Where an investor writes a letter to an investment body quoting a TFN, or claiming an exemption, the investment body should accept this as valid if the investor has provided the full details of his or her name and the investment. Privacy The Privacy Act 1988 imposes certain obligations on any person or organisation needing to record TFNs. The Privacy Commissioner has issued guidelines covering the collection and maintenance of TFN's and from time to time supplements this information with Compliance notes. Investment bodies should be aware of their privacy responsibilities. Where the TFN proves invalid, the investor should be requested to confirm the number quoted.
Exemption claims by telephone are also acceptable.
The investment body may be informed of an investor's TFN by another person acting for the investor. There are a number of categories of investor who are exempt from quoting a TFN in relation to their investments. Investment bodies should apply this exemption to all accounts belonging to non-resident investors. For the purposes of the TFN legislation, a person who claims exemption from quoting a TFN is to be taken to have quoted a TFN and is therefore treated in the same way as a person who actually quotes. If the investment body is not notified that the investor is under 16 years, normal TFN rules apply.