Superannuation Industry (Supervision) Act 1993

s 224 — When an infringement notice may be given

(1) If an infringement officer has reasonable grounds to believe that a person has contravened a provision subject to an infringement notice under this Part, the infringement officer may give to the person an infringement notice for the alleged contravention. (2) The infringement notice must be given within 12 months after the day on which the contravention is alleged to have taken place. (3) A single infringement notice must relate only to a single contravention of a single provision unless subsection (4) applies. (4) An infringement officer may give a person a single infringement notice relating to multiple contraventions of a single offence provision if: (a) the provision requires the person to do a thing within a particular period or before a particular time; and (b) the person fails or refuses to do that thing within that period or before that time; and (c) the failure or refusal occurs on more than one day; and (d) each contravention is constituted by the failure or refusal on one of those days. Note: For continuing offences, see subsection 4K(2) of the Crimes Act 1914 .

Amendment history: Repealed by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)

s 224A — Matters to be included in an infringement notice

(1) An infringement notice must: (a) be identified by a unique number; and (b) state the day on which it is given; and (c) state the name of the person to whom the notice is given; and (d) state the name and contact details of the person who gave the notice, and that the person is an infringement officer for the purposes of issuing the infringement notice; and (e) give details of the alleged contravention, including: (i) the provision that was allegedly contravened; and (ii) the maximum penalty that a court could impose if the provision were contravened; and (iii) the time (if known) and day of, and the place of, the alleged contravention; and (f) state the amount that is payable under the notice; and (g) give an explanation of how payment of the amount is to be made; and (h) state that, if the person to whom the notice is given pays the amount within 28 days after the day the notice is given, then (unless the notice is withdrawn): (i) if the provision is a civil penalty provision and does not also constitute an offence provision—proceedings seeking a civil penalty order will not be brought in relation to the alleged contravention; or (ii) if the provision is a civil penalty provision that can also constitute an offence provision—proceedings seeking a civil penalty order will not be brought, and the person is not liable to be prosecuted in a court, in relation to the alleged contravention; or (iii) if the provision is an offence provision—the person will not be liable to be prosecuted in a court for the alleged contravention; and (i) state that payment of the amount is not an admission of guilt or liability; and (j) state that the person may apply to the relevant chief executive to have the period in which to pay the amount extended; and (k) state that the person may choose not to pay the amount and, if the person does so: (i) if the provision is a civil penalty provision and does not also constitute an offence provision—proceedings seeking a civil penalty order may be brought in relation to the alleged contravention; or (ii) if the provision is a civil penalty provision that can also constitute an offence provision—proceedings seeking a civil penalty order may be brought, and the person may be liable to be prosecuted in a court, in relation to the alleged contravention; or (iii) if the provision is an offence provision—the person may be liable to be prosecuted in a court for the alleged contravention; and (l) set out how the notice can be withdrawn; and (m) state that if the notice is withdrawn: (i) if the provision is a civil penalty provision and does not also constitute an offence provision—proceedings seeking a civil penalty order may be brought in relation to the alleged contravention; or (ii) if the provision is a civil penalty provision that can also constitute an offence provision—proceedings seeking a civil penalty order may be brought, and the person may be liable to be prosecuted in a court, in relation to the alleged contravention; or (iii) if the provision is an offence provision—the person may be liable to be prosecuted in a court for the alleged contravention; and (n) state that the person may make written representations to the relevant chief executive seeking the withdrawal of the notice; and (o) include any other information prescribed by the regulations. (2) For the purposes of paragraph (1)(f), the amount to be stated in the notice for the alleged contravention of the provision must be equal to: (a) if the provision is an offence provision—one ‑ fifth of the maximum penalty that a court could impose on the person for that contravention; and (b) if the provision is a civil penalty provision—one ‑ fortieth of the maximum penalty that a court could impose on the person for that contravention.

Amendment history: Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)

s 224B — Extension of time to pay amount

(1) A person to whom an infringement notice has been given may apply to the relevant chief executive for an extension of the period referred to in paragraph 224A(1)(h). (2) If the application is made before the end of that period, the relevant chief executive may, in writing, extend that period. The relevant chief executive may do so before or after the end of that period. (3) If the relevant chief executive extends that period, a reference in this Part, or in a notice or other instrument under this Part, to the period referred to in paragraph 224A(1)(h) is taken to be a reference to that period so extended. (4) If the relevant chief executive does not extend that period, a reference in this Part, or in a notice or other instrument under this Part, to the period referred to in paragraph 224A(1)(h) is taken to be a reference to the period that ends on the later of the following days: (a) the day that is the last day of the period referred to in paragraph 224A(1)(h); (b) the day that is 7 days after the day the person was given notice of the relevant chief executive’s decision not to extend. (5) The relevant chief executive may extend the period more than once under subsection (2).

Amendment history: Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)

s 224C — Withdrawal of an infringement notice

Representations seeking withdrawal of notice (1) A person to whom an infringement notice has been given may make written representations to the relevant chief executive seeking the withdrawal of the notice. Withdrawal of notice (2) The relevant chief executive may withdraw an infringement notice given to a person (whether or not the person has made written representations seeking the withdrawal). (3) When deciding whether or not to withdraw an infringement notice (the relevant infringement notice ), the relevant chief executive: (a) must take into account any written representations seeking the withdrawal that were given by the person to the relevant chief executive; and (b) may take into account the following: (i) whether a court has previously imposed a penalty on the person for a contravention of a provision subject to an infringement notice under this Part; (ii) the circumstances of the alleged contravention; (iii) whether the person has paid an amount, stated in an earlier infringement notice, for a contravention of a provision subject to an infringement notice under this Part if the contravention is constituted by conduct that is the same, or substantially the same, as the conduct alleged to constitute the contravention in the relevant infringement notice; (iv) any other matter the relevant chief executive considers relevant. Notice of withdrawal (4) Notice of the withdrawal of the infringement notice must be given to the person. The withdrawal notice must state: (a) the person’s name and address; and (b) the day the infringement notice was given; and (c) the identifying number of the infringement notice; and (d) that the infringement notice is withdrawn; and (e) that: (i) if the provision is a civil penalty provision and does not also constitute an offence provision—proceedings seeking a civil penalty order may be brought in relation to the alleged contravention; or (ii) if the provision is a civil penalty provision that can also constitute an offence provision—proceedings seeking a civil penalty order may be brought, and the person may be liable to be prosecuted in a court, in relation to the alleged contravention; or (iii) if the provision is an offence provision—the person may be liable to be prosecuted in a court for the alleged contravention. Refund of amount if infringement notice withdrawn (5) If: (a) the relevant chief executive withdraws the infringement notice; and (b) the person has already paid the amount stated in the notice; the Commonwealth must refund to the person an amount equal to the amount paid.

Amendment history: Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)

s 224D — Effect of payment of amount

(1) If the person to whom an infringement notice for an alleged contravention of a provision is given pays the amount stated in the notice before the end of the period referred to in paragraph 224A(1)(h): (a) any liability of the person for the alleged contravention is discharged; and (b) if the provision is a civil penalty provision and does not also constitute an offence provision—proceedings seeking a civil penalty order may not be brought in relation to the alleged contravention; and (c) if the provision is a civil penalty provision that can also constitute an offence provision—proceedings seeking a civil penalty order may not be brought, and the person may not be prosecuted in a court, in relation to the alleged contravention; and (d) if the provision is an offence provision—the person may not be prosecuted in a court for the alleged contravention; and (e) the person is not regarded as having admitted guilt or liability for the alleged contravention; and (f) if the provision is an offence provision—the person is not regarded as having been convicted of the alleged offence. (2) Subsection (1) does not apply if the notice has been withdrawn.

Amendment history: Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)

s 224E — Effect of this Part

This Part does not: (a) require an infringement notice to be given to a person for an alleged contravention of a provision subject to an infringement notice under this Part; or (b) affect the liability of a person for an alleged contravention of a provision subject to an infringement notice under this Part if: (i) the person does not comply with an infringement notice given to the person for the contravention; or (ii) an infringement notice is not given to the person for the contravention; or (iii) an infringement notice is given to the person for the contravention and is subsequently withdrawn; or (c) prevent the giving of 2 or more infringement notices to a person for an alleged contravention of a provision subject to an infringement notice under this Part; or (d) limit a court’s discretion to determine the amount of a penalty to be imposed on a person who is found to have contravened a provision subject to an infringement notice under this Part.

Amendment history: Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)

s 227 — Object of Part

The object of this Part is to make provision for the grant of financial assistance for certain superannuation entities that have suffered loss as a result of fraudulent conduct or theft.

s 228 — Interpretation

In this Part: eligible loss means a loss suffered by a fund as a result of fraudulent conduct, or theft, but does not include an amount that the fund did not receive because of the failure of a person to pay contributions to the fund. levy means the levy imposed by the Superannuation (Financial Assistance Funding) Levy Act 1993 .

Amendment history: Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)

s 229 — Application for assistance

(1) If: (a) a fund suffers an eligible loss after the commencement of this Part; and (aa) at the time it suffers the loss, the fund is: (i) a regulated superannuation fund (other than a self managed superannuation fund); or (ii) an approved deposit fund; and (b) the loss has caused substantial diminution of the fund leading to difficulties in the payment of benefits; a trustee of the fund may apply to the Minister for a grant of financial assistance for the fund. (2) The application must be in writing and be accompanied by such information as the Minister determines. (3) To avoid doubt, an application may be made under this section by a trustee of a self managed superannuation fund as long as the fund met the requirements in subsection (1) at the time the fund suffered the loss to which the application relates.

Amendment history: Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31)

s 230 — Minister may request additional information

(1) The Minister may request a trustee of the fund to give such additional information as the Minister considers necessary to enable the application to be determined. (2) The Minister may, by signed instrument, delegate the Minister’s power under subsection (1) to an SES employee, or acting SES employee, in the Department. (3) In exercising a power delegated under subsection (2), a delegate must comply with any directions of the Minister.

Amendment history: Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)

s 230A — APRA to advise Minister in relation to application for assistance

(1) The Minister must make a written request to APRA for advice in relation to the application. The request may specify: (a) particular matters that APRA is to provide advice about; and (b) a time by which the advice must be provided. (2) APRA must comply with the request and may, in its advice, also address any other issues that APRA considers relevant to the determination of the application. (3) The Minister’s written request to APRA made under subsection (1) for advice in relation to the application for assistance must be laid before each House of the Parliament as soon as practicable after the Minister has made a written determination under subsection 231(1). (4) The Minister may, by signed instrument, delegate the Minister’s function under subsection (1) to an SES employee, or acting SES employee, in the Department. (5) In exercising a function delegated under subsection (4), a delegate must comply with any directions of the Minister.

Amendment history: Inserted by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)

s 231 — Minister may grant financial assistance

(1) If, after considering the application, any additional information given by a trustee of the fund, and APRA’s advice under section 230A, the Minister is satisfied that the fund has suffered an eligible loss as mentioned in subsection 229(1), the Minister is to determine in writing: (a) whether the public interest requires that a grant of financial assistance should be made to a trustee of the fund for the purposes of restoring the loss; and (b) if so, the amount of the assistance. (2) Financial assistance payable to a trustee of a fund is to be paid in such amounts, at such times, and in such manner, as the Minister determines. (3) To avoid doubt, the Minister may grant financial assistance to a self managed superannuation fund under this section as long as the fund met the requirements in subsection 229(1) at the time the fund suffered the loss to which the assistance relates. (4) The Consolidated Revenue Fund is appropriated for the purposes of making payments of financial assistance granted under this section. (5) Amounts appropriated under this section are not to be credited to the Australian Prudential Regulation Authority Special Account.

Amendment history: Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31)

s 232 — Maximum amount of financial assistance

The amount of financial assistance to be granted to a trustee of a fund in respect of the fund must not be greater than the amount that the Minister determines to be the eligible loss suffered by the fund.

Amendment history: Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 233 — Financial assistance to be subject to conditions

(1) The payment to a trustee of a fund of a grant of financial assistance is subject to the following conditions: (a) a condition that the amount of financial assistance granted will be deposited in the corpus of the fund; (b) a condition that the amount will be applied, within a period determined by the Minister: (i) in making payments to persons who were beneficiaries in the fund at the time the fund suffered the eligible loss; or (ii) for the benefit of those persons in such other manner as the Minister approves in writing; (c) a condition that a trustee of the fund will prepare and give to the Minister such reports on the application of the amount as are required by the Minister; (d) such other conditions (if any) as the Minister determines and notifies in writing to a trustee of the fund. (2) Despite any law of the Commonwealth, a State or a Territory, whether written or unwritten, or any provision of a trust deed or other rules according to which a fund is administered: (a) a trustee of a fund must comply with a condition mentioned in paragraph (1)(b); and (b) the trustee does not contravene the law, trust deed or rules by complying with such a condition.

