Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 3D - PAYMENT OF OTHER AMOUNTS TO THE COMMISSIONER  

Division 1 - Payments by superannuation providers  

SECTION 22   SUPERANNUATION PROVIDER MAY PAY AMOUNTS TO COMMISSIONER  

22(1)    
A superannuation provider may pay to the Commissioner an amount that it holds if:

(a)    it holds the amount on behalf of:


(i) a member of the superannuation fund, approved deposit fund or RSA for which the superannuation provider is the trustee or RSA provider; or

(ii) a former member of that superannuation fund, approved deposit fund or RSA; or

(iii) a non-member spouse of that member or former member; and

(b)    it reasonably believes that paying the amount to the Commissioner would be in the best interests of the member, former member or non-member spouse; and

(c)    at the same time as making the payment, it gives the Commissioner a statement that complies with subsection (2).

22(2)    
The statement must be a statement, in the approved form, of information relevant to either or both of the following:

(a)    the amount;

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


(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 .

22(3)    
The amount paid must be the amount that would have been payable by the superannuation provider if:

(a)    the amount had constituted an account that the superannuation provider held for the member, former member or non-member spouse; and

(b)    the member, former member or non-member spouse had requested that the balance held in the account be rolled over or transferred to a complying superannuation fund (within the meaning of the SIS Act).

22(4)    
For the purposes of subsection (3):

(a)    assume that the request were made before the time of the payment; and

(b)    assume that the member, former member or non-member spouse had not died before the time of the payment.

22(5)    
This section does not apply to:

(a)    an amount that is unclaimed money, and that was unclaimed money on the most recent unclaimed money day; or

(b)    an amount payable to a person identified in a notice the Commissioner has given the provider under section 20C ; or

(c)    an amount that is held in an inactive low-balance account, and that was held in such an account on the most recent unclaimed money day; or

(d)    an amount that is held in an account of an eligible rollover fund member, unless the payment under this section is made before 1 June 2021; or

(e)    an amount that is held in a lost member account, and that was held in such an account on the most recent unclaimed money day.

Note 1:

Unclaimed money is payable to the Commissioner under subsection 17(1) .

Note 2:

An amount mentioned in paragraph (5)(b) is payable to the Commissioner under section 20F .


22(6)    
Upon payment to the Commissioner of an amount under this section, the superannuation provider is discharged from further liability in respect of that amount.




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