) inspect any book found on the premises:
(i) that relates to those affairs, the conduct of that audit or those obligations; or
(ii) that the authorised person believes on reasonable grounds to relate to those affairs, the conduct of that audit or those obligations; and
(b) make copies of, or take extracts from, any such book.
17 At the end of Division 2 of Part 25
Add:
256A Alternative constitutional basis
Without limiting its effect apart from this section, this Part also has the effect it would have if each reference to a contributing employer were, by express provision, confined to a contributing employer that is a corporation to which paragraph 51(xx) of the Constitution applies.
18 At the end of section 287
Add:
(5) This section does not apply to a person who is a contributing employer if the requirement mentioned in subsection ( 1) relates to the obligations of the contributing employer under Part 3B.
Superannuation Industry (Supervision) Act 1993
19 At the end of Division 1 of Part 25A
Add:
299CA Use of tax file number to validate information
(1) This section applies if, after the commencement of this section, an employee:
(a) quotes his or her tax file number to his or her employer in connection with the operation, or the possible future operation, of this Act and the other Superannuation Acts; or
(b) quotes his or her tax file number to his or her employer in connection with the operation of Division 3 of Part VA of the Income Tax Assessment Act 1936 .
Note: Division 3 of Part VA of the Income Tax Assessment Act 1936 deals with quotation of tax file numbers by recipients of eligible PAYG payments.
(2) The employer may use the tax file number in a manner connecting it with the person's identity for the purpose of asking the Commissioner of Taxation to validate information about the person under section 299TE.
20 After section 299LA
Insert:
299LB Use of tax file number to validate information
(1) This section applies if a person who is a beneficiary of an eligible superannuation entity, or of a regulated exempt public sector superannuation scheme, or 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) The trustee may use the tax file number in a manner connecting it with the person's identity for the purpose of asking the Commissioner of Taxation to validate information about the person under section 299TD.
21 Division 3A of Part 25A (heading)
Repeal the heading, substitute:
Division 3A -- Commissioner of Taxation may issue notices about tax file numbers
22 Subsection 299TA(1)
After "Commissioner" (first occurring) , insert "of Taxation (the Commissioner )".
23 Subsection 299TB(1)
After "Commissioner" (first occurring) , insert "of Taxation (the Commissioner )".
24 At the end of Division 3A of Part 25A
Add:
299TC Commissioner of Taxation may inform trustee of tax file number
(1) The Commissioner of Taxation (the Commissioner ) may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme notice of the tax file number of a person if the Commissioner is satisfied that:
(a) the person is a beneficiary of the eligible superannuation entity or the regulated exempt public sector superannuation scheme, or an applicant to become such a beneficiary; and
(b) the person has quoted (for superannuation purposes) (within the meaning of the Income Tax Assessment Act 1997 ) his or her tax file number to another person.
(2) However if, before the time the Commissioner gives the notice, the person specifically requests the trustee not to record the person's tax file number:
(a) the notice is to be disregarded; and
(b) section 299SA does not apply to deem the person to have quoted the tax file number to the trustee when the notice was given.
Note: A consequence is that provisions that require or permit a trustee to record or use a validly quoted tax file number do not apply.
299TD Validation notice--beneficiaries of eligible superannuation entities
(1) The Commissioner of Taxation (the Commissioner ) may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme a notice under subsection ( 2) if:
(a) the trustee gives the Commissioner information that the trustee believes to be:
(i) the full name, tax file number and date of birth of a person; or
(ii) the full name, tax file number, date of birth and address of a person; and
(b) the Commissioner is satisfied that:
(i) the person is a beneficiary of the entity or scheme, or an applicant to become such a beneficiary; and
(ii) the trustee is giving the information to the Commissioner in connection with the operation of the entity or scheme; and
(c) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the tax file number given, that it is reasonable to give the notice.
(2) The notice must state whether or not the Commissioner is able to validate the information given.
(3) To avoid doubt, a notice that the Commissioner is not able to validate the information is not a notice under section 299TB.
