SUPERANNUATION (UNCLAIMED MONEY AND LOST MEMBERS) ACT 1999

PART 3A - PAYMENT OF UNCLAIMED SUPERANNUATION OF FORMER TEMPORARY RESIDENTS  

Division 3 - Effects of notice being given to superannuation provider  

SECTION 20F   SUPERANNUATION PROVIDER MUST PAY COMMISSIONER UNCLAIMED SUPERANNUATION  

20F(1)  
The superannuation provider must pay the Commissioner (for the Commonwealth) the excess (if any) of the amount worked out under subsection (2) for the person ' s superannuation interest over the total worked out under subsection (3) for the interest by the time at which the excess is due and payable. The excess is due and payable at the end of:


(a) the next scheduled statement day after the notice is given; or


(b) if the Commissioner gives the notice less than 28 days before the next scheduled statement day - the following scheduled statement day; or


(c) if a day is identified for the superannuation provider under the regulations that is later than the day described in paragraph (a) and later than the day described in paragraph (b) if it is relevant - that later day.

Note 1:

The amount the superannuation provider must pay the Commissioner is a tax-related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax-related liabilities. Division 284 in that Schedule provides for administrative penalties connected with such liabilities.

Note 2:

The Commissioner may defer the time at which the excess is due and payable: see section 255-10 in Schedule 1 to the Taxation Administration Act 1953 .

Note 3:

Section 20K provides for refunds of overpayments by the superannuation provider to the Commissioner.

20F(2)  
Work out the amount that would have been payable to the person from the fund in respect of the superannuation interest had the person requested payment in connection with the person ' s departure from Australia. For this purpose:


(a) work out the amount that would have been payable at the time (the calculation time ) immediately before:


(i) the time at which a payment under subsection (1) in respect of the person is due and payable (assuming that such a payment must be made); or

(ii) for a payment to be made under subsection (1) before it is due and payable - the time the payment is to be made; and


(b) assume that the request were made before the calculation time; and


(c) assume that the person had not died before the calculation time.

20F(3)  
Total:


(a) the amount (if any) that is payable from the fund because regulations made for the purposes of the RSA Act or the SIS Act require or permit a benefit connected with the person ' s superannuation interest to be cashed; and


(b) if the person has actually died, the amount (if any) that has been paid from the fund in respect of the person because of the person ' s death; and


(c) the amount (if any) of the person ' s superannuation interest that supports a superannuation income stream (within the meaning of regulations made for the purposes of the Income Tax Assessment Act 1997 ); and


(d) the amount (if any) worked out in accordance with the regulations made for the purposes of this paragraph.

Work out the amounts described in paragraphs (a), (b), (c) and (d) as at the calculation time.

20F(4)  
For the purposes of subsections (2) and (3):


(a) disregard Subdivision 12-FA in Schedule 1 to the Taxation Administration Act 1953 ; and


(b) take account only of the person ' s entitlement to payment remaining after any reduction by a payment split under Part VIIIB of the Family Law Act 1975 (disregarding subsection 90MB(3) of that Act).

Note 1:

Subdivision 12-FA in Schedule 1 to the Taxation Administration Act 1953 is about withholding amounts from departing Australia superannuation payments.

Note 2:

Part VIIIB of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between the parties to a marriage. Subsection 90MB(3) of that Act provides that the Part has effect subject to this Act.

Regulations for the purposes of paragraph (1)(c)

20F(4A)  
Regulations for the purposes of paragraph (1)(c) may provide for a day to be identified by the Commissioner or the Australian Prudential Regulation Authority. This does not limit the provision that the regulations may make for identification of a day for those purposes. General interest charge on late payment

20F(5)  
If any of the amount the superannuation provider must pay under subsection (1) remains unpaid after it is due and payable, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that:


(a) starts at the time it is due and payable; and


(b) ends at the end of the last day on which either of the following remains unpaid:


(i) the amount unpaid when it is due and payable;

(ii) general interest charge on any of the amount.
Offence of failing to pay on time

20F(6)  
A person commits an offence if:


(a) the person is subject to a requirement under subsection (1); and


(b) the person engages in conduct; and


(c) the person ' s conduct breaches the requirement.

Penalty: 100 penalty units.




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