Amendment history: Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)

s 238 — Financial assistance to be repaid in certain circumstances

(1) The trustee, or the trustees, of a fund for which a grant of financial assistance has been made are liable to repay to the Commonwealth the amount of the financial assistance or such part of that amount as the Minister determines if: (a) a condition to which the grant of the financial assistance was subject has been contravened; or (b) the grant of the financial assistance is subject to a condition that a particular event does not occur and that event has occurred. (2) The Minister is to determine the manner in which repayments of financial assistance are to be made. (3) If the trustee, or the trustees, of a fund are liable to pay an amount to the Commonwealth under subsection (1), the Commonwealth may recover the amount as a debt.

s 239 — Minister may remit liability

The Minister may remit the whole or a part of the liability of a trustee of a fund under section 238.

s 240 — Repayable grant to have priority over other debts

Despite any other law of the Commonwealth or any law of a State or Territory, an amount payable to the Commonwealth by a trustee of a fund under section 238 has priority over all other debts (whether preferential, secured or unsecured).

s 241 — Object of this Part

The object of this Part is: (a) to provide for the authorisation of RSE licensees to operate eligible rollover funds; and (b) to impose additional obligations on trustees, and directors of corporate trustees, in relation to eligible rollover funds; and (c) to provide a facility for the payment of benefits to eligible rollover funds.

Amendment history: Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Repealed and substituted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242 — Interpretation

In this Part: fund means a regulated superannuation fund.

Amendment history: Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242A — Application for authority to operate an eligible rollover fund

Who may apply? (1) An RSE licensee of a prescribed class may apply to APRA for authority to operate a regulated superannuation fund as an eligible rollover fund. Requirements for applications (2) An application for authority to operate a regulated superannuation fund as an eligible rollover fund must: (a) be in the approved form; and (b) contain the information required by the approved form; and (c) state the RSE licensee’s and the fund’s ABNs; and (d) be accompanied by an election made in accordance with each of the following sections: (i) section 242B; (ii) section 242C. (3) If: (a) an RSE licensee applies for authority to operate a regulated superannuation fund as an eligible rollover fund; and (b) after the application is made, but before APRA decides the application, information contained in the application ceases to be correct; the RSE licensee must give APRA the correct information, in writing, as soon as practicable after the information in the application ceases to be correct. (4) An application is taken not to comply with this section if subsection (3) is contravened. Note: APRA cannot give authority to operate a regulated superannuation fund as an eligible rollover fund while the application does not comply with this section: see paragraph 242F(1)(a). (4A) An application for authority to operate a regulated superannuation fund as an eligible rollover fund must not be made on or after the day Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 commences. Lapsed applications (5) An application for authority lapses if: (a) it was made by an RSE licensee; and (b) the RSE licensee ceases to be an RSE licensee, or an RSE licensee of a class prescribed for the purposes of subsection (1), before: (i) APRA makes a decision on the application for authority; or (ii) if APRA’s decision with respect to the application is subject to review under this Act—the review is finally determined or otherwise disposed of.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 24 of 2021, effective sch 1 (items 16, 17): 23 Mar 2021 (s 2(1) item 2)

s 242B — Election to transfer amounts held in eligible rollover fund if authorisation cancelled

An RSE licensee that applies for authority to operate a regulated superannuation fund as an eligible rollover fund makes an election in accordance with this section if: (a) the RSE licensee elects: (i) to take the action required under the prudential standards in relation to amounts held in the eligible rollover fund, if the authority to operate the fund as an eligible rollover fund is cancelled under subsection 242J(1); and (ii) to do so before the end of a period of 90 days beginning on the day on which notice of the cancellation is given to the RSE licensee under subsection 242J(3); and (b) the election is in writing; and (c) the election is in the approved form.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242C — Election not to charge members of eligible rollover fund for payment of conflicted remuneration

(1) An RSE licensee that applies for authority to operate a regulated superannuation fund as an eligible rollover fund makes an election in accordance with this section if: (a) the RSE licensee elects that, if the authority is given, the RSE licensee will not charge any member of the fund a fee all or part of which relates directly or indirectly to costs incurred by a trustee or the trustees of the fund: (i) in paying conflicted remuneration to a financial services licensee, or a representative of a financial services licensee; or (ii) in paying an amount to another person that a trustee of the fund knows, or reasonably ought to know, relates to conflicted remuneration paid by that other person to a financial services licensee, or a representative of a financial services licensee; and (b) the election is in writing; and (c) the election is in the approved form. (2) In this section: conflicted remuneration has the same meaning as in the Corporations Act 2001 , subject to the extension of that meaning in subsection (3). representative , of a financial services licensee, has the same meaning as in the Corporations Act 2001 . (3) In this section, conflicted remuneration also has the meaning it would have if: (a) financial product advice provided to the RSE licensee mentioned in subsection (1) by a financial services licensee, or a representative of a financial services licensee, mentioned in subparagraph (1)(a)(i) or (ii) were provided to the RSE licensee as a retail client; and (b) financial product advice provided to the other person mentioned in subparagraph (1)(a)(ii) by a financial services licensee, or a representative of a financial services licensee, mentioned in that subparagraph were provided to the other person as a retail client.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 76 of 2023, effective sch 2 (items 708 ‑ 722): 20 Oct 2023 (s 2(1) item 2) sch 6 (items 1, 37, 38): 21 Sept 2023 (s 2(1) items 20, 22)

s 242D — APRA may request further information

APRA may give an RSE licensee that has applied for authority to operate a regulated superannuation fund as an eligible rollover fund a notice requesting the RSE licensee to give APRA, in writing, specified information relating to the application. Note: A failure to give the requested information delays the time within which APRA must decide the application: see paragraph 242E(1)(b).

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242E — Period for deciding applications for authority

(1) APRA must decide an application by an RSE licensee for authority to operate a regulated superannuation fund as an eligible rollover fund: (a) within 60 days after receiving the application; or (b) if the applicant was requested to provide information under section 242D—within 60 days after: (i) receiving from the RSE licensee all of the information the RSE licensee was requested to provide under that section; or (ii) all notices relating to that information being disposed of; unless APRA extends the period for deciding the application under subsection (2). (2) APRA may extend the period for deciding an application by an RSE licensee for authority to operate a regulated superannuation fund as an eligible rollover fund by up to 60 days if APRA informs the RSE licensee of the extension: (a) in writing; and (b) within the period in which it would otherwise be required to decide the application under subsection (1). (3) If APRA extends the period for deciding an application for authority to operate a regulated superannuation fund as an eligible rollover fund, it must decide the application within the extended period. (4) If APRA has not decided an application for authority to operate a regulated superannuation fund as an eligible rollover fund by the end of the period by which it is required to decide the application, APRA is taken to have decided, at the end of the last day of that period, to refuse the application.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242F — Authority to operate an eligible rollover fund

(1) APRA must authorise an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund if, and only if: (a) the application for authority complies with section 242A; and (b) the applicant has provided to APRA all information that the applicant was requested, under section 242D, to provide, or the request has been disposed of; and (c) the fund is registered under Part 2B; and (d) the RSE licensee is of a class prescribed for the purposes of subsection 242A(1); and (e) APRA is satisfied that, under the governing rules of the fund: (i) the only purpose of the fund is to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; and (ii) a single diversified investment strategy is to be adopted in relation to all assets of the fund; and (f) APRA is satisfied that the RSE licensee is likely to comply with the enhanced trustee obligations for eligible rollover funds; and (g) APRA is satisfied that the directors of the RSE licensee are likely to comply with the enhanced director obligations for eligible rollover funds; and (h) APRA is satisfied that the RSE licensee is likely to comply with the general fees rules; and (i) APRA is satisfied that the RSE licensee is not likely to contravene section 242P. (2) Otherwise APRA must refuse to give the authority.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242G — Notice of authority

If APRA authorises an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund, APRA must notify the RSE licensee in writing of the authority.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242H — APRA to give notice of refusal of authority

If APRA refuses an application by an RSE licensee for authority to operate a regulated superannuation fund as an eligible rollover fund, APRA must take all reasonable steps to ensure that the RSE licensee is given a notice: (a) informing it of APRA’s refusal of the application; and (b) setting out the reasons for the refusal; as soon as practicable after refusing the application.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242J — Cancelling authority to operate eligible rollover fund

(1) APRA may, in writing, cancel an authority to operate a regulated superannuation fund as an eligible rollover fund. (2) Without limiting subsection (1), APRA may cancel an authority to operate a regulated superannuation fund as an eligible rollover fund if: (a) APRA is no longer satisfied that, under the governing rules of the fund: (i) the only purpose of the fund is to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; and (ii) a single diversified investment strategy is to be adopted in relation to all assets of the fund; or (b) APRA is no longer satisfied that the RSE licensee is likely to comply with the enhanced trustee obligations for eligible rollover funds (whether because of a previous failure to do so, or for any other reason); or (c) APRA is no longer satisfied that the directors of the RSE licensee are likely to comply with the enhanced director obligations for eligible rollover funds (whether because of a previous failure to do so, or for any other reason); or (d) APRA is no longer satisfied that the RSE licensee is likely to comply with the general fees rules (whether because of a previous failure to do so, or for any other reason); or (e) APRA is no longer satisfied that the RSE licensee is not likely to contravene section 242P (whether because of a previous contravention of that section, or for any other reason); or (f) the fund ceases to be registered under Part 2B; or (g) the RSE licensee ceases to be of a class prescribed for the purposes of subsection 242A(1); or (h) APRA is satisfied that the RSE licensee has contravened a provision of the governing rules of the eligible rollover fund; or (i) APRA is satisfied that the RSE licensee has failed to give effect to an election made in accordance with section 242C (election not to pass costs of conflicted remuneration to members of eligible rollover fund). (3) If APRA cancels an authority to operate a regulated superannuation fund as an eligible rollover fund it must take all reasonable steps to ensure that the RSE licensee is given a notice informing the RSE licensee: (a) that APRA has cancelled the authority; and (b) of the reasons for the cancellation.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242K — Additional obligations of a trustee in relation to an eligible rollover fund

Each trustee of an eligible rollover fund must promote the financial interests of the beneficiaries of the fund, in particular returns to those beneficiaries (after the deduction of fees, costs and taxes).

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242L — Additional obligations of a director of a corporate trustee in relation to an eligible rollover fund

(1) Each director of a corporate trustee of an eligible rollover fund must exercise a reasonable degree of care and diligence for the purposes of ensuring that the corporate trustee carries out the obligations referred to in section 242K. (2) The reference in subsection (1) to a reasonable degree of care and diligence is a reference to the degree of care and diligence that a superannuation entity director would exercise in the corporate trustee’s circumstances.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242M — Contravention of section 242K or 242L

(1) A person must not contravene section 242K or 242L. (2) Subsection (1) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, that subsection. (3) A contravention of subsection (1) does not result in the invalidity of a transaction.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242N — Governing rules void to the extent that they are inconsistent with obligations under section 242K or 242L

A provision of the governing rules of an eligible rollover fund is void to the extent that it is inconsistent with: (a) the obligations that apply to a trustee of the fund under section 242K; or (b) the obligations that apply to the directors of a corporate trustee of the fund under section 242L.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242P — Operating a fund as an eligible rollover fund when not authorised to do so

(1) A person commits an offence if: (a) the person makes a representation; and (b) the representation is that a regulated superannuation fund is an eligible rollover fund; and (c) the RSE licensee for the fund does not have authority to operate the fund as an eligible rollover fund. Penalty: 60 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties. (2) Subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code .

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242Q — Prudential standards dealing with amounts held in eligible rollover funds

A prudential standard determined under section 34C may include provisions: (a) requiring an RSE licensee whose authority to operate a regulated superannuation fund as an eligible rollover fund is cancelled under subsection 242J(1) to transfer any amounts held in the eligible rollover fund to a regulated superannuation fund that: (i) is an eligible rollover fund; or (ii) offers a MySuper product; and (b) setting out the requirements that must be met in relation to the transfer of such amounts; and (c) dealing with other matters relating to such amounts.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 242R — No liability for giving effect to a section 242B election

A trustee of a regulated superannuation fund is not subject to any liability to a member of the fund for an action taken to give effect to an election made in accordance with section 242B.