299TE Validation notice--employees
(1) The Commissioner of Taxation (the Commissioner ) may give an employer a notice under subsection ( 2) if:
(a) the employer gives the Commissioner information that the employer believes to be:
(i) the full name, tax file number and date of birth of a person; or
(ii) the full name, tax file number, date of birth and address of a person; and
(b) the Commissioner is satisfied that:
(i) the person is an employee of the employer for whose benefit a contribution to an eligible superannuation entity or a regulated exempt public sector superannuation scheme is to be made; and
(ii) the employer is giving the information to the Commissioner in connection with the operation of the entity or scheme; and
(iii) that use by the employer of the tax file number complies with section 299CA; and
(c) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the tax file number given, that it is reasonable to give the notice.
(2) The notice must state whether or not the Commissioner is able to validate the information given.
(3) To avoid doubt, a notice that the Commissioner is not able to validate the information is not a notice under subsection 202CE(3) of the Income Tax Assessment Act 1936 .
299TF Commissioner of Taxation may provide electronic interface
The Commissioner of Taxation may use an electronic interface to receive information and give notices under this Division.
Part 2 -- Retirement Savings Accounts Act 1997
Division 1--Information register for data and payment standards
Retirement Savings Accounts Act 1997
25 Section 16
Insert:
"data and payment regulations and standards relating to RSAs" means:
(a) the regulations made under section 45B; and
(b) the standards issued by the Commissioner of Taxation under that section.
26 Section 16
Insert:
"superannuation data and payment regulations and standards" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
27 Division 4 of Part 4A (heading)
Repeal the heading, substitute:
28 Before section 45P
Insert:
Subdivision A -- Correction and rectification of information
29 At the end of Division 4 of Part 4A
Add:
Subdivision B -- Register of information about certain RSAs
45Q Register of information about certain RSAs
(1) The Commissioner of Taxation must keep a register of information for the purposes of this Part.
(2) The Commissioner of Taxation is to keep the register by electronic means.
(3) The register is not a legislative instrument.
(4) The Commissioner of Taxation may cause the contents of all or part of the register to be made available to entities that must comply with:
(a) the data and payment regulations and standards relating to RSAs; or
(b) the superannuation data and payment regulations and standards.
Contents of the register
(5) The register must contain the information given to the Commissioner of Taxation in accordance with section 45R.
(6) The Commissioner of Taxation is to combine the register kept under this section with the register kept under section 34Y of the Superannuation Industry (Supervision) Act 1993 .
45R RSA providers to provide information for inclusion in register
(1) The following matters may be prescribed by regulation:
(a) information that is required to be given to the Commissioner of Taxation in accordance with this section in relation to prescribed RSAs;
(b) the manner and form (including electronic form) in which the prescribed information is to be provided;
(c) the time at which, or period within which, the prescribed information is to be provided.
(2) The RSA provider of a prescribed RSA must give the prescribed information in relation to the RSA to the Commissioner of Taxation in accordance with the regulation.
Contravening requirement to give information
(3) A person commits an offence of strict liability if the person contravenes subsection ( 2).
Penalty: 25 penalty units.
Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code .
30 Application
(1) The register provided for by Subdivision B of Division 4 of Part 4A of the Retirement Savings Accounts Act 1997 , as inserted by this Schedule, is to be kept from 1 July 2013.
(2) A regulation made for the purposes of subsection 45R(1) of the Retirement Savings Accounts Act 1997 , as inserted by this Schedule, must not prescribe a time by which information is to be provided to the Commissioner of Taxation that is before 1 March 2013.
Retirement Savings Accounts Act 1997
31 After subsection 3(2)
Insert:
(2A) Powers and duties are also conferred by Part 10 on the Commissioner of Taxation for the purposes of the administration of the provisions he or she administers.
Note: Generally, the Commissioner of Taxation is not referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16.
32 Section 16
Insert:
"contributing employer" means an employer having obligations under Part 4A (about the data and payment regulations and standards relating to RSAs).
33 Part 10 (heading)
Repeal the heading, substitute:
Part 10 -- Monitoring and investigation
34 After paragraph 91(a)
Insert:
(aa) to ensure that the Regulator has sufficient power to monitor employers' compliance with Part 4A (data and payment regulations and standards relating to RSAs) (Division 2); and
35 Division 2 of Part 10 (heading)
Repeal the heading, substitute:
36 After subsection 93(1)
Insert:
(1A) For the purposes of this Act, the Regulator or an authorised person may, by written notice to a contributing employer, require the contributing employer to produce to the Regulator or an authorised person, at such reasonable time and reasonable place as are specified in a notice, any books relating to the obligations of the contributing employer under Part 4A.
