Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 4A - PAYMENT OF LOST MEMBER ACCOUNTS TO THE COMMISSIONER  

Division 1 - Preliminary  

SECTION 24B   MEANING OF LOST MEMBER ACCOUNT  

Small accounts

24B(1)  
An account in a fund is taken to be a lost member account if:


(a) the member on whose behalf the account is held is a lost member; and


(b) the balance of the account is less than $6,000; and


(c) the account does not support or relate to a defined benefit interest (within the meaning of section 291-175 of the Income Tax Assessment Act 1997 ).

Note:

The balance of an account does not reflect any earnings, fees or charges that have not yet been credited to, or debited from, the account.

Inactive accounts of unidentifiable members

24B(2)  
An account in a fund is also taken to be a lost member account if:


(a) the member on whose behalf the account is held is a lost member; and


(b) the superannuation provider has not received an amount in respect of the member within the last 12 months; and


(c) the superannuation provider is satisfied that it will never be possible for the provider, having regard to the information reasonably available to the provider, to pay an amount to the member; and


(d) the account does not support or relate to a defined benefit interest (within the meaning of section 292-175 of the Income Tax Assessment Act 1997 ).

24B(3)  
(Repealed by No 16 of 2019)




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