SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 299K Use of tax file number for certain purposes--applicants to become beneficiaries of eligible superannuation entities

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 299K

  (1)   This section applies if a person who is an applicant to become 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 time (the last retention time ) at which:

  (i)   if the person becomes a beneficiary of the entity--the person ceases to be a beneficiary of the entity; or

  (ii)   if not--the person ceases to be an applicant; and

  (b)   the record is destroyed as soon as is reasonably practicable after the last retention time.

Offences

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

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. 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 .