Trustee must request person becoming beneficiary after commencement to quote tax file number
299G Trustee must request person becoming beneficiary after commencement to quote tax file number
Subject to subsection (3), if:
a person becomes a beneficiary of an eligible superannuation entity after the commencement of this section; and
the person has not quoted 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 of this Act and the other Superannuation Acts, by the time he or she becomes a beneficiary;
each trustee must ensure that, before the required time (see subsection (2)), 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 possible future operation of this Act and the other Superannuation Acts.
Required time
The required time is the end of the 30th day after the day on which the person becomes a 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 other Superannuation 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.
This Act’s bill:Second reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.