Document ID: chunk:federal_register_of_legislation:F2017L01270:body:0:p2
Version: federal_register_of_legislation:F2017L01270
Segment Type: other
Provision Reference: 
Character Range: 2365–5169

has the meaning in section 16 of the Act.

Superannuation Acts has the meaning in section 16 of the Act.

Schedule

Retirement Savings Accounts Act 1997

Manner of RSA provider requesting tax file number

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

       (a)    the RSA provider is authorised to collect, use and disclose their tax file number under the Retirement Savings Accounts Act 1997.  The RSA provider may disclose their tax file number to another superannuation provider, when their benefits are being transferred, unless they request the RSA provider 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 RSA provider is not an offence. However, giving their tax file number will have the following advantages:

            (i)            their RSA 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 RSA/s and benefit payments when they start drawing down their RSA benefits; and

            (iii)            it will make it much easier to find different superannuation account/s 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 RSA holder, or the applicant to become an RSA holder, orally or in writing.

    3. An RSA provider may provide information relating to the request for the tax file number in addition to the information in paragraph 1, provided it is not inconsistent with the information in paragraph 1.

    4. The information in paragraph 1 may be told to the RSA holder, or the applicant to become an RSA holder, using the following form of words:

    Under the Retirement Savings Accounts Act 1997, your RSA provider is authorised to collect, use and disclose your tax file number.

    Your RSA provider may disclose your tax file number to another superannuation provider, when your benefits are being transferred, unless you request your RSA provider in writing that your tax file number not be disclosed to any other superannuation provider.

    Declining to quote your tax file number to your RSA provider is not an offence. However giving your tax file number to your RSA will have the following advantages:

          * your RSA will be able to accept all permitted types of contributions to your account/s;

          *