Document ID: chunk:federal_register_of_legislation:C2004A01287:clause:2_327
Version: federal_register_of_legislation:C2004A01287
Segment Type: clause
Provision Reference: sch 2 cl 327
Character Range: 141193–141992

327  Subsections 299K(2) and (3)
Repeal the subsections, substitute:

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.