Amendment history: Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)

s 243 — Payment of benefits to eligible rollover fund

When section applies (1) This section applies at a particular time if: (a) a person (the first person ) is a beneficiary of a fund (the transferor fund ); and (b) the time is after the date specified in the regulations; and (c) the conditions specified in the regulations are satisfied. Application to eligible rollover fund (2) A trustee of the transferor fund may apply to a trustee of an eligible rollover fund, on behalf of the first person, for the issue to the first person of a superannuation interest in the eligible rollover fund. (2A) The application must not be made on or after the later of: (a) 1 May 2021; and (b) the seventh day after the day Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 commences. Consideration for issue (3) The application is to be made on the basis that: (a) the consideration for the issue is to be paid, on behalf of the first person, by a trustee of the transferor fund; and (b) the amount of the consideration is equal to the amount ascertained in accordance with the regulations; and (c) a trustee of the transferor fund is not entitled to recover the consideration from the first person (except as a result of the operation of subsection (5)). Authorisation by beneficiary (4) The first person is taken to have authorised: (a) the trustee of the transferor fund who made the application to make the application; and (b) the trustee of the transferor fund who paid the consideration to pay the consideration. This rule has effect despite any direction to the contrary by the first person. Beneficiary ceases to have rights against transferor fund etc. (5) If the superannuation interest is issued in accordance with the application: (a) the first person ceases to have rights against the transferor fund; and (b) if: (i) immediately before the interest was issued in accordance with the application, another person (the second person ) had a contingent right against the transferor fund to a death or disability benefit; and (ii) the contingent right was derived from the first person’s capacity as a beneficiary of the transferor fund; the second person ceases to have the contingent right against the transferor fund. To avoid doubt, a reference in paragraph (a) to a right against the transferor fund includes a reference to a contingent right to a death or disability benefit. Governing rules overridden (6) This section has effect despite anything in the governing rules of the transferor fund.

Amendment history: Repealed and substituted by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 24 of 2021, effective sch 1 (items 16, 17): 23 Mar 2021 (s 2(1) item 2)

s 244 — Operating standards for transferor funds—information and records

When section applies (1) This section applies if an application is made under section 243 by a trustee of a fund (the transferor fund ) to a trustee of an eligible rollover fund, on behalf of a person, for the issue to the person of a superannuation interest in the eligible rollover fund. Operating standards (2) Without limiting, by implication, the generality of the standards that may be prescribed under section 31 or 32, those standards may include standards relating to the following matters: (a) requiring a trustee of the transferor fund to give to a trustee of the eligible rollover fund such information about the person as is specified in the standards; (b) requiring each trustee of the transferor fund to ensure that a record of the application is kept and retained.

Amendment history: Repealed and substituted by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 248 — Claims for benefits

(1) This section applies to a benefit held by an eligible rollover fund, where the superannuation interest to which the benefit relates was issued pursuant to an application under section 243 of this Act or section 89 of the Retirement Savings Accounts Act 1997 . (2) A person who considers that he or she is entitled to the benefit may apply in the approved form to a trustee of the fund for payment of the benefit. Note: The approved form of application may require the person to set out his or her tax file number. See subsection 299U(6).

Amendment history: Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Repealed and substituted by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 62 of 1997, effective Sch 4: 2 June 1997 (s 2) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 249 — Object of Part

The object of this Part is to provide for certain transitional measures relating to pre ‑ 1 July 1995 automatic rollovers of benefits between funds.

Amendment history: Repealed and substituted by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2)

s 250 — Definitions

In this Part: eligible transitional fund means a fund that was, at any time before 1 July 1995, an eligible rollover fund within the meaning of old Part 24. fund means a regulated superannuation fund or an approved deposit fund. old Part 24 means Part 24 as in force at any time before 1 July 1995.

Amendment history: Repealed and substituted by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2)

s 251 — Rights of beneficiary to rolled ‑ over benefits

(1) If a fund has paid in accordance with old Part 24 to an eligible transitional fund an amount equal to the benefits of a beneficiary in the first ‑ mentioned fund: (a) the beneficiary ceases to have any rights against the first ‑ mentioned fund in respect of those benefits; but (b) has the corresponding rights against the eligible transitional fund in respect of those benefits. (2) For the purposes of this section, a mere contingent right to a death or disability benefit is taken not to be a right in respect of the first ‑ mentioned benefits. (3) Subsection (2) is enacted for the avoidance of doubt.

Amendment history: Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2)

s 252 — Claims to rolled ‑ over benefits

A person who considers that, as a result of paragraph 251(1)(b), he or she is entitled to benefits held by an eligible transitional fund may apply in the approved form to a trustee of that fund for payment of the benefits. Note: The approved form of application may require the person to set out his or her tax file number. See subsection 299U(7).

Amendment history: Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31)

s 252A — APRA or Commissioner of Taxation may request certain information

Notice may be given (1) APRA or the Commissioner of Taxation may give a written notice under this section to a trustee of a regulated superannuation fund if APRA or the Commissioner of Taxation, as the case requires, considers that the fund has no more than 6 members. Information that may be requested (2) The notice may require each trustee of the fund, within a specified period (which must not be shorter than 21 days), to ensure that APRA or the Commissioner of Taxation is informed: (a) whether or not the fund was a self managed superannuation fund as at the date (the response date ) on which APRA or the Commissioner of Taxation was so informed; or (b) if the fund was not a self managed superannuation fund as at the response date—whether the trustee, or the trustees, of the fund consider that the fund is likely to become a self managed superannuation fund within the period specified in the notice; and (c) if the fund was a self managed superannuation fund as at the response date—whether the trustee, or the trustees, of the fund consider that the fund is likely to cease to be a self managed superannuation fund within the period specified in the notice. Offence (3) A person who contravenes subsection (2) commits an offence punishable on conviction by a fine not exceeding 50 penalty units. Strict liability (4) An offence under subsection (3) is an offence of strict liability.

Amendment history: Inserted by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 47 of 2021, effective sch 1 (items 1, 2, 10 ‑ 34): 1 July 2021 (s 2(1) item 1)

s 252D — Definition

In this Division: commencement day means the day on which section 1 of the Superannuation Legislation Amendment Act (No. 3) 1999 commenced.

s 252E — Instruments made or issued by APRA or by the Commissioner of Taxation

Instruments made by APRA (1) An instrument that: (a) relates to a superannuation fund; and (b) was in force immediately before a particular time (the switching time ); and (c) was made or issued (whether before, on or after the commencement day) by APRA under a provision of this Act that: (i) immediately before the switching time, was administered by APRA in relation to the fund; and (ii) as at the switching time, is administered by the Commissioner of Taxation in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been made or issued by the Commissioner of Taxation. Instruments made by Commissioner of Taxation (2) An instrument that: (a) relates to a superannuation fund; and (b) was in force immediately before a particular time (the switching time ); and (c) was made or issued by the Commissioner of Taxation under a provision of this Act that: (i) immediately before the switching time, was administered by the Commissioner of Taxation in relation to the fund; and (ii) as at the switching time, is administered by APRA in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been made or issued by APRA. Instruments for a limited period (3) If an instrument referred to in this section was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the switching time. Instruments not in operation (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but is not yet in operation.

s 252F — Obligations owed by or to APRA or the Commissioner of Taxation

(1) Subject to section 252G, an obligation that: (a) relates to a superannuation fund; and (b) was owed by APRA, or to APRA, immediately before a particular time (the switching time ); and (c) was owed (whether before, on or after the commencement day) under a provision of this Act that: (i) immediately before the switching time, was administered by APRA in relation to the fund; and (ii) as at the switching time, is administered by the Commissioner of Taxation in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been owed by, or to, the Commissioner of Taxation. Rights and powers of APRA (2) Subject to section 252G, a right or power that: (a) relates to a superannuation fund; and (b) was possessed by, or conferred on, APRA immediately before a particular time (the switching time ); and (c) was possessed or conferred (whether before, on or after the commencement day) under a provision of this Act that: (i) immediately before the switching time, was administered by APRA in relation to the fund; and (ii) as at the switching time, is administered by the Commissioner of Taxation in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been possessed by, or conferred on, the Commissioner of Taxation. Obligations owed by, or to, the Commissioner of Taxation (3) An obligation that: (a) relates to a superannuation fund; and (b) was owed by the Commissioner of Taxation, or to the Commissioner of Taxation, immediately before a particular time (the switching time ); and (c) was owed under a provision of this Act that: (i) immediately before the switching time, was administered by the Commissioner of Taxation in relation to the fund; and (ii) as at the switching time, is administered by APRA in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been owed by, or to, APRA. Rights and powers of the Commissioner of Taxation (4) A right or power that: (a) relates to a superannuation fund; and (b) was possessed by, or conferred on, the Commissioner of Taxation immediately before a particular time (the switching time ); and (c) was possessed or conferred under a provision of this Act that: (i) immediately before the switching time, was administered by the Commissioner of Taxation in relation to the fund; and (ii) as at the switching time, is administered by APRA in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been possessed by, or conferred on, APRA.

s 252G — Outstanding annual returns and amounts

Outstanding annual returns etc.—self managed funds (1) If: (a) a superannuation fund was a self managed superannuation fund at either of the following times: (i) the end of the last day of a designated year of income; or (ii) if the fund ceased to exist during a designated year of income—the time at which the fund ceased to exist; and (b) at that time, a trustee of the fund was under an obligation to ensure that APRA is given an annual return in respect of a previous year of income, or any other report or information under this Act or the Financial Sector (Collection of Data) Act 2001 ; each trustee of the fund is taken (subject to any later application of this section) to be under an obligation, beginning immediately after that time, to ensure that the annual return, report or information is given to the Commissioner of Taxation. The annual return, report or information is to be given in the approved form. Note: This provision only affects annual returns outstanding from years before the designated year of income. A trustee will still be required to submit a return under section 36A for the designated year of income (and also under the Financial Sector (Collection of Data) Act 2001 if the fund changed status during the designated year of income). Levy will be payable on lodgment of any such return. Outstanding annual returns etc.—other funds (2) If: (a) a superannuation fund was a fund other than a self managed superannuation fund at either of the following times: (i) the end of the last day of a designated year of income; or (ii) if the fund ceased to exist during a designated year of income—the time at which the fund ceased to exist; and (b) at that time, a trustee of the fund was under an obligation to ensure that the Commissioner of Taxation is given an annual return in respect of a previous year of income, or any other report or information under this Act; each trustee of the fund is taken (subject to any later application of this section) to be under an obligation, beginning immediately after that time, to ensure that the annual return, report or information is given to APRA. The annual return, report or information is to be given in the approved form. Note: This provision only affects annual returns outstanding from years before the designated year of income. A trustee will still be required to submit a return under the Financial Sector (Collection of Data) Act 2001 for the designated year of income (and also under section 36A if the fund changed status during the designated year of income). Levy will be payable on lodgment of any such return. Outstanding levy—self managed funds (3) If: (a) a superannuation fund was a self managed superannuation fund at either of the following times: (i) the end of the last day of a designated year of income; or (ii) if the fund ceased to exist during a designated year of income—the time at which the fund ceased to exist; and (b) at that time, an amount was payable by the trustee, or the trustees, of the superannuation fund to APRA on behalf of the Commonwealth under a prescribed Act in respect of a previous year of income; then: (c) the amount is taken (subject to any later application of this section) to be payable by the trustee, or the trustees, of the superannuation fund, immediately after the that time, to the Commissioner of Taxation on behalf of the Commonwealth; and (d) the Commissioner of Taxation has the same power to waive or remit the amount as APRA would have had if this subsection had not been enacted. Outstanding levy—other funds (4) If: (a) a superannuation fund was a fund other than a self managed superannuation fund at either of the following times: (i) the end of the last day of a designated year of income; or (ii) if the fund ceased to exist during a designated year of income—the time at which the fund ceased to exist; and (b) at that time, an amount was payable by the trustee, or the trustees, of the superannuation fund to the Commissioner of Taxation under a prescribed Act in respect of a previous year of income; then: (c) the amount is taken (subject to any later application of this section) to be payable by the trustee, or the trustees, of the superannuation fund, immediately after that time, to APRA on behalf of the Commonwealth; and (d) APRA has the same power to waive or remit the amount as the Commissioner of Taxation would have had if this subsection had not been enacted. Regulations (5) The regulations may prescribe exceptions to the rules set out in subsections (1) to (4), including, but not limited to the following: (a) prescribing that, in specified circumstances, a trustee of a superannuation fund is taken to be under an obligation to give a return, report or information to APRA rather than to the Commissioner of Taxation, or to the Commissioner of Taxation rather than to APRA; (b) prescribing that, in specified circumstances, an amount is taken to be payable by a trustee of a superannuation fund to APRA rather than to the Commissioner of Taxation, or to the Commissioner of Taxation rather than to APRA. Definitions (6) In this section: amount means an amount of levy or an amount of late payment penalty. designated year of income means the 1999 ‑ 2000 year of income or a later year of income. prescribed Act means the following: (a) the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 ; (b) the Financial Institutions Supervisory Levies Collection Act 1998 ; (c) any other Act prescribed by the regulations for the purposes of this paragraph.

Amendment history: Inserted by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 252H — Regulations

The regulations may deal with other transitional matters arising from the enactment of the Superannuation Legislation Amendment Act (No. 3) 1999.

