21 Feb 12 Use of TFNs by super funds
The ATO advises that regulations dealing with the use of tax file numbers (TFNs) by super funds and retirement savings account (RSA) providers have been made and are effective from 1 January 2012.
Following the 1 July 2011 legislative amendments dealing with the use of TFNs as a primary locator, there have been further amendments to the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997.
The regulations include rules that superannuation funds and RSA providers must comply with when using a member's TFN to locate accounts, or to facilitate the consolidation of accounts held by the same person across superannuation funds or RSAs.
Specifically, the regulations require that a trustee obtain a member's consent to use their TFN to facilitate the consolidation of accounts held outside the fund or RSA by:
- seeking information from an ATO service (for example, SuperMatch)
- contacting another super fund or RSA provider.