Commonwealth Numbered Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 No. 61, 1997 - SECT 137

(1) This section applies if a holder, or a person applying to become a holder,
of an RSA quotes his or her tax file number to the RSA provider in connection
with the operation or the possible future operation of this Act.

Obligation to record tax file number

(2) If the RSA provider does not already have a record of the tax file number,
the RSA provider must, as soon as is reasonably practicable after the
quotation, make a record of it.

Obligation to retain and later destroy tax file number

(3) The RSA provider must:

   (a)  retain the record until the time (the last retention time) at which:

        (i)    if the person is, or becomes, a holder of an RSA-the person
               ceases to be a holder of an RSA provided by the RSA provider;
               or

        (ii)   if not-the person ceases to be an applicant; and

   (b)  unless the tax file number has also been provided for another purpose
        and is still required for that purpose-destroy the record as soon as
        is reasonably practicable after the last retention time.

Use of tax file numbers to locate amounts

(4) Subject to subsection (5), the RSA provider may use tax file numbers
quoted to it as mentioned in subsection (1) in order to locate, in the records
or accounts of the RSA provider, amounts held in RSAs provided by it.

Use of tax file numbers to identify RSAs held by a particular person

(5) If the RSA provider needs to identify the RSAs held by a particular
person:

   (a)  the RSA provider must first use information (other than tax file
        numbers) to identify the RSAs; and

   (b)  the RSA provider may only use the tax file number quoted by the person
        to the RSA provider:

        (i)    if the information referred to in paragraph (a) is insufficient
               to identify the RSAs; or

        (ii)   to confirm the identification of the RSAs resulting from the
               use of the other information.

Offence

(6) An RSA provider that intentionally or recklessly contravenes a requirement
of this section is guilty of an offence punishable on conviction by a fine not
exceeding 100 penalty units.