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Tax File Number Approvals

The following information is available on tax file numbers (TFNs) for RSE licensees:

TFN Approval Instruments

APRA has made revised TFN Approvals under Part 25A of the SIS Act and Part 11 of the RSA Act. The 2017 TFN Approvals are effective from 1 October 2017 and have been updated to reflect minor wording changes and that the requirements of the Privacy (Tax File Number) Rule 2015 apply. Please refer to the Frequently Asked Questions section of the APRA website to obtain further guidance on the collection of TFNs.

Tax File Number Approval under Part 25A of the SIS Act

Part 25A of the Superannuation Industry (Supervision) Act 1993 (SIS Act) contains requirements regarding the collection and use of members' tax file numbers (TFNs) by trustees of superannuation funds and approved deposit funds. It requires that TFNs be quoted in a manner approved by APRA. APRA has now issued a revised Approval effective from 1 October 2017.

Tax File Number Approval under Part 11 of the RSA Act

Part 11 of the Retirement Savings Accounts Act 1997 Act (RSA Act) which came into effect from 1 July 1997 contains requirementsprovisions regarding the collection and use of RSA holders’ tax file numbers (TFNs) by RSA providers and requires that TFNs be quoted in a manner approved by APRA. APRA has now issued a revised Approval effective from 1 October 2017.

TFN Obligations

For more information about our TFN obligations:

TFN Penalties

The below list is provided in accordance with subparagraph 13(1)(d) of the Privacy (Tax File Number) Rule 2015. The list identifies 'prohibitions on the collection, recording, use and disclosure of TFN information', and the potential associated penalties.

See section 4AA of the Crimes Act 1914 for the current value of the penalty unit.

Table: Prohibitions on the collection recording, use and disclosure of TFN information, and the potential associated penalties

 

​Act Section​ ​Penalty
​Privacy Act 1988 ​ ​

​s. 13(4) - Interference with privacy of an individual

​(not exceeding)

2.000 penalty units

​ ​

​s. 13G - Serious and repeated interference with privacy

​s. 36(1) - Complaints

Retirement Saving Accounts Act 1997​ ​s. 137 - Obligation to destroy TFNs ​​(not exceeding)

100 penalty units

​Superannuation Industry (Supervision) Act 1993 ​ ​

​ss. 299H, 299J & 299L - Obligations to destroy TFNs

​100 penalty units

​s. 299N - Trustee of regulated exempt public sector superannuation scheme (EPSSS) may inform RSA provider or other trustee of TFN for certain purposes

​(not exceeding) 100 penalty units
​s. 299Y - Trustee of former regulated EPSSS to destroy records of TFNs

​100 penalty units - s.2

50 penalty units - s.3

​Tax Administration Act 1953 ​

​s. 8AW - Unauthorised requirement etc. that TFN be quoted

​100 penalty units or imprisonment for two years or both ​
​s. 8WB - Unauthorised recording etc. of TFN

 

Enquiries

For more information please contact APRA on 1300 55 88 49 or email info@apra.gov.au