Retirement Savings Accounts Tax File Number approval No. 1 of 2007 (Cth)
Retirement Savings Accounts Tax File Number approval No. 1 of 2007
Retirement Savings Accounts Act 1997
I, Tony Randle, a delegate of the Australian Prudential Regulation Authority:
Revocations
under subsection 33(3) of the Acts Interpretation Act 1901, and the provisions referred to in subparagraphs (a), (b), (c) and (d) below, REVOKE the following instruments:
(a) Approval of Manner of Quoting Tax File Numbers to an Employer dated 19 June 1997, which was made under section 139(a) of the Retirement Savings Accounts Act 1997 (RSA Act) for the purposes of section 131;
(b) Approval of Manner of Requesting and Informing of Tax File Numbers dated 19 June 1997, which was made under and for the purposes of subsections 135(1) and 136(1) and paragraph 139(a) (for the purposes only of section 134) of the RSA Act;
(c) Approval of Manner of Informing of Tax File Numbers dated 19 June 1997, which was made under and for the purposes of subsection 138(2) of the RSA Act;
(d) Approval of Manner of Setting Out Tax File Numbers in an Application for Benefits dated 19 June 1997, which was made under and for the purposes of subsection 142(1) of the RSA Act;
Tax File Number (TFN) approvals
for the purposes of:
(a) section 135(1) of the RSA Act, APPROVE the manner set out in paragraphs 1 to 5 of the Schedule of an RSA provider requesting that a holder, or a person applying to be a holder, of an RSA quote their TFN in connection with the operation or the possible future operation of the RSA Act and the other Superannuation Acts;
(b) subsection 136(1) of the RSA Act, APPROVE the manner set out in paragraphs 1 to 5 of the Schedule of an RSA provider requesting that a person becoming a holder of an RSA quote their TFN in connection with the operation or the possible future operation of the Acts referred to in that subsection;
3. for the purposes of subsection 138(2) of the RSA Act – APPROVE the manner set out in paragraphs 7 and 8 of the Schedule of an RSA provider informing another superannuation provider (within the meaning of the Schedule) of a TFN of a beneficiary of the first fund;
4. under paragraph 139(a), for the purposes only of section 134, of the RSA Act – APPROVE the manner set out in paragraph 6 of the Schedule for an RSA holder, or applicant to become an RSA holder, to quote their TFN to an RSA in connection with the operation or possible future operation of the RSA Act and the other Superannuation Acts;
5. for the purposes of subsection 142(1) of the RSA Act – APPROVE the manner set out in paragraph 6 of the Schedule of a person setting out their TFN in an application to the RSA provider for payment of a benefit.
Note: holder, RSA, RSA provider, tax file number and Superannuation Acts are defined in section 16 of the RSA Act.
Dated 27 June 2007
[Signed]
Tony Randle
Acting Executive General Manager
Specialised Institutions Division
Schedule
Definitions
individual means holder or applicant to become a holder of an RSA account referred to on the first and second pages of this instrument;
superannuation provider means the trustee of a superannuation entity or regulated exempt public sector superannuation or an RSA provider within the meaning of section 16 of the Retirement Savings Accounts Act 1997;
them, their and they refer to the individual to whom the RSA provider provides the information set out below.
Manner of RSA provider requesting TFN
Before the individual provides their TFN to an RSA provider, the RSA provider must set out to the individual the following matters. That:
(a)under the Retirement Savings Accounts Act 1997, the RSA provider is authorised to collect their TFN, which will only be used for lawful purposes. These purposes may change in the future as a result of legislative change. The RSA provider may disclose their TFN to another superannuation provider, when their benefits are being transferred, unless they request the RSA provider in writing that their TFN not be disclosed to any other superannuation provider;
(b)it is not an offence not to quote their TFN. However, giving their TFN will have the following advantages, which may not otherwise apply:
(i)their RSA will be able to accept all types of contributions to their account/s;
(ii) the tax on contributions to their RSA/s will not increase;
(iii)other than the tax that may ordinarily apply, no additional tax will be deducted when they start drawing down their superannuation benefits; and
(iv)it will make it much easier to trace different superannuation account/s in their name so that they receive all their superannuation benefits when they retire.
2. The matters in paragraph 1 may be told to the individual orally or in writing.
3. An RSA provider may provide information relating to the request for the TFN in addition to the matters in paragraph 1, provided it is not inconsistent with the information in paragraph 1.
4. The matters in paragraph 1 may be told to the individual using following form of words:
Under the Retirement Savings Accounts Act 1997, your RSA provider is authorised to collect your TFN, which will only be used for lawful purposes.
These purposes may change in the future as a result of legislative change. The RSA provider of your RSA may disclose your TFN to another superannuation provider, when your benefits are being transferred, unless you request the RSA provider of your RSA in writing that your TFN not be disclosed to any other superannuation provider..
It is not an offence not to quote your TFN. However giving your TFN to your RSA will have the following advantages (which may not otherwise apply):
·your RSA will be able to accept all types of contributions to your account/s;
·the tax on contributions to your RSA/s will not increase;
·other than the tax that may ordinarily apply, no additional tax will be deducted when you start drawing down your RSA benefits; and
·it will make it much easier to trace different superannuation account/s in your name so that you receive all your superannuation benefits when you retire.
5 . Nothing in this approval is intended to prevent a TFN being requested or provided orally or in writing (including by means of electronic transfer of information).
Manner of an individual quoting or setting out TFN
6. An individual may quote or set out their TFN to an RSA provider orally or in writing if the RSA provider has made a request that complies with paragraphs 1 to 5.
Manner of RSA provider informing a superannuation provider
7. When informing a superannuation provider of an individual’s TFN, the RSA provider must do so in writing (including by means of electronic transfer of information). However, a TFN may subsequently be given orally to clarify or complete a TFN given in writing.
8. When informing a superannuation provider of a TFN, the RSA provider must give the superannuation provider all information in the possession of the RSA provider that could reasonably help the superannuation provider to locate or identify the individual and which the individual would reasonably expect to be disclosed. However, the RSA provider shall not be obliged to give the other superannuation provider any information which the RSA provider has been asked or instructed by the individual not to divulge.
Note: In addition to the above, an RSA provider must also comply with any other TFN obligations in Part 11 of the RSA Act and with the Tax File Number Guidelines issued by the Privacy Commissioner under section 17 of the Privacy Act 1988.
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