Amendment history: Inserted by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3))

s 253 — Objects of Part

The objects of this Part are: (a) to ensure that the Regulator has sufficient power to monitor superannuation entities, approved SMSF auditors and audits of self managed superannuation funds (Division 2); and (aa) to ensure that the Regulator has sufficient power to monitor employers’ compliance with Part 3B (superannuation data and payment regulations and standards) (Division 2); and (b) to empower the Regulator to require the trustee, or the trustees, of a superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity (Division 3); and (c) to authorise the Regulator to conduct an investigation of the whole or a part of the affairs of a superannuation entity or approved SMSF auditor, or the conduct of an audit of a self managed superannuation fund, (Divisions 4, 5, 6, 7, 8 and 9); and (d) to authorise the Regulator to accept written undertakings and to apply to the Court for an order remedying breaches of such undertakings. Note 1: Sections 254, 254A and 264, and Division 3, apply only to monitoring or investigating superannuation entities. They do not apply to monitoring or investigating approved SMSF auditors or to the conduct of audits of self managed superannuation funds. Note 2: ASIC’s powers and duties as the Regulator under sections 255 and 256 apply only to monitoring superannuation entities: see subsection 5(4). They do not apply to monitoring approved SMSF auditors or to the conduct of audits of self managed superannuation funds. Note 3: The Commissioner of Taxation’s powers and duties as the Regulator under Divisions 4 to 8 (other than section 285) apply only to investigating superannuation entities: see subsection 5(5). However, this does not affect any powers and duties the Commissioner of Taxation has under this Part in relation to contributing employers: see subsection 5(6).

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 21 of 2015, effective sch 7 (items 29 ‑ 31): 20 Mar 2015 (s 2(1) item 15) | Amended by No 135 of 2020, effective sch 8: 1 July 2021 (s 2(1) item 9) sch 9 (items 1 ‑ 27, 61 ‑ 66): 1 Jan 2021 (s 2(1) item 10) | Amended by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)

s 253A — Notices may be given to former relevant persons

Any provision of this Part that empowers a notice to be given to a relevant person in relation to a fund, trust or approved SMSF auditor, or in relation to an audit of a self managed superannuation fund, also empowers such a notice to be given to a person who has at any time been a relevant person in relation to the fund, trust, auditor or audit.

Amendment history: Inserted by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 254 — Information to be given on establishment of superannuation entity

(1) After a superannuation entity is established, each trustee of the superannuation entity must ensure that the information (if any) mentioned in subsection (2A) is given to the person or body mentioned in subsection (2B) in accordance with subsection (2). Note: Section 166 imposes an administrative penalty for a contravention of subsection (1) of this section in relation to a self managed superannuation fund. (2) The information must be given: (a) in the approved form (if any); and (b) no later than: (i) the end of the period, starting immediately after the establishment of the superannuation entity, prescribed by the regulations for the purposes of this subparagraph; or (ii) if no period is prescribed—7 days after the establishment of the superannuation entity. (2A) The information that must be given is: (a) the information that the approved form (if any) requires to be included; or (b) if there is no approved form—the information prescribed by the regulations for the purposes of this paragraph in relation to the superannuation entity. Note: The information may include the tax file number of the entity. See subsections 299U(8) and (8A). (2B) The information must be given to: (a) the person or body prescribed by the regulations for the purposes of this paragraph in relation to the superannuation entity; or (b) if no person or body is prescribed in relation to the superannuation entity—the Commissioner of Taxation. Receipt (3) If a trustee of a superannuation entity gives information to a person or body under subsection (1), the person or body must give to the trustee a written statement that the information has been received. Offences (4) A trustee commits an offence if the trustee contravenes subsection (1). Penalty: 50 penalty units. (5) A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability. Penalty: 25 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 .

Amendment history: Amended by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)

s 254A — Information to be given to Regulator

The Regulator or an authorised person may, by written notice given to a trustee of a superannuation entity, require each trustee of the entity to ensure that, within a specified period, the Regulator or an authorised person is given, in relation to a specified year of income of the entity: (a) such information; or (b) a report on such matters; as is set out in the notice. Note 1: The information may include the tax file number of the entity. See subsection 299U(9). Note 2: Failure to comply with the requirement is an offence. See section 285.

Amendment history: Inserted by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)

s 255 — Regulator may require production of books

(1) For the purposes of this Act, the Regulator or an authorised person may, by written notice to: (a) a relevant person in relation to a superannuation entity or approved SMSF auditor; or (b) a relevant person in relation to an audit of a self managed superannuation fund; or (c) a contributing employer; require the relevant person, or the contributing employer, to produce to the Regulator or an authorised person, at such reasonable time and reasonable place as are specified in a notice, any books relating to the affairs of the entity, auditor or audit, or to the obligations of the contributing employer under Part 3B. (2) If any book produced to the Regulator or an authorised person under subsection (1) is not in writing in the English language, the Regulator or an authorised person may require the relevant person to produce to the Regulator or an authorised person a version of the book that is in writing in the English language. (3) The Regulator or an authorised person may inspect, take extracts from and make copies of any book, or of any version of any book, produced to the Regulator or an authorised person under this section. (4) The powers of the Regulator or an authorised person under this section may be exercised in relation to a superannuation entity or an approved SMSF auditor, or in relation to an audit of a self managed superannuation fund, even though an investigation is being conducted, under section 263, of: (a) the whole or a part of the affairs of the entity or auditor; or (b) the whole or a part of the conduct of the audit.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 256 — Access to premises

(1) For the purposes of this Act, an authorised person may enter, at any reasonable time, any premises at which the person has reason to believe books are kept relating to: (a) the affairs of a superannuation entity or approved SMSF auditor; or (b) the conduct of an audit of a self managed superannuation fund; or (c) the obligations of a contributing employer under Part 3B. (1A) The authorised person may: (a) inspect any book found on the premises: (i) that relates to those affairs, the conduct of that audit or those obligations; or (ii) that the authorised person believes on reasonable grounds to relate to those affairs, the conduct of that audit or those obligations; and (b) make copies of, or take extracts from, any such book. (2) An authorised person may not, under subsection (1), enter premises unless the occupier of the premises has consented to the entry.

Amendment history: Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 256A — Alternative constitutional basis

Without limiting its effect apart from this section, this Part also has the effect it would have if each reference to a contributing employer were, by express provision, confined to a contributing employer that is a corporation to which paragraph 51(xx) of the Constitution applies.

Amendment history: Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 257 — Investigation of financial position of superannuation entity

(1) APRA may, by written notice given to a trustee of a superannuation entity, require the trustee, or the trustees, of the entity to appoint an individual, or a committee of individuals, to: (a) carry out an investigation of the whole or a specified part of the financial position of the entity as at a specified time or in relation to a specified period; and (b) make a report on that investigation. (2) Each trustee of the entity must ensure that a copy of the notice is given to the individual or to each member of the committee (whichever is relevant) within 3 days of the appointment of the individual or member.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 258 — Qualifications of investigator or investigators

(1) If APRA’s notice requires the appointment of a single person, the notice may specify qualifications (whether academic, professional or by way of experience) that must be held by the person. (2) If APRA’s notice requires the appointment of a committee of persons, the notice may require that the committee consist of persons holding such respective qualifications (whether academic, professional or by way of experience) as are specified in the notice. (3) If APRA’s notice includes a requirement of a kind mentioned in subsection (1) or (2), the person or persons appointed must hold the qualifications required by the notice.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)

s 259 — APRA may veto appointment of investigator or investigators

(1) Each trustee of the entity must ensure that, within 7 days after the date on which the notice was given, APRA is advised, in writing, of the name of the person or persons appointed. (2) If APRA notifies a trustee of the entity that the person is, or any or all of the persons are, not acceptable to APRA, the trustee, or trustees, of the entity must, within 7 days after the date on which the notice was given: (a) appoint a different individual or individuals; and (b) advise APRA, in writing, of the name of the individual or individuals so appointed. (3) APRA may, within 7 days after the advice was given under subsection (1) or (2), notify a trustee of the entity, in writing, that the person is, or that any or all of the persons are, not acceptable to APRA.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 260 — Deadline for receipt of report

(1) APRA’s notice under section 257 must specify a date as the deadline for the receipt of the report. (2) A person appointed to investigate and make a report under subsection 257(1) (whether as an individual or as a member of a committee) commits an offence if the report is not given to APRA: (a) before the expiry of the deadline; or (b) within such further time as APRA, by written notice, allows. Penalty: 100 penalty units. (3) A person appointed to investigate and make a report under subsection 257(1) (whether as an individual or as a member of a committee) commits an offence if the report is not given to APRA: (a) before the expiry of the deadline; or (b) within such further time as APRA, by written notice, allows. 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 .

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6)

s 261 — Contents of report etc.

(1) APRA’s notice under section 257 may require the report to contain a statement of the person’s opinion or the committee’s opinion, as the case may be, about such matters as are specified in the notice. (2) Subject to subsection (3), if APRA’s notice under section 257 includes a requirement of a kind mentioned in subsection (1) of this section, the person’s report or the committee’s report must contain a statement of the person’s opinion or the committee’s opinion, as the case may be, about the matters specified in the notice. (3) If the members of a committee are divided: (a) if the division relates to the content of a statement of the committee’s opinion about a particular matter—the committee’s report must contain statements of the respective members’ opinions about that matter; or (b) in any other case—the committee’s report is to be divided accordingly. (4) The report must be signed by the person or persons appointed.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)

s 262 — Trustee must comply with requirements

(1) A trustee commits an offence if the trustee contravenes a requirement imposed on the trustee by or under section 257, 258 or 259. Penalty: 100 penalty units. (2) A trustee commits an offence if the trustee contravenes a requirement imposed on the trustee by or under section 257, 258 or 259. 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 .

Amendment history: Repealed and substituted by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6)

s 262A — Acceptance and enforcement of undertakings

(1) The Regulator may accept a written undertaking given by a person in connection with a matter in relation to which the Regulator has a function or power under this Act, the regulations or the prudential standards. (2) The person may withdraw or vary the undertaking at any time, but only with the Regulator’s consent. (3) If the Regulator considers that the person who gave the undertaking has breached any of its terms, the Regulator may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (a) an order directing the person to comply with that term of the undertaking; (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; (d) any other order that the Court considers appropriate.

Amendment history: Inserted by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)

s 263 — Investigations of superannuation entities, approved SMSF auditors and the conduct of certain audits

(1) If it appears to the Regulator that: (a) a contravention of this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 may have occurred or be occurring in relation to a superannuation entity; or (b) the financial position of a superannuation entity may be unsatisfactory; or (d) the trustee, or the trustees, of a regulated superannuation fund or an approved deposit fund have refused or failed to give effect to a determination made under the AFCA scheme; the Regulator may, by written notice to a trustee of the entity, tell the trustee that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the entity. (1A) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred or be occurring in relation to an approved SMSF auditor, the Regulator may, by written notice to the auditor, tell the auditor that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the auditor. (1B) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred or be occurring in relation to the conduct of an audit of a self managed superannuation fund, the Regulator may, by written notice to a person who conducted, or who is conducting, the audit, tell the person that the Regulator proposes to conduct an investigation of the whole or a part of the conduct of the audit. (2) The following provisions of this Division apply: (a) in relation to a superannuation entity if a notice is given under subsection (1) to a trustee of the entity; (b) in relation to an approved SMSF auditor if a notice is given under subsection (1A) to the auditor; (c) in relation to a person who conducted, or who is conducting, an audit of a self managed superannuation fund, if a notice is given under subsection (1B) to the person. (3) To avoid doubt, this section applies to a superannuation entity, in the same way as this section applies to any other superannuation entity, if either of the following apply: (a) the superannuation entity is wound up, dissolved or terminated; (b) the trustee of the superannuation entity is or becomes: (i) if the trustee is a body corporate—a Chapter 5 body corporate (within the meaning of the Corporations Act 2001 ); or (ii) if the trustee is an individual—insolvent under administration.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 11 of 2016, effective sch 2 (item 315): 1 Mar 2017 (s 2(1) item 7) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) sch 1 (items 20 ‑ 25, 31(1), 43, 44), sch 2 (items 8 ‑ 11): 6 Mar 2018 (s 2(1) items 2, 4, 5, 7) sch 3 (items 20 ‑ 29, 32): 5 Mar 2022 (s 2(1) item 8)

