Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 1 - PRELIMINARY  

SECTION 7   7   OUTLINE OF ACT  


The following is a simplified outline of this Act.

Unclaimed money register

At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to any unclaimed money they hold in respect of members who have reached the eligibility age or who have died.

Unclaimed money is money in an inactive account which the superannuation provider is unable to ensure is received by a person entitled to receive it.

Superannuation providers must pay to the Commissioner of Taxation any unclaimed money they hold. Later, the Commissioner must, if satisfied that it is possible to do so, pay the amount he or she has received in respect of a person to:

  • (a) the person; or
  • (b) to a fund identified by the person; or
  • (c) if the person has died - to the person's death beneficiaries or legal personal representative.
  • If a State or Territory law regulates unclaimed money in a way consistent with this Act, superannuation providers that are trustees of public sector superannuation schemes may give details relating to the money, and pay the money, to the relevant State or Territory authority instead of paying it to the Commissioner of Taxation.

    The Commissioner of Taxation may publish, or make available, details relating to unclaimed money in respect of members who have reached the eligibility age or who have died.

    Superannuation of former temporary residents

    The Commissioner of Taxation must give the superannuation provider for a fund a notice identifying a member of the fund if satisfied that the member is a former temporary resident.

    The superannuation provider must give the Commissioner a statement and pay the Commissioner the amount that would be payable to the member if the member had requested payment in connection with leaving Australia (subject to reductions for amounts paid or payable from the fund in respect of the member).

    If the Commissioner is satisfied he or she has received a payment under this Act for such a member, the Commissioner must pay the amount he or she has received (and interest, in some cases) to the member, to a fund identified by the member or, if the member has died, to the member ' s death beneficiaries or legal personal representative.

    The Commissioner of Taxation may publish, or make available, details relating to amounts paid to the Commissioner in respect of such members.

    Lost members register

    The Commissioner of Taxation may publish, or make available, details relating to lost members.

    Superannuation of lost members

    At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to:

  • (a) small accounts of lost members; and
  • (b) inactive accounts of unidentifiable lost members.
  • Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount he or she has received in respect of a person:

  • (a) to a fund identified by the person; or
  • (b) if the person has reached eligibility age or the amount is less than $200 - to the person; or
  • (c) if the person has died - to the person's death beneficiaries or legal personal representative.
  • Superannuation of inactive low-balance members

    At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low-balance accounts.

    Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:

  • (a) to a fund identified by the person; or
  • (b) if the person has reached eligibility age or the amount is less than $200 - to the person; or
  • (c) if the person has died - to the person ' s death beneficiaries or legal personal representative.
  • Reunification of amounts held by the Commissioner

    If, having taken the steps required in relation to unclaimed amounts, or amounts held by the Commissioner for lost members or inactive low-balance members, the Commissioner still holds an amount, the Commissioner must pay that amount to a fund in which the member for whom the Commissioner holds the amount is active, or in accordance with the regulations.

    Prescribed public sector superannuation schemes

    The trustees of certain public sector superannuation schemes may comply with this Act in the same way as superannuation providers.




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