Part 25A of the Superannuation Industry (Supervision) Act 1994
(SIS Act) contains requirements regarding the collection and use of members' TFNs by trustees of superannuation funds and approved deposit funds. It requires that TFNs be quoted in a manner approved by APRA. Approvals under Part 25A of the SIS Act, available on APRA's website
, set out the manner in which members may quote their TFNs to their employers and superannuation trustees.
No. The APRA approved manner for quotation of TFNs permits TFNs to be provided orally, in writing, or by means of electronic transfer.
No. Trustees are merely required to give the prescribed information BEFORE the member provides his or her TFN. Any telephone or electronic system of TFN collection may allow members to respond to previously provided information. Such information could for example be contained in member statements, newsletters, electronic bulletins etc as long as the trustees are able to show that such communications have been sent to the concerned member. In accepting telephone and electronic quotations of TFNs from members trustees should, however, satisfy themselves that the member has in fact been given the prescribed information.