37 Subsection 93(2)
After "(1)", insert "or (1A)".
38 Subsection 94(1)
After "provision of RSAs", insert "or obligations of a contributing employer under Part 4A".
39 Paragraph 94(1)(a)
After "provision of RSAs" (wherever occurring), insert "or those obligations".
40 At the end of Division 2 of Part 10
Add:
94A Alternative constitutional basis
Without limiting its effect apart from this section, this Part also has the effect it would have if each reference to a contributing employer were, by express provision, confined to a contributing employer that is a corporation to which paragraph 51(xx) of the Constitution applies.
41 At the end of section 117
Add:
(5) This section does not apply to a person who is a contributing employer if the requirement mentioned in subsection ( 1) relates to the obligations of the contributing employer under Part 4A.
Retirement Savings Accounts Act 1997
42 At the end of Division 2 of Part 11
Add:
133A Use of tax file number to validate information
(1) This section applies if, after the commencement of this section, an employee:
(a) quotes his or her tax file number to his or her employer in connection with the operation, or the possible future operation, of this Act and the other Superannuation Acts; or
(b) quotes his or her tax file number to his or her employer in connection with the operation of Division 3 of Part VA of the Income Tax Assessment Act 1936 .
Note: Division 3 of Part VA of the Income Tax Assessment Act 1936 deals with quotation of tax file numbers by recipients of eligible PAYG payments.
(2) The employer may use the tax file number in a manner connecting it with the person's identity for the purpose of asking the Commissioner of Taxation to validate information about the person under section 143E.
43 After section 137A
Insert:
137B Use of tax file number to validate information
(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) The RSA provider may use the tax file number in a manner connecting it with the person's identity for the purpose of asking the Commissioner of Taxation to validate information about the person under section 143D.
44 Division 4A of Part 11 (heading)
Repeal the heading, substitute:
Division 4A -- Commissioner of Taxation may issue notices about tax file numbers
45 Subsection 143A(1)
After "Commissioner of Taxation", insert "(the Commissioner )".
46 Subsection 143B(1)
After "Commissioner" (first occurring) , insert "of Taxation (the Commissioner )".
47 At the end of Division 4A of Part 11
Add:
143C Commissioner of Taxation may inform RSA provider of tax file number
(1) The Commissioner of Taxation (the Commissioner ) may give an RSA provider notice of the tax file number of a person if the Commissioner is satisfied that:
(a) the person is a holder of an RSA provided by the RSA provider, or a person applying to become such a holder; and
(b) the person has quoted (for superannuation purposes) (within the meaning of the Income Tax Assessment Act 1997 ) his or her tax file number to another person.
(2) However if, before the time the Commissioner gives the notice, the person specifically requests the provider not to record the person's tax file number:
(a) the notice is to be disregarded; and
(b) section 140A does not apply to deem the person to have quoted the tax file number to the provider when the notice was given.
Note: A consequence is that provisions that require or permit a provider to record or use a validly quoted tax file number do not apply.
143D Validation notice--holders of RSAs
(1) The Commissioner of Taxation (the Commissioner ) may give an RSA provider a notice under subsection ( 2) if:
(a) the RSA provider gives the Commissioner information that the RSA provider believes to be:
(i) the full name, tax file number and date of birth of a person; or
(ii) the full name, tax file number, date of birth and address of a person; and
(b) the Commissioner is satisfied that:
(i) the person is a holder of an RSA provided by the RSA provider, or a person applying to become such a holder; and
(ii) the RSA provider is giving the information to the Commissioner in connection with the operation of the RSA; and
(c) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the tax file number given, that it is reasonable to give the notice.
(2) The notice must state whether or not the Commissioner is able to validate the information given.
(3) To avoid doubt, a notice that the Commissioner is not able to validate the information is not a notice under section 143B.
