SUPERANNUATION (UNCLAIMED MONEY AND LOST MEMBERS) ACT 1999

PART 3 - PAYMENT OF UNCLAIMED MONEY TO THE COMMISSIONER  

Division 2 - Statement of unclaimed money  

SECTION 16   STATEMENT OF UNCLAIMED MONEY   Superannuation provider must give statement to Commissioner

16(1)  


A superannuation provider must, for each unclaimed money day, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following:


(a) all unclaimed money as at the end of the day;


(b) the administration of any of the following in connection with the unclaimed money:


(i) this Part;

(ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ;

(iii) the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 .
Note 1:

Subsection (1) does not apply if the superannuation provider gives a statement, and makes a payment, to a State or Territory authority as provided for in section 18 (State or Territory public sector superannuation schemes).

Note 2:

The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement required under subsection (1) includes false or misleading information: see sections 8K , 8M , 8N and 8R of that Act and Division 284 in Schedule 1 to that Act.

Note 3:

The approved form may also require the statement to include certain tax file numbers: see subsection 25(1) of this Act.

16(1A)  


If, at the end of the unclaimed money day, there is no unclaimed money, the statement must say so.
Note:

If the fund is a regulated superannuation fund that has fewer than 5 members, see subsection (2A).

16(2)  


The statement must also contain information, required by the form, relevant to any of the unclaimed money that, between the unclaimed money day and the day on which the statement is given to the Commissioner:


(a) the superannuation provider pays to a person who is entitled to it; or


(b) otherwise ceases to be unclaimed money (other than because the provider pays the money to the Commissioner under subsection 17(1) ).

16(2A)  


Subsection (1) does not apply if, at the end of the unclaimed money day:


(a) the fund is a regulated superannuation fund that has fewer than 5 members; and


(b) there is no unclaimed money.

When statement must be given

16(3)  


The superannuation provider must give the Commissioner the statement by the end of the scheduled statement day for the unclaimed money day.
Note 1:

The Commissioner may defer the time for giving the statement: see section 388-55 in Schedule 1 to the Taxation Administration Act 1953 .

Note 2:

The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.

16(4)  
(Repealed by No 27 of 2009 )

16(5)  
(Repealed by No 27 of 2009 )

16(6)  
(Repealed by No 27 of 2009 )

Certain former temporary residents

16(7)  


This section does not apply to unclaimed money described in subsection 12(1) payable to a person identified in a notice the Commissioner has given the superannuation provider under section 20C .
Note:

Section 20E requires the superannuation provider to give the Commissioner a statement about the superannuation interest of a person identified in a notice given to the provider under section 20C (which is about notices identifying former temporary residents).




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