s 264 — Power of Regulator to obtain information or freeze assets

Regulator may act to preserve values of interests (1) The Regulator may do any one or more of the things set out in subsections (2) to (4) if it appears to the Regulator that conduct that has been, is being, or is proposed to be, engaged in by a trustee or an investment manager of a superannuation entity is likely to: (a) if the Regulator intends to do a thing set out in subsection (2)—adversely affect the values of the interests of beneficiaries; or (b) otherwise—significantly adversely affect the values of the interests of the beneficiaries. (2) The Regulator may, by written notice given to a person who is a relevant person in relation to the entity, require the person, within a stated period, to give to the Regulator or to an authorised person such information, or a report on such matters, relating to the affairs of the entity as are set out in the notice. (3) The Regulator may, by written notice given to a trustee, direct the trustee, or the trustees, of the entity, subject to such conditions (if any) as are stated in the notice: (a) not to acquire assets on behalf of the entity; or (b) not to dispose of, or otherwise deal, or deal in a particular way, in: (i) any of the assets of the entity; or (ii) any of the assets of the entity included in a specified class of assets; or (iii) a specified asset or assets of the entity; until the notice is revoked or for a period, or until the occurrence of an event, referred to in the notice. Note: For example, the Regulator may direct a trustee not to make any withdrawals from a bank account without prohibiting the making of deposits to the credit of the account. (3A) The Regulator may, by written notice given to an investment manager of the entity, direct that person, subject to such conditions (if any) as are stated in the notice: (a) not to acquire assets on behalf of the entity; or (b) not to dispose of, or otherwise deal, or deal in a particular way, in: (i) any of the assets of the entity; or (ii) any of the assets of the entity included in a specified class of assets; or (iii) a specified asset or assets of the entity; until the notice is revoked or for a period, or until the occurrence of an event, referred to in the notice. Note: For example, the Regulator may direct an investment manager not to make any withdrawals from a bank account without prohibiting the making of deposits to the credit of the account. (4) The Regulator may, by written notice given to a person (other than a trustee or an investment manager) who has possession, custody or control of an asset or assets of the entity, direct the person, subject to such conditions (if any) as are stated in the notice, not to dispose of, or otherwise deal, or deal in a particular way, in: (a) if the person has possession, custody or control of a single asset—that asset; or (b) if the person has possession, custody or control of 2 or more assets: (i) any of those assets; or (ii) any of those assets that are included in a specified class of assets; or (iii) such of those assets as are identified in the notice; until the notice is revoked or for a period, or until the occurrence of an event, referred to in the notice. Note: For example, the Regulator may direct a person not to make any withdrawals from a bank account without prohibiting the making of deposits to the credit of the account. (4A) To avoid any doubt, the power of the Regulator under subsection (3), (3A) or (4) to direct a person not to deal in a particular way in assets of an entity includes power to direct a person not to remove from Australia assets of the entity that are in Australia. Effect of direction on validity of transactions (5) Subsection (3), (3A) or (4) does not affect the validity of a transaction entered into by a person in contravention of a notice given under that subsection.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11)

s 265 — Inspectors

(1) The Regulator may, in writing, appoint a member of staff of the Regulator, or a member of staff of another person or body referred to in the definition of Regulator in subsection 10(1), to be an inspector for the purposes of the conduct of investigations under this Division in relation to: (a) the affairs of superannuation entities and approved SMSF auditors; and (b) the conduct of audits of self managed superannuation funds. (2) The Regulator must cause to be issued to each person appointed under subsection (1) an identity card that sets out the name and appointment of the person and to which is attached a recent photograph of the person. (3) A person who was appointed under subsection (1) must not, upon ceasing to be an inspector, fail, without reasonable excuse, to return to the Regulator the identity card issued to him or her under this section. Penalty for a contravention of this subsection: One penalty unit. (4) Subsection (3) is an offence of strict liability. 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 .

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 135 of 2020, effective sch 8: 1 July 2021 (s 2(1) item 9) sch 9 (items 1 ‑ 27, 61 ‑ 66): 1 Jan 2021 (s 2(1) item 10)

s 266 — Delegation by inspector

(1) An inspector may, by signed writing, delegate to a member of the staff of the Regulator any of the inspector’s powers under this Part. (2) A delegate must, on the request of a person in relation to whom the delegated powers are exercisable or of a person affected by the exercise of those powers, produce the instrument of delegation, or a copy of the instrument, for inspection. (3) A reference in this Part to an inspector includes a reference to a delegate of an inspector.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)

s 267 — Regulator may exercise powers of inspector

The Regulator may exercise any of the powers of an inspector under this Part and, if he or she does so, then, for the purposes of the exercise of those powers by the Regulator, a reference in this Part to an inspector is taken to be a reference to the Regulator.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)

s 268 — Inspector may enter premises for purposes of an investigation

If an inspector believes on reasonable grounds that it is necessary to enter premises for the purposes of an investigation of the whole or a part of the affairs of a superannuation entity or approved SMSF auditor, or the conduct of an audit of a self managed superannuation fund, the inspector may, at any reasonable time, enter the premises and: (a) inspect any book found on the premises that relates to the affairs of the entity or auditor, or to the audit, or that he or she believes on reasonable grounds to relate to those affairs or that audit; and (b) make copies of, or take extracts from, any such book.

Amendment history: Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 269 — Inspector may require production of books

For the purposes of an investigation of the whole or a part of the affairs of a superannuation entity or approved SMSF auditor, or the conduct of an audit of a self managed superannuation fund, an inspector may, by written notice given to a person who: (a) is a relevant person in relation to the entity, auditor or audit; or (b) the inspector believes on reasonable grounds has the custody or control of any books relating to those affairs or that audit; require the person to produce all or any of those books to the inspector.

Amendment history: Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 270 — Powers of inspector to require assistance from, and examine, current and former relevant persons and other persons

An inspector may, by written notice given to a person: (a) who is, or has been, a relevant person in relation to: (i) a superannuation entity or approved SMSF auditor whose affairs or a part of whose affairs the Regulator is investigating; or (ii) an audit of a self managed superannuation fund the conduct of which, or a part of the conduct of which, the Regulator is investigating; or (b) who the inspector, on reasonable grounds, suspects or believes can give information relevant to the investigation of that entity, auditor or audit; require the person to do either or both of the following: (c) to give the inspector all reasonable assistance in connection with the investigation; (d) to appear before the inspector for examination concerning matters relevant to the investigation.

Amendment history: Repealed and substituted by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 271 — Application for warrant to seize books not produced

(1) If an inspector has reasonable grounds to suspect that there are, or may be within the next 3 days, on particular premises, books: (a) whose production has been required under this Part; and (b) that have not been produced in compliance with that requirement; he or she may: (c) lay before a magistrate an information or complaint on oath setting out those grounds; and (d) apply for the issue of a warrant to search the premises for those books. (2) On an application under this section, the magistrate may require further information to be given, either orally or by affidavit, in connection with the application. (3) The reference in subsection (1) to an inspector does not include: (a) an inspector that is appointed by ASIC; or (b) ASIC, where ASIC is exercising the powers of an inspector under section 267.

Amendment history: Amended by No 3 of 2020, effective sch 1 (items 24 ‑ 27): 18 Feb 2020 (s 2(1) item 1)

s 272 — Grant of warrant

Section applies if magistrate satisfied of certain things (1) This section applies if, on an application under section 271, the magistrate is satisfied that there are reasonable grounds to suspect that there are, or may be within the next 3 days, on particular premises, particular books: (a) whose production has been required under this Part; and (b) that have not been produced in compliance with that requirement. Issue of warrant (2) The magistrate may issue a warrant authorising: (a) a member of the Australian Federal Police named in the warrant; or (b) that member together with the inspector who applied for the issue of the warrant; with such assistance, and by such force, as is necessary and reasonable, to do the acts set out in subsection (3). Acts authorised by warrant (3) The acts are: (a) entering on or into the premises; and (b) searching the premises; and (c) breaking open and searching anything, whether a fixture or not, in or on the premises; and (d) taking possession of, or securing against interference, books that appear to be any or all of those books. Grounds for issuing warrant to be set out (4) If the magistrate issues such a warrant, he or she must set out on the information or complaint laid before him or her under subsection 271(1) for the purposes of the application: (a) which of the grounds set out in the information; and (b) particulars of any other grounds; he or she has relied on to justify the issue of the warrant. Contents of warrant (5) A warrant under this section must: (a) specify the premises and books referred to in subsection (1); and (b) state whether entry is authorised to be made at any time of the day or night or only during specified hours; and (c) state that the warrant ceases to have effect on a specified day that is not more than 7 days after the day of issue of the warrant.

s 273 — Powers if books produced or seized

Section applies if books produced, seized etc. (1) This section applies if: (a) books are produced to a person under a requirement made under this Part; or (b) under a warrant issued under section 272, or Division 2 of Part IAA of the Crimes Act 1914 , as applied under section 39D of the Australian Securities and Investments Commission Act 2001 , a person: (i) takes possession of books; or (ii) secures books against interference; or (c) because of a previous application of subsection (8) of this section, books are delivered into a person’s possession. (1A) However, if paragraph (1)(b) applies because of the operation of section 39D of the Australian Securities and Investments Commission Act 2001 , subsections (4), (5), (6), (7) and (8) do not apply. Possession in (1)(a) case (2) If paragraph (1)(a) applies, the person may take possession of any of the books. Power to inspect etc. (3) The person may inspect, and may make copies of, or take extracts from, any of the books. Power to use for proceedings (4) The person may use, or permit the use of, any of the books for the purposes of a proceeding. Retaining possession (5) The person may retain possession of any of the books for so long as is necessary: (a) for the purposes of exercising a power conferred by this section (other than this subsection and subsection (7)); or (b) for the purposes of the investigation; or (c) for a decision to be made about whether or not a proceeding to which the books concerned would be relevant should be begun; or (d) for such a proceeding to be begun and carried on. Claims or liens (6) No ‑ one is entitled, as against the person, to claim a lien on any of the books, but such a lien is not otherwise prejudiced. Right of inspection (7) While the books are in the person’s possession, the person must permit another person to inspect at all reasonable times such (if any) of the books as the other person would be entitled to inspect if they were not in the first ‑ mentioned person’s possession. Delivery into possession of Regulator etc. (8) Unless subparagraph (1)(b)(ii) applies, the person may deliver any of the books into the possession of the Regulator or of a person authorised by the Regulator to receive them. Explanation of matters relating to books (9) If paragraph (1)(a) or (b) applies, the person, or a person into whose possession the person delivers any of the books under subsection (8), may require: (a) if paragraph (1)(a) applies—a person who so produced any of the books; or (b) in any case—a person who was a party to the compilation of any of the books; to explain to the best of his or her knowledge and belief any matter about the compilation of any of the books or to which any of the books relate.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 3 of 2020, effective sch 1 (items 24 ‑ 27): 18 Feb 2020 (s 2(1) item 1)

s 274 — Powers if books not produced

If a person fails to produce particular books in compliance with a requirement made by another person under this Part, the other person may require the first ‑ mentioned person to state, to the best of his or her knowledge and belief: (a) where the books may be found; or (b) who last had possession, custody or control of the books and where that person may be found.

s 275 — Power to require person to identify property of superannuation entity

A person who has power under this Part to require another person to produce books relating to affairs of a superannuation entity may, whether or not that power is exercised, require the other person, so far as the other person can do so: (a) to identify property of the entity; and (b) to explain how a trustee or an investment manager of the entity has kept account of that property.

Amendment history: Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 276 — Application of Division

This Division applies if, pursuant to a requirement made under paragraph 270(d), a person (the examinee ) appears before an inspector.

Amendment history: Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5))

s 277 — Requirements made of an examinee

(1) The inspector may examine the examinee on oath or affirmation and may, for that purpose: (a) require the examinee either to take an oath or make an affirmation; and (b) administer an oath or affirmation to the examinee. (2) The oath or affirmation to be taken or made by the examinee for the purposes of the examination is an oath or affirmation that the statements that the examinee will make will be true. (3) The inspector may require the examinee to answer a question that is put to the examinee at the examination and is relevant to a matter that the Regulator is investigating, or is to investigate.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)

s 278 — Examination to be in private

(1) The examination is to take place in private and the inspector may give directions about who may be present during it, or during a part of it. (2) A person must not be present at the examination unless he or she: (a) is the inspector or the examinee; or (b) is a member of the staff of the Regulator authorised by the Regulator to attend the examination; or (c) is entitled to be present under: (i) a direction under subsection (1); or (ii) subsection 279(1). (3) A person who contravenes subsection (2) commits an offence punishable on conviction by a fine not exceeding 10 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: A defendant bears an evidential burden in relation to the matter in paragraphs (2)(a), (b) and (c) (see subsection 13.3(3) of the Criminal Code ).

