Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Retirement Savings Accounts Act 1997
1 Subparagraph 3(1)(a)(ii)
Repeal the subparagraph, substitute:
(ii) Division 4 of Part 4 (Other provisions relating to the operation of RSAs); and
2 Subparagraph 3(1)(a)(iii)
Omit "Divisions 2 and 4A", substitute "the provisions mentioned in subparagraph ( e)(ii)".
3 Paragraph 3(1)(e)
Repeal the paragraph, substitute:
(e) the Commissioner of Taxation has the general administration of:
(i) Division 3 of Part 4 (Portability forms); and
(ii) Division 2 of Part 11, section 138A, Division 4A of Part 11 and subsection 144(1A) (about tax file numbers).
4 Subsection 3(1) (note)
Omit " paragraph ( e) is that people who acquire information under Divisions 2 and 4A of Part 11", substitute "a provision being administered by the Commissioner of Taxation (see paragraph ( e)) is that people who acquire information under the provision".
5 Section 16 (at the end of the definition of Regulator )
Add:
; and ( d ) the Commissioner of Taxation, if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by the Commissioner of Taxation.
6 Before section 37
Insert:
7 Before section 38
Insert:
Division 2 -- Operating standards
8 After section 39
Insert:
Division 3 -- Portability forms
(1) For the purposes of standards made under Division 2, and without limiting that Division, the regulations may prescribe a scheme under which:
(a) the holder of an RSA gives to the Commissioner of Taxation a request for the benefits held for the holder in the RSA to be rolled - over or transferred; and
(b) the Commissioner may pass the request on to the provider of the RSA.
Note: The standards may require the provider to act on the request. See paragraph 38(2)(h).
(2) The regulations may provide that the request must be given to the Commissioner in the approved form.
Note: The approved form may require the holder to set out his or her tax file number. See subsection 144(2A).
Division 4 -- Other provisions relating to the operation of RSAs
9 At the end of Division 3 of Part 11
Add:
Requesting tax file numbers
(1) The Commissioner of Taxation may request a holder of an RSA to quote the holder'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 39A (Portability forms).
(2) The holder 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 provider of the RSA under the prescribed scheme.
Passing on tax file numbers
(3) The Commissioner of Taxation may inform the provider of an RSA of the tax file number of a holder of the RSA as part of the Commissioner passing on to the provider a request made by the holder under a scheme prescribed for the purposes of section 39A (Portability forms).
(4) If the Commissioner does so, the holder is:
(a) taken to have quoted the tax file number to the provider 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 of Taxation informs the provider of the tax file number.
10 After subsection 144(2)
Insert:
Portability forms
(2A) An approved form mentioned in subsection 39A(2) may require the tax file number of the holder making the relevant request to be set out in the request.
Superannuation Industry (Supervision) Act 1993
11 Subparagraph 6(1)(a)(xii)
Omit "(except Division 1)".
12 Paragraph 6(1)(b)
After " paragraph ( f)", insert "or (g)".
13 Paragraph 6(1)(g)
Repeal the paragraph, substitute:
(g) the Commissioner of Taxation also has the general administration of:
(i) Division 3 of Part 3 (Portability forms); and
(ii) Division 1 of Part 25A, section 299NA, Division 3A of Part 25A and subsection 299U(2A) (about tax file numbers).
14 Subsection 6(1) (note)
Omit " paragraphs ( e), (f) and (g) is that people who acquire information under those provisions (to the extent that they relate to self managed superannuation funds )", substitute "a provision being administered by the Commissioner of Taxation (see paragraphs ( e), (f) and (g)) is that people who acquire information under the provision".
15 Before section 30
Insert:
16 Before section 31
Insert:
Division 2 -- Operating standards
17 At the end of Part 3
Add:
Division 3 -- Portability forms
(1) For the purposes of standards made under Division 2, and without limiting that Division, the regulations may prescribe a scheme under which:
(a) a beneficiary of:
(i) a regulated superannuation fund; or
(ii) an approved deposit fund;
gives to the Commissioner of Taxation a request for the benefits held for the beneficiary in the fund to be rolled - over or transferred; and
(b) the Commissioner may pass the request on to the trustee of the fund.
Note: The standards may require the trustee to act on the request. See paragraphs 31(2)(i) and 32(2)(d).
(2) The regulations may provide that the request must be given to the Commissioner in the approved form.
Note: The approved form may require the beneficiary to set out his or her tax file number. See subsection 299U(2A).
18 At the end of Division 2 of Part 25A
Add:
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.
19 After subsection 299U(2)
Insert:
Portability forms
(2A) An approved form mentioned in subsection 34A(2) may require the tax file number of the beneficiary making the relevant request to be set out in the request.