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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 299H

Use of tax file number for certain purposes--beneficiaries of eligible superannuation entities

  (1)   This section applies if a person who is a beneficiary of an eligible superannuation entity quotes 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.

Obligation to record tax file number

  (2)   If the trustee, or the trustees, of the entity do not already have a record of the tax file number, as soon as is reasonably practicable after the quotation, the trustee to whom the quotation is made must make a record of the number.

Obligation to retain and later destroy tax file number

  (3)   Each trustee of the entity must ensure that:

  (a)   the record is retained until the person ceases to be a beneficiary of the entity; and

  (b)   the record is destroyed as soon as is reasonably practicable after the person ceases to be a beneficiary of the entity.

Offences

  (6)   A trustee of the entity commits an offence if a requirement of subsection   (2) or (3) is contravened by the trustee of the entity.

Penalty:   100 penalty units.

  (7)   A trustee of the entity commits an offence if a requirement of subsection   (2) or (3) is contravened by the trustee of the entity. 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 .


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