Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 1 - PRELIMINARY  

SECTION 6   6   OBJECTS OF ACT  
The objects of this Act are to provide for:

(a)  

the keeping of registers of details relating to:

(i) unclaimed money; and

(ii) certain amounts relating to superannuation of persons ( former temporary residents ) who used to be holders of temporary visas under the Migration Act 1958 and have left Australia; and

(iia) certain amounts relating to inactive low-balance accounts; and

(iib) amounts relating to ERF low balance accounts; and

(iic) certain amounts voluntarily paid to the Commissioner by superannuation providers; and

(iii) certain amounts relating to superannuation of persons who used to be lost members;
so that the money and amounts can be claimed by persons entitled to them; and

(b)  the keeping of a register of details relating to lost members, so that the benefits of lost members can be claimed by persons entitled to them; and

(c)  the matching of unclaimed money and persons entitled to it; and

(ca)  

(Repealed by No 133 of 2009)

(d)  the matching of benefits of lost members and persons entitled to them; and

(da)  

the matching of benefits of inactive low-balance account members and persons entitled to them; and

(db)  

the matching of benefits of eligible rollover fund members and persons entitled to them; and

(dc)  

the matching of amounts voluntarily paid to the Commissioner by superannuation providers and persons entitled to them; and

(e)  

the payment to the Commissioner of:

(i) unclaimed money; and

(ii) certain amounts relating to superannuation of former temporary residents; and

(iii) certain amounts relating to superannuation of lost members; and

(iv) certain amounts relating to superannuation of inactive low-balance account members; and

(v) amounts relating to superannuation of eligible rollover fund members; and

(vi) other amounts paid by superannuation providers on a voluntary basis; and

(ea)  

the safekeeping of such money and amounts paid to the Commissioner until the Commissioner can pay the money and amounts to persons entitled to them; and

(eb)  

the payment of:

(i) unclaimed money; and

(ii) certain amounts relating to superannuation of lost members; and

(iii) certain amounts relating to superannuation of inactive low-balance account members; and

(iv) amounts relating to superannuation of eligible rollover fund members; and

(v) other amounts paid by superannuation providers on a voluntary basis;
into funds in which the member is active; and

(f)  the co-ordination of the collection of unclaimed money between the Commonwealth, States and Territories; and

(g)  the co-ordination of the matching of unclaimed money and persons entitled to it between the Commonwealth, States and Territories.




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