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6)

s 279 — Examinee’s lawyer may attend

(1) The examinee’s lawyer may be present at the examination and may, at such times during it as the inspector determines: (a) address the inspector; and (b) examine the examinee; about matters about which the inspector has examined the examinee. (2) If, in the inspector’s opinion, a person is trying to obstruct the examination by exercising rights under subsection (1), the inspector may require the person to stop addressing the inspector, or examining the examinee, as the case requires.

s 280 — Record of examination

(1) The inspector must cause a written record to be made of statements made at the examination. (2) The inspector may require the examinee to read the written record, or to have it read to him or her, and may require him or her to sign it. (3) The inspector must give to the examinee a copy of the written record, without charge, but subject to such conditions (if any) as the inspector imposes.

s 281 — Giving copies of record to other persons

Copies for proceedings (1) If a person’s lawyer satisfies the Regulator that the person is carrying on, or is contemplating in good faith, a proceeding in respect of a matter to which the examination related, the Regulator may give the lawyer: (a) a copy of a written record of the examination; or (b) a copy of that record together with a copy of any related book. Copies to be used only for proceedings (2) If the Regulator gives a copy to a person under subsection (1), the person, or any other person who has possession, custody or control of the copy or a copy of it, must not, except in connection with preparing, beginning or carrying on, or in the course of, a proceeding, intentionally: (a) use the copy or a copy of it; or (b) publish, or communicate to a person, the copy, a copy of it, or any part of the copy’s contents. Penalty: Imprisonment for 6 months.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)

s 282 — Copies given subject to conditions

(1) If a copy is given to a person under subsection 280(3) subject to conditions, the person, and any other person who has possession, custody or control of the copy or a copy of it, must comply with the conditions. (2) A person who intentionally or recklessly contravenes this section commits an offence punishable on conviction by imprisonment for a period not exceeding 6 months. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Amendment history: Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6)

s 283 — Record to accompany report

(1) When a report about the investigation is prepared under section 284, each record (if any) of the examination is to accompany the report. (2) If: (a) in the Regulator’s opinion, a statement made at an examination is relevant to any other investigation under Division 4; and (b) a record of the statement was made under section 280; and (c) a report about the other investigation is prepared under section 284; a copy of the record must accompany the report.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)

s 284 — Report of inspector

(1) An inspector must, on completion or termination of an investigation, prepare a report about the investigation. (2) The report must set out: (a) the inspector’s findings about the matters investigated; and (b) the evidence and other material on which these findings were based; and (c) such other matters relating to or arising out of, the investigation as the inspector thinks fit. (3) The Regulator: (a) must give a copy of the report to: (i) each trustee of the superannuation entity to which the investigation related; or (ii) the approved SMSF auditor to whom the investigation related; or (iii) the person who conducted, or is conducting, the audit to which the investigation related; and (b) if the report, or a part of the report, relates to the affairs of another person to a material extent—may, on the Regulator’s own initiative or at the request of that person, give a copy of the report or part of that report, to that person; and (c) if the report, or a part of the report, relates to a contravention of a law of the Commonwealth, of a State or of a Territory—may give a copy of the whole or a part of the report to: (i) the Australian Federal Police; or (ii) the Chief Executive Officer of the Australian Crime Commission; or (iii) the Director of Public Prosecutions; or (iv) a prescribed agency. (4) APRA and ASIC must give each other a copy of any reports they prepare under this section. (5) ASIC and the Commissioner of Taxation must give each other a copy of any report they prepare under this section in relation to: (a) a self managed superannuation fund; or (b) an approved SMSF auditor; or (c) a person who conducted, or is conducting, an audit of a self managed superannuation fund.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 125 of 2002, effective Sch 2 (item 124): 1 Jan 2003 (s 2(1) item 6) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 285 — Compliance with requirements made under this Act

A person must not intentionally or recklessly refuse or fail to comply with a requirement of the Regulator, an authorised person or an inspector under this Act. Penalty: (a) in respect of a requirement under subsection 264(3), (3A) or (4)—imprisonment for 2 years; or (b) otherwise—30 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Repealed and substituted by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Repealed and substituted by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 286 — Concealing books relevant to investigation

A person who knows that the Regulator is investigating, or is about to investigate, a matter must not, with intent to delay or obstruct the investigation or proposed investigation: (a) in any case—conceal, destroy, mutilate or alter a book relating to that matter; or (b) if a book relating to that matter is in a particular State or Territory—take or send the book out of that State or Territory or out of Australia. Penalty: Imprisonment for 2 years.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5))

s 287 — Self ‑ incrimination

Self ‑ incrimination not a reasonable excuse (1) For the purposes of this Part, it is not a reasonable excuse for a person to refuse or fail: (a) to give information; or (b) to sign a record; or (c) to produce a book; in accordance with a requirement made of the person, that the information, signing the record or production of the book, as the case may be, might tend to incriminate the person or make the person liable to a penalty. Self ‑ incrimination as grounds for inadmissibility (2) Subsection (3) applies if: (a) before: (i) making an oral statement giving information; or (ii) signing a record; as required under this Part, a person claims that the statement or signing the record, as the case may be, might tend to incriminate the person or make the person liable to a penalty; and (b) the statement or signing the record, as the case may be, might in fact tend to incriminate the person or make the person liable to a penalty. (2A) Subsection (2) does not apply to a person that is a body corporate if the claim relates to a requirement made after the commencement of this subsection. Inadmissibility of statements etc. (3) Subject to subsection (4), none of the following: (a) the statement; (b) the fact that the person has signed the record; is admissible in evidence against the person in a criminal proceeding or a proceeding for the imposition of a penalty. Exceptions (4) Subsection (3) does not apply to admissibility in proceedings in respect of: (a) in the case of the making of a statement—the falsity of the statement; or (b) in the case of the signing of a record—the falsity of any statement contained in the record. (5) This section does not apply to a person who is a contributing employer if the requirement mentioned in subsection (1) relates to the obligations of the contributing employer under Part 3B.

Amendment history: Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 288 — Legal professional privilege

(1) This section applies if: (a) under this Act, a person requires a lawyer: (i) to give information; or (ii) to produce a book; and (b) giving the information would involve disclosing, or the book contains, as the case may be, a privileged communication made by, on behalf of or to the lawyer in his or her capacity as a lawyer. (2) The lawyer is entitled to refuse to comply with the requirement unless: (a) if the person to whom, or by or on behalf of whom, the communication was made is a body corporate that is under administration or is being wound up—the administrator or the liquidator of the body; or (b) otherwise—the person to whom, or by or on behalf of whom, the communication was made; consents to the lawyer complying with the requirement. (3) If the lawyer so refuses, he or she must, as soon as practicable, give to the person who made the requirement a written notice setting out: (a) if the lawyer knows the name and address of the person to whom, or by or on behalf of whom, the communication was made—that name and address; and (b) if subparagraph (1)(a)(i) applies and the communication was made in writing—sufficient particulars to identify the document containing the communication; and (c) if subparagraph (1)(a)(ii) applies—sufficient particulars to identify the book, or the part of the book, containing the communication. (4) A person who intentionally or recklessly contravenes this section commits an offence punishable on conviction by a fine not exceeding 30 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Amendment history: Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 8 of 2007, effective Sch 4 (items 28–30): 15 Mar 2007 (s 2(1) item 44) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6)

s 289 — Powers of Court where non ‑ compliance with this Act

(1) This section applies if the Regulator is satisfied that a person has, without reasonable excuse, failed to comply with a requirement made under this Act. (2) The Regulator may by writing certify the failure to the Court. (3) If the Regulator does so, the Court may inquire into the case and may order the person to comply with the requirement as specified in the order.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)

s 290 — Statements made at an examination: proceedings against examinee

Admissibility of statements made at examination (1) Subject to this section, a statement that a person makes at an examination of the person is admissible in evidence against the person in a proceeding. Self ‑ incrimination exception (2) The statement is not admissible if: (a) the proceeding is: (i) a criminal proceeding; or (ii) a proceeding for the imposition of a penalty; other than a proceeding in respect of the falsity of the statement; and (b) the person is an individual who, before making the statement, claimed that it might tend to incriminate him or her or make him or her liable to a penalty. Irrelevant statement exception (3) The statement is not admissible if it is not relevant to the proceeding and the person objects to the admission of evidence of the statement. Related statement exception (4) The statement (the subject statement ) is not admissible if: (a) it is qualified or explained by some other statement made at the examination; and (b) evidence of the other statement is not tendered in the proceeding; and (c) the person objects to the admission of evidence of the subject statement. Legal professional privilege exception (5) The statement is not admissible if: (a) it discloses matter in respect of which the person could claim legal professional privilege in the proceeding if subsection (1) did not apply in relation to the statement; and (b) the person objects to the admission of evidence of the statement. Joint proceedings (6) Subsection (1) applies in relation to a proceeding against a person even if it is heard together with a proceeding against another person. Record is prima facie evidence (7) If a written record of an examination of a person is signed by the person under subsection 280(2) or authenticated in any other prescribed manner, the record is, in a proceeding, prima facie evidence of the statements it records. Admissibility of other evidence (8) This Part does not limit or affect the admissibility in the proceeding of other evidence to statements made at the examination.

Amendment history: Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5))

s 291 — Statements made at an examination: other proceedings

Admissibility of absent witness evidence (1) If direct evidence by a person (the absent witness ) of a matter would be admissible in a proceeding, a statement that the absent witness made at an examination of the absent witness and that tends to establish that matter is admissible in the proceeding as evidence of that matter in accordance with subsection (2). Requirement for admissibility (2) The statement is admissible: (a) if it appears to the court or tribunal that: (i) the absent witness is dead or is unfit, because of physical or mental incapacity, to attend as a witness; or (ii) the absent witness is outside the State or Territory in which the proceeding is being heard and it is not reasonably practicable to secure his or her attendance; or (iii) all reasonable steps have been taken to find the absent witness but he or she cannot be found; or (b) if it does not so appear to the court or tribunal—unless another party to the proceeding requires the party tendering evidence of the statement to call the absent witness as a witness in the proceeding and the tendering party does not so call the absent witness.

s 292 — Weight of evidence admitted under section 291

(1) This section applies if evidence of a statement made by a person at an examination of the person is admitted under section 291 in a proceeding. (2) In deciding how much weight (if any) to give to the statement as evidence of a matter, regard is to be had to: (a) how long after the matters to which it related the statement was made; and (b) any reason the person may have had for concealing or misrepresenting a material matter; and (c) any other circumstances from which it is reasonable to draw an inference about how accurate the statement is. (3) If the person is not called as a witness in the proceeding: (a) evidence that would, if the person had been so called, have been admissible in the proceeding for the purpose of destroying or supporting his or her credibility is so admissible; and (b) evidence is admissible to show that the statement is inconsistent with another statement that the person has made at any time. (4) However, evidence of a matter is not admissible under this section if, had the person been called as a witness in the proceeding and denied the matter in cross ‑ examination, evidence of the matter would not have been admissible if adduced by the cross ‑ examining party.

s 293 — Objection to admission of statements made at examination

Notice of intention to apply to admit evidence and statements (1) A party (the adducing party ) to a proceeding may, not less than 14 days before the first day of the hearing of the proceeding, give to another party to the proceeding written notice that the adducing party: (a) will apply to have admitted in evidence in the proceeding specified statements made at an examination; and (b) for that purpose, will apply to have evidence of those statements admitted in the proceeding. Notice to set out etc. statements (2) A notice under subsection (1) must set out, or be accompanied by writing that sets out, the specified statements. Notice of objection (3) Within 14 days after a notice is given under subsection (1), the other party may give to the adducing party a written notice: (a) stating that the other party objects to specified statements being admitted in evidence in the proceeding; and (b) specifying, in relation to each of those statements, the grounds of objection. Extension of objection period (4) The period prescribed by subsection (3) may be extended by the court or tribunal or by agreement between the parties concerned. Notice etc. to be given to court or tribunal (5) On receiving a notice given under subsection (3), the adducing party must give to the court or tribunal a copy of: (a) the notice under subsection (1) and any writing that subsection (2) requires to accompany that notice; and (b) the notice under subsection (3). Action by court or tribunal (6) If subsection (5) is complied with, the court or tribunal may either: (a) determine the objections as a preliminary point before the hearing of the proceeding begins; or (b) defer determination of the objections until the hearing. Right to object to admission of statement (7) If a notice has been given in accordance with subsections (1) and (2), the other party is not entitled to object at the hearing of the proceeding to a statement specified in the notice being admitted in evidence in the proceeding unless: (a) the other party has, in accordance with subsection (3), objected to the statement being so admitted; or (b) the court or tribunal gives the other party leave to object to the statement being so admitted.

s 294 — Copies of, or extracts from, certain books

(1) A copy of, or an extract from, a book relating to: (a) affairs of a superannuation entity or approved SMSF auditor; or (b) conduct of an audit of a self managed superannuation fund; is admissible in evidence in a proceeding as if the copy were the original book, or the extract were the relevant part of the original book, as the case may be, whether or not the copy or extract was made under section 273. (2) A copy of, or an extract from, a book is not admissible in evidence under subsection (1) unless it is proved that the copy or extract is a true copy of the book, or of the relevant part of the book, as the case may be. (3) For the purposes of subsection (2), a person who has compared: (a) a copy of a book with the book; or (b) an extract from a book with the relevant part of the book; may give evidence, either orally or by an affidavit or statutory declaration, that the copy or extract is a true copy of the book or relevant part, as the case may be.