143E Validation notice--employees
(1) The Commissioner of Taxation (the Commissioner ) may give an employer a notice under subsection ( 2) if:
(a) the employer gives the Commissioner information that the employer believes to be:
(i) the full name, tax file number and date of birth of a person; or
(ii) the full name, tax file number, date of birth and address of a person; and
(b) the Commissioner is satisfied that:
(i) the person is an employee of the employer for whose benefit a contribution to an RSA is to be made; and
(ii) the employer is giving the information to the Commissioner in connection with the operation of the RSA; and
(iii) that use by the employer of the tax file number complies with section 133A; and
(c) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the tax file number given, that it is reasonable to give the notice.
(2) The notice must state whether or not the Commissioner is able to validate the information given.
(3) To avoid doubt, a notice that the Commissioner is not able to validate the information is not a notice under subsection 202CE(3) of the Income Tax Assessment Act 1936 .
143F Commissioner of Taxation may provide electronic interface
The Commissioner of Taxation may use an electronic interface to receive information and give notices under this Division.
Part 3 -- Minor amendments relating to eligible superannuation entities
Income Tax Assessment Act 1936
48 Subsection 202DH(2)
Repeal the subsection, substitute:
(2) In this section and section 202DHA:
"eligible superannuation entity" has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
"regulated exempt public sector superannuation scheme" has the same meaning as in Part 25A of the Superannuation Industry (Supervision) Act 1993 .
49 Subsection 202DJ(2) (definitions of eligible superannuation entity and regulated exempt public sector superannuation scheme )
Repeal the definitions.
50 Subsection 202DJ(2)
Insert:
"eligible superannuation entity" has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
51 Subsection 202DJ(2) (definitions of holder, RSA and RSA provider )
Repeal the definitions.
52 Subsection 202DJ(2)
Insert:
"regulated exempt public sector superannuation scheme" has the same meaning as in Part 25A of the Superannuation Industry (Supervision) Act 1993 .
Retirement Savings Accounts Act 1997
53 Section 16 (definition of eligible superannuation entity )
Repeal the definition, substitute:
"eligible superannuation entity" has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
Superannuation Industry (Supervision) Act 1993
54 Subsections 34H(1) and (2)
Omit "superannuation entities", substitute "eligible superannuation entities".
55 Paragraphs 34K(1)(a) and (b)
Omit "superannuation entities", substitute "eligible superannuation entities".
56 Subsection 34K(2)
Omit "superannuation entity", substitute "eligible superannuation entity".
57 Paragraphs 34K(3)(a) and (b)
Omit "superannuation entities", substitute "eligible superannuation entities".
58 Subsection 34K(4)
Omit "superannuation entity", substitute "eligible superannuation entity".
59 Subparagraphs 34K(5)(a)(i) and (ii)
Omit "a superannuation entity", substitute "an eligible superannuation entity".
60 Paragraph 34K(5)(b)
Omit "superannuation entity", substitute "eligible superannuation entity".
61 Section 34M (heading)
Repeal the heading, substitute:
34M Compliance requirement--trustees of eligible superannuation entities
62 Subsection 34M(1)
Omit "a superannuation entity", substitute "an eligible superannuation entity".
63 Subsection 34M(1)
Omit "the superannuation entity" (wherever occurring), substitute "the eligible superannuation entity".
64 Subsection 34N(1)
Omit "a superannuation entity", substitute "an eligible superannuation entity".
65 Section 34P (heading)
Repeal the heading, substitute:
66 Subsection 34P(1)
Omit "a superannuation entity", substitute "an eligible superannuation entity".
67 Subsection 34P(1)
Omit "the superannuation entity", substitute "the eligible superannuation entity".
68 Paragraph 34P(2)(a)
Omit "superannuation entity", substitute "eligible superannuation entity".
69 Subsection 34P(3)
Omit "superannuation entity", substitute "eligible superannuation entity".
70 Subsection 34P(4)
Omit "a superannuation entity", substitute "an eligible superannuation entity".
71 Subsections 34P(6), (8) and (9)
Omit "superannuation entity", substitute "eligible superannuation entity".
72 Section 299W (definition of eligible superannuation entity )
Repeal the definition.
Superannuation Legislation Amendment (Stronger Super) Act 2012
73 Paragraph 20(1)(a)
Omit "a superannuation entity", substitute "an eligible superannuation entity".
Taxation Administration Act 1953
74 Subsection 288 - 110(1) in Schedule 1 (heading)
Repeal the heading, substitute:
Liability to penalty--RSA providers and trustees of eligible superannuation entities