Document ID: chunk:federal_register_of_legislation:F2017L01262:body:0:p2
Version: federal_register_of_legislation:F2017L01262
Segment Type: other
Provision Reference: 
Character Range: 2512–5442

of a beneficiary's tax file number; and

    (f)    under subsection 299N(2) of the Act, APPROVE the manner, set out in paragraphs 7 and 8 of the Schedule, of a trustee of a regulated exempt public sector superannuation scheme informing an RSA provider or a trustee of a regulated exempt public sector superannuation scheme or of an eligible superannuation entity, of a beneficiary's tax file number.

This instrument commences on 1 October 2017.

Dated: 20 September 2017

[Signed]

Helen Rowell
Deputy Chairman
APRA

Interpretation

In this Approval:

APRA means the Australian Prudential Regulation Authority.

eligible superannuation entity has the meaning in section 10 of the Act.

regulated exempt public sector superannuation scheme has the meaning in section 299W of the Act.

RSA provider has the meaning in section 10 of the Act.

SMSF means a self managed superannuation fund.

self managed superannuation fund has the meaning in section 10 of the Act.

Superannuation Acts has the meaning in section 299W of the Act.

tax file number has the meaning in section 299W of the Act.

Schedule

Superannuation (Industry) Supervision Act 1993

Manner of trustee requesting tax file number

    1. Before the beneficiary, or the applicant to become a beneficiary, provides their tax file number to a trustee, the trustee must make available to the beneficiary, or applicant to become a beneficiary, free of charge and in such form as is appropriate the following information:

       (a)   the trustee is authorised to collect, use and disclose their tax file number under the Superannuation Industry (Supervision) Act 1993.  The trustee may disclose their tax file number to another superannuation provider, when their benefits are being transferred, unless they request the trustee in writing that their tax file number not be disclosed to any other superannuation provider;

       (b)   declining to quote a tax file number to the trustee of a superannuation fund is not an offence. However, giving their tax file number will have the following advantages:

            (i)      their superannuation fund will be able to accept all permitted types of contributions to their account/s;

            (ii)      other than the tax that may ordinarily apply, they will not pay more tax than they need to. This affects both contributions to their superannuation and benefit payments when they start drawing down their superannuation benefits; and

            (iii)      it will make it much easier to find different superannuation accounts in their name so that they receive all their superannuation benefits when they retire.

   2.        The information in paragraph 1 may be told to the beneficiary, or applicant to become a beneficiary, orally or in writing.

   3.        A trustee may provide information relating to the request for the tax file number in addition to the information in paragraph 1, provided it