Amendment history: Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 295 — Report under Division 6

Subject to section 296, if a copy of a report under Division 6 purports to be certified by the Regulator as a true copy of such a report, the copy is admissible in a proceeding (other than a criminal proceeding) as prima facie evidence of any facts or matters that the report states an inspector to have found to exist.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)

s 296 — Exceptions to admissibility of report

(1) This section applies if a party to a proceeding tenders a copy of a report as evidence against another party. (2) The copy is not admissible under section 295 in the proceeding as evidence against the other party unless the court or tribunal is satisfied that: (a) a copy of the report has been given to the other party; and (b) the other party, and the other party’s lawyer, have had a reasonable opportunity to examine that copy and to take its contents into account in preparing the other party’s case. (3) Before or after the copy referred to in subsection (1) is admitted in evidence, the other party may apply to cross ‑ examine, in relation to the report, a specified person who, or 2 or more specified persons each of whom: (a) was concerned in preparing the report or making a finding about a fact or matter that the report states the inspector to have found to exist; or (b) whether or not pursuant to a requirement made under this Part, gave information, or produced a book, on the basis of which, or on the basis of matters including which, such a finding was made. (4) The court or tribunal must grant an application made under subsection (3) unless it considers that, in all the circumstances, it is not appropriate to do so. (5) If: (a) the court or tribunal grants an application or applications made under subsection (3); and (b) a person to whom the application or any of the applications relates, or 2 or more such persons, is or are unavailable, or does not or do not attend, to be cross ‑ examined in relation to the report; and (c) the court or tribunal is of the opinion that to admit the copy under section 295 in the proceeding as evidence against the other party without the other party having the opportunity so to cross ‑ examine the person or persons would unfairly prejudice the other party; the court or tribunal must refuse so to admit the copy, or must treat the copy as not having been so admitted, as the case requires.

s 297 — Material otherwise admissible

Nothing in this Division renders evidence inadmissible in a proceeding in circumstances where it would have been admissible in that proceeding if this Division had not been enacted.

s 298 — Regulator may cause civil proceeding to be begun

If, as a result of an investigation or from a record of an examination (being an investigation or examination conducted under this Part), it appears to the Regulator to be in the public interest for a person to begin and carry on a proceeding for: (a) the recovery of damages for fraud, negligence, default, breach of duty, or other misconduct, committed in connection with a matter to which the investigation or examination related; or (b) recovery of property of the person; the Regulator: (c) if the person is a body corporate—may cause; or (d) otherwise—may, with the person’s written consent, cause: such a proceeding to be begun and carried on in the person’s name.

Amendment history: Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)

s 298A — Authorisation of members of staff

(1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of another person or body referred to in the definition of Regulator in subsection 10(1), for the purposes of a specified provision of this Act. (2) The authorisation may be restricted to a particular function or power under the provision.

Amendment history: Inserted by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 135 of 2020, effective sch 8: 1 July 2021 (s 2(1) item 9) sch 9 (items 1 ‑ 27, 61 ‑ 66): 1 Jan 2021 (s 2(1) item 10)

s 299 — Person complying with requirement not to incur liability to another person

A person who complies with a requirement made of the person under this Part does not incur any liability to any other person merely because of that compliance.

s 299A — Employee may quote to employer

An employee may quote his or her tax file number to his or her employer in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Note: Section 299P sets out the method of quoting.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2))

s 299B — Employer may inform trustee of tax file number

If: (a) either: (i) before the commencement of this section, an employer made a contribution to an eligible superannuation entity or a regulated exempt public sector superannuation scheme for the benefit of an employee; or (ii) after the commencement of this section, an employer makes such a contribution; and (b) after the commencement of this section, the employee quotes or first quotes his or her tax file number to the employer in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; the employer may inform a trustee of the entity or scheme, as the case may be, of the employee’s tax file number.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 299C — Employer must inform trustee of tax file number

(1) If: (a) an employee: (i) quotes or first quotes his or her tax file number after the commencement of this section to his or her employer in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; or (ii) quotes or first quotes his or her tax file number on or after 1 July 2007 to his or her employer in connection with the operation of Division 3 of Part VA of the Income Tax Assessment Act 1936 ; and (b) after the employee quotes or first quotes the tax file number, the employer makes a contribution to an eligible superannuation entity for the benefit of the employee; and (c) the employer has not previously informed a trustee of the entity of the employee’s tax file number; the employer must inform a trustee of the entity of the employee’s tax file number before the required time (see subsection (2)). Note: Division 3 of Part VA of the Income Tax Assessment Act 1936 deals with quotation of tax file numbers by recipients of eligible PAYG payments. (2) The required time is: (a) if the quotation or first quotation of the tax file number takes place more than 14 days before the employer makes the contribution—the end of the day on which the employer makes the contribution; or (b) in any other case—the end of the 14th day after the day on which the quotation or first quotation of the tax file number takes place. (3) The employer commits an offence if the employer contravenes subsection (1). This is an offence of strict liability. Penalty: 10 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 . (4) A disclosure of the employee’s tax file number to the employer under section 202CG of the Income Tax Assessment Act 1936 is taken, for the purposes of this section, to be a quotation of the number by the employee to his or her employer in connection with the operation of Division 3 of Part VA of that Act.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 55 of 2016, effective sch 23 (items 40, 41): 1 Oct 2016 (s 2(1) item 25)

s 299CA — Use of tax file number to validate information

(1) This section applies if, after the commencement of this section, an employee: (a) quotes his or her tax file number to his or her employer in connection with the operation, or the possible future operation, of this Act and the other Superannuation Acts; or (b) quotes his or her tax file number to his or her employer in connection with the operation of Division 3 of Part VA of the Income Tax Assessment Act 1936 . Note: Division 3 of Part VA of the Income Tax Assessment Act 1936 deals with quotation of tax file numbers by recipients of eligible PAYG payments. (2) The employer may use the tax file number in a manner connecting it with the person’s identity for the purpose of asking the Commissioner of Taxation to validate information about the person under section 299TE.

Amendment history: Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 299D — Eligible superannuation entity or regulated exempt public sector superannuation scheme beneficiary, or applicant, may quote tax file number

A beneficiary, or an applicant to become a beneficiary, of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme may quote his or her tax file number to a trustee of the entity or scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Note: Section 299P sets out the method of quoting.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 299E — Trustee may request beneficiary’s or applicant’s tax file number

(1) A trustee of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme may, at any time, request, in a manner approved by the Regulator, a beneficiary, or an applicant to become a beneficiary, of the entity or scheme to quote his or her tax file number to a trustee of the entity or scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. No obligation to quote tax file number (2) If a trustee requests a beneficiary or applicant to quote his or her tax file number to a trustee, the beneficiary or applicant is not obliged to comply with the request.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 299F — Trustee must request person who is beneficiary at commencement to quote tax file number

(1) Subject to subsection (3), if: (a) a person is a beneficiary of an eligible superannuation entity at the commencement of this section; and (b) 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 (2) 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 (3) 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: (a) if the quotation was given before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 —this Act; or (b) otherwise—this Act and the Surcharge Acts. (4) A trustee commits an offence if the trustee contravenes subsection (1). Penalty: 100 penalty units. (4A) A trustee commits an offence if the trustee contravenes subsection (1). 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 . No obligation to quote tax file number (5) 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 (6) 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: (a) the day referred to in whichever of the following subparagraphs is applicable: (i) 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; (ii) 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; (iii) 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 (b) 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 (7) 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.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6)

s 299G — Trustee must request person becoming beneficiary after commencement to quote tax file number

(1) Subject to subsection (3), if: (a) a person becomes a beneficiary of an eligible superannuation entity after the commencement of this section; and (b) 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 (2) The required time is the end of the 30th day after the day on which the person becomes a beneficiary. Exception (3) 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: (a) if the quotation was given before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 —this Act; or (b) otherwise—this Act and the other Superannuation Acts. (4) A trustee commits an offence if the trustee contravenes subsection (1). Penalty: 100 penalty units. (4A) A trustee commits an offence if the trustee contravenes subsection (1). 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 . No obligation to quote tax file number (5) 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.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 122 of 1997, effective Sch 7: 16 Feb 1997 (s 2(10)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6)

s 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 .

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15)

s 299J — Use of tax file number for certain purposes—beneficiaries of regulated exempt public sector superannuation scheme

(1) This section applies if a person who is a beneficiary of a regulated exempt public sector superannuation scheme quotes his or her tax file number to a trustee of the scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Trustee may record tax file number (2) If the trustee, or the trustees, do not already have a record of the tax file number, a trustee of the scheme may make a record of it. Obligation to retain and later destroy tax file number (3) Each trustee of the scheme must ensure that: (a) the record is retained until the person ceases to be a beneficiary of the scheme; and (b) the record is destroyed as soon as is reasonably practicable after the person ceases to be a beneficiary of the scheme. Offences (6) A trustee of the scheme commits an offence if a requirement of subsection (3) is contravened by the trustee. Penalty: 100 penalty units. (7) A trustee of the scheme commits an offence if a requirement of subsection (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 .

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15)

s 299K — Use of tax file number for certain purposes—applicants to become beneficiaries of eligible superannuation entities

(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 .

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15)

s 299L — Use of tax file number for certain purposes—applicants to become beneficiaries of regulated exempt public sector superannuation schemes

(1) This section applies if a person who is an applicant to become a beneficiary of a regulated exempt public sector superannuation scheme quotes his or her tax file number to a trustee of the scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Trustee may record tax file number (2) If the trustee, or the trustees, do not already have a record of the tax file number, a trustee of the scheme may make a record of it. Obligation to retain and later destroy tax file number (3) Each trustee of the scheme 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 scheme—the person ceases to be a beneficiary of the scheme; 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 scheme commits an offence if a requirement of subsection (3) is contravened by the trustee. Penalty: 100 penalty units. (7) A trustee of the scheme commits an offence if a requirement of subsection (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 .

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15)

s 299LA — Use of tax file number to locate amounts or for consolidation

(1) This section applies if: (a) a beneficiary of an eligible superannuation entity, or of a regulated exempt public sector superannuation scheme; or (b) an applicant to become such a beneficiary; quotes his or her tax file number to a trustee of the entity or scheme in connection with the operation, or the possible future operation, of this Act and the other Superannuation Acts. (2) A trustee of an eligible superannuation entity, or of a regulated exempt public sector superannuation scheme, may, subject to any conditions contained in the regulations, use tax file numbers quoted as mentioned in subsection (1): (a) in order to locate, in the records or accounts of the entity or scheme, amounts held for the benefit of persons; or (b) in order to facilitate the consolidation of any of the following in relation to a particular person: (i) RSAs provided by one or more RSA providers and held by the person; (ii) interests of the person in eligible superannuation entities or regulated exempt public sector superannuation schemes. Note: Sections 8WA and 8WB of the Taxation Administration Act 1953 contain offences for unauthorised use etc. of tax file numbers. (2A) Without limiting subsection (2), regulations made for the purposes of that subsection may contain conditions relating to: (a) a person consenting to use of a tax file number; or (b) procedures that must be followed in a consolidation mentioned in paragraph (2)(b), including procedures to safeguard the integrity of the consolidation; or (c) a trustee disclosing tax file numbers to another trustee, or to an RSA provider, in order to facilitate such a consolidation. (3) This section does not affect the operation of Australian Privacy Principle 9. Note 1: Australian Privacy Principle 9 prohibits a trustee adopting a tax file number of an individual as the trustee’s own identifier of the individual, such as by using the tax file number as an account or membership number. Note 2: See also Division 4 of Part III of the Privacy Act 1988 and the rules issued under that Division concerning the collection, storage, use and security of tax file number information.

Amendment history: Inserted by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 197 of 2012, effective Sch 5 (items 81, 82, 180) and Sch 6 (items 15–19): 12 Mar 2014 (s 2(1) items 3, 13, 19)

s 299LB — Use of tax file number to validate information

(1) This section applies if a person who is a beneficiary of an eligible superannuation entity, or of a regulated exempt public sector superannuation scheme, or an applicant to become such a beneficiary, quotes his or her tax file number to a trustee of the entity or scheme in connection with the operation, or the possible future operation, of this Act and the other Superannuation Acts. (2) The trustee may use the tax file number in a manner connecting it with the person’s identity for the purpose of asking the Commissioner of Taxation to validate information about the person under section 299TD.

