Trustee must request person who is beneficiary at commencement to quote tax file number
299F Trustee must request person who is beneficiary at commencement to quote tax file number
Subject to subsection (3), if:
a person is a beneficiary of an eligible superannuation entity at the commencement of this section; and
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
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
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:
if the quotation was given before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997—this Act; or
otherwise—this Act and the Surcharge Acts.
A trustee commits an offence if the trustee contravenes subsection (1).
Penalty: 100 penalty units.
A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability.
Penalty: 50 penalty units.
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
For strict liability, see section 6.1 of the Criminal Code.
No obligation to quote tax file number
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
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:
the day referred to in whichever of the following subparagraphs is applicable:
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;
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;
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
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
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.
This Act’s bill:Second reading speech
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