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)  
(Repealed by No 64 of 2020)

16(2)  


The statement is not required to contain information relevant to unclaimed money that ceases to be unclaimed money during the period that:


(a) begins from the unclaimed money day; and


(b) ends immediately before the day on which the statement is given to the Commissioner.

16(2A)  


If, at the end of the unclaimed money day:


(a) there is no unclaimed money, the statement must say so; or


(b) there is only unclaimed money that ceases to be unclaimed money during the period mentioned in subsection (2), the statement must say so.

Note:

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

16(2B)  
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) either:


(i) there is no unclaimed money; or

(ii) there is only unclaimed money that ceases to be unclaimed money during the period mentioned in subsection (2).
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).




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.