Amendment history: Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 299M — Trustee of eligible superannuation entity must inform RSA provider or other trustee of tax file number for certain purposes

(1) This section applies if: (a) there is an amount in an eligible superannuation entity for the benefit of a beneficiary; and (b) the beneficiary has quoted (whether as a beneficiary or applicant) 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. Transfer of benefits to an RSA, another eligible superannuation entity or to a regulated exempt public sector superannuation scheme (2) Subject to subsection (3), if a trustee of the entity transfers any of the amount to an RSA, to another eligible superannuation entity or to a regulated exempt public sector superannuation scheme for the benefit of the beneficiary, the trustee must, at the time of the transfer and in the manner approved by the Regulator, inform the RSA provider or a trustee of the other eligible superannuation entity or of the regulated exempt public sector superannuation scheme of the beneficiary’s tax file number. Exception (3) Subsection (2) does not apply where an amount is transferred to an RSA, to another eligible superannuation entity or to a regulated exempt public superannuation scheme if, before the transfer, the beneficiary gives the trustee a written statement requesting the trustee not to inform any RSA provider or any other trustee of the beneficiary’s tax file number. (4) A trustee commits an offence if the trustee contravenes subsection (2). Penalty: 100 penalty units. (5) A trustee commits an offence if the trustee contravenes subsection (2). 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 .

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 62 of 1997, effective Sch 4: 2 June 1997 (s 2) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6)

s 299N — Trustee of regulated exempt public sector superannuation scheme may inform RSA provider or other trustee of tax file number for certain purposes

(1) This section applies if: (a) there is an amount in a regulated exempt public sector superannuation scheme for the benefit of a beneficiary; and (b) the beneficiary has quoted (whether as a beneficiary or applicant) his or her tax file number to a trustee of the scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Transfer of benefits to an RSA another regulated exempt public sector superannuation scheme or to an eligible superannuation entity (2) Subject to subsection (3), if a trustee of the scheme transfers any of the amount to an RSA, to another regulated exempt public sector superannuation scheme or to an eligible superannuation entity for the benefit of the beneficiary, the trustee may inform the RSA provider or a trustee of the other regulated exempt public sector superannuation scheme or of the eligible superannuation entity in the manner approved by the Regulator of the beneficiary’s tax file number. Exception (3) Subsection (2) does not apply where an amount is transferred to an RSA to another regulated exempt public sector superannuation scheme or to an eligible superannuation entity if, before the transfer, the beneficiary gives the trustee a written statement requesting the trustee not to inform any RSA provider or any other trustee of the beneficiary’s tax file number. Offence (4) If: (a) a trustee (the first trustee ) of a regulated exempt public sector superannuation scheme (the first scheme ) intentionally informs an RSA provider or a trustee (the second trustee ) of another regulated exempt public sector superannuation scheme or of an eligible superannuation entity of the tax file number of a beneficiary of the first scheme; and (b) the first trustee knows that, because of subsection (3), the trustee is not empowered by subsection (2) to inform the second trustee or the RSA provider of that number; the first trustee commits an offence punishable on conviction by a fine not exceeding 100 penalty units.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 62 of 1997, effective Sch 4: 2 June 1997 (s 2) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 4 of 2016, effective sch 4 (items 1, 296 ‑ 300, 432): 10 Mar 2016 (s 2(1) item 6)

s 299NA — Portability forms

Requesting tax file numbers (1) The Commissioner of Taxation may request a beneficiary of: (a) a regulated superannuation fund; or (b) an approved deposit fund; to quote the beneficiary’s tax file number to the Commissioner in connection with the operation, or the possible future operation, of a scheme prescribed for the purposes of section 34A (Portability forms). (2) The beneficiary is not obliged to comply with the request, but the regulations made for the purposes of that section may provide that failure to comply with the request affects whether the Commissioner may pass a request on to the trustee of the fund under the prescribed scheme. Passing on tax file numbers (3) The Commissioner of Taxation may inform the trustee of: (a) a regulated superannuation fund; or (b) an approved deposit fund; of the tax file number of a beneficiary of the fund as part of the Commissioner passing on to the trustee a request made by the beneficiary under a scheme prescribed for the purposes of section 34A (Portability forms). (4) If the Commissioner does so, the beneficiary is: (a) taken to have quoted the tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; and (b) taken to have quoted that tax file number at the time when the Commissioner informs the trustee of the tax file number.

Amendment history: Inserted by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31)

s 299P — Method of quoting tax file number

A person quotes his or her tax file number to another person in connection with the operation or the possible future operation of this Act and the other Superannuation Acts if: (a) the person informs the other person of the number in a manner approved by the Regulator or in the approved form (as defined by section 388 ‑ 50 in Schedule 1 to the Taxation Administration Act 1953 ); or (b) the person is taken to have quoted the number to the other person in connection with the operation or the possible future operation of this Act and the other Superannuation Acts under any of the following provisions of this Division.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8)

s 299Q — Employee taken to have quoted to trustee where trustee informed by employer

If: (a) an employee is a beneficiary, or an applicant to become a beneficiary, of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme; and (b) the employer informs a trustee of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme of the employee’s tax file number in accordance with section 299B or 299C; the employee is: (c) taken to have quoted the tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; and (d) taken to have quoted the tax file number at the time when the employer informs the trustee.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 299R — Beneficiary or applicant taken to have quoted to RSA provider or trustee

(1) If a trustee (the first trustee ) of an eligible superannuation entity (the first entity ) informs an RSA provider or a trustee (the second trustee ) of another eligible superannuation entity or of a regulated exempt public sector superannuation scheme of the tax file number of a beneficiary of the first entity in accordance with subsection 299M(2), the beneficiary is: (a) taken to have quoted the tax file number to the RSA provider or the second trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts or the Retirement Savings Accounts Act 1997 ; and (b) taken to have quoted that tax file number at the time when the first trustee informs the RSA provider or the second trustee. (2) If a trustee (the first trustee ) of a regulated exempt public sector superannuation scheme (the first scheme ) informs an RSA provider or a trustee (the second trustee ) of another regulated exempt public sector superannuation scheme or of an eligible superannuation entity of the tax file number of a beneficiary of the first scheme in accordance with subsection 299N(2), the beneficiary is: (a) taken to have quoted the tax file number to the RSA provider or the second trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts or the Retirement Savings Accounts Act 1997 ; and (b) taken to have quoted that tax file number at the time when the first trustee informs the RSA provider or the second trustee.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 62 of 1997, effective Sch 4: 2 June 1997 (s 2) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)

s 299S — Person claiming benefit taken to have quoted to trustee where he or she provided tax file number in connection with claim

(1) This section applies if: (a) before the commencement of this section, a person who considered that he or she was entitled to a benefit applied to a trustee of an eligible superannuation entity for payment of the benefit under section 248 or 252 and set out his or her tax file number in the application; or (b) after the commencement of this section, a person who considers that he or she is entitled to a benefit applies to a trustee of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme for payment of the benefit and sets out in a manner approved by APRA his or her tax file number in the application. (2) The beneficiary is: (a) taken to have quoted the tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; and (b) taken to have quoted that tax file number at the time when the trustee received or receives the application.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2))

s 299SA — Beneficiary taken to have quoted where Commissioner gives notice

(1) A beneficiary, or an applicant to become a beneficiary, of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme is taken to have quoted his or her tax file number to a trustee of the entity or scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts if the Commissioner of Taxation gives to the trustee notice of the person’s tax file number. (2) The beneficiary or applicant is taken to have quoted that tax file number at the time when the Commissioner of Taxation gave the notice.

Amendment history: Inserted by No 143 of 2007, effective Sch 3 and Sch 5 (items 27, 48(1), (3)): 24 Sept 2007 (s 2(1) items 4, 5, 7)

s 299T — Beneficiary taken to have quoted if he or she quoted for other purposes

If a beneficiary, or an applicant to become a beneficiary, of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme has quoted his or her tax file number to a trustee of the entity or scheme under: (a) subsection 225(4) or 245(2) of this Act, as in force immediately before its amendment by the Taxation Laws Amendment Act (No. 2) 1996 ; or (b) a provision of the Income Tax Assessment Act 1936 ; or (c) a provision of the repealed Part IIIA of the Occupational Superannuation Standards Act 1987 (including a provision as it continues to apply because of the Taxation Laws Amendment (Superannuation) Act 1992 ); then, for the purposes of this Act, as in force after the commencement of this section, the beneficiary is: (d) taken to have quoted the tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; and (e) taken to have quoted that tax file number to the trustee at the later of the time at which the quotation took place and the commencement of this section.

Amendment history: Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2))

s 299TA — Effect of mistaken quotation of tax file number

(1) The Commissioner of Taxation (the Commissioner ) may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme notice of the tax file number of a beneficiary of the entity or scheme if: (a) the trustee has made a record of a number (the recorded TFN ) the trustee believes to be the tax file number of the beneficiary; and (b) the Commissioner is satisfied that the recorded TFN: (i) has been cancelled or withdrawn since it was quoted; or (ii) is otherwise wrong; and (c) the Commissioner is satisfied that the beneficiary has a tax file number. (2) The beneficiary is taken to have quoted his or her tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts at a time if: (a) the Commissioner gives the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme a notice under subsection (1); and (b) had the recorded TFN been the tax file number of the beneficiary, the beneficiary would have quoted his or her tax file number to the trustee in that way at the time.

Amendment history: Inserted by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 299TB — Effect of invalid quotation of tax file number

(1) The Commissioner of Taxation (the Commissioner ) may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme a notice under subsection (2) if: (a) the trustee has made a record of a number (the recorded TFN ) the trustee believes to be the tax file number of the beneficiary; and (b) the Commissioner is satisfied that the recorded TFN: (i) has been cancelled or withdrawn since it was quoted; or (ii) is otherwise wrong; and (c) the Commissioner is not satisfied that the beneficiary has a tax file number. (2) The notice must identify the beneficiary and state that the Commissioner is not satisfied that the beneficiary has a tax file number. (3) If the Commissioner gives a notice under subsection (2), the Commissioner must give a copy of the notice to the beneficiary.

Amendment history: Inserted by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 299TC — Commissioner of Taxation may inform trustee of tax file number

(1) The Commissioner of Taxation (the Commissioner ) may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme notice of the tax file number of a person if the Commissioner is satisfied that: (a) the person is a beneficiary of the eligible superannuation entity or the regulated exempt public sector superannuation scheme, or an applicant to become such a beneficiary; and (b) the person has quoted (for superannuation purposes) (within the meaning of the Income Tax Assessment Act 1997 ) his or her tax file number to another person. (2) However if, before the time the Commissioner gives the notice, the person specifically requests the trustee not to record the person’s tax file number: (a) the notice is to be disregarded; and (b) section 299SA does not apply to deem the person to have quoted the tax file number to the trustee when the notice was given. Note: A consequence is that provisions that require or permit a trustee to record or use a validly quoted tax file number do not apply.

Amendment history: Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 299TD — Validation notice—beneficiaries of eligible superannuation entities

(1) The Commissioner of Taxation (the Commissioner ) may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme a notice under subsection (2) if: (a) the trustee gives the Commissioner information that the trustee believes to be: (i) the full name, tax file number and date of birth of a person; or (ii) the full name, tax file number, date of birth and address of a person; and (b) the Commissioner is satisfied that: (i) the person is a beneficiary of the entity or scheme, or an applicant to become such a beneficiary; and (ii) the trustee is giving the information to the Commissioner in connection with the operation of the entity or scheme; and (c) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the tax file number given, that it is reasonable to give the notice. (2) The notice must state whether or not the Commissioner is able to validate the information given. (3) To avoid doubt, a notice that the Commissioner is not able to validate the information is not a notice under section 299TB.

Amendment history: Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 299TE — Validation notice—employees

(1) The Commissioner of Taxation (the Commissioner ) may give an employer a notice under subsection (2) if: (a) the employer gives the Commissioner information that the employer believes to be: (i) the full name, tax file number and date of birth of a person; or (ii) the full name, tax file number, date of birth and address of a person; and (b) the Commissioner is satisfied that: (i) the person is an employee of the employer for whose benefit a contribution to an eligible superannuation entity or a regulated exempt public sector superannuation scheme is to be made; and (ii) the employer is giving the information to the Commissioner in connection with the operation of the entity or scheme; and (iii) that use by the employer of the tax file number complies with section 299CA; and (c) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the tax file number given, that it is reasonable to give the notice. (2) The notice must state whether or not the Commissioner is able to validate the information given. (3) To avoid doubt, a notice that the Commissioner is not able to validate the information is not a notice under subsection 202CE(3) of the Income Tax Assessment Act 1936 .

Amendment history: Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)

s 299TF — Commissioner of Taxation may provide electronic interface

The Commissioner of Taxation may use an electronic interface to receive information and give notices under this Division.

Amendment history: Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)