Superannuation (Unclaimed Money and Lost Members) Act 1999

Pt 4 substituted by No 8 of 2019, s 3 and Sch 4 item 10, effective 1 April 2019. Pt 4 formerly read:

PART 4 - INFORMATION ABOUT LOST MEMBERS

Pt 4 (heading) substituted by No 133 of 2009, s 3 and Sch 3 item 23, applicable in relation to:

(a) the last unclaimed money day (within the meaning of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ) occurring before 1 July 2010; and

(b) later unclaimed money days.

The heading formerly read:

PART 4 - LOST MEMBERS

S 23 substituted by No 8 of 2019, s 3 and Sch 4 item 10, effective 1 April 2019. For application and transitional provisions, see note under Part 4 heading. No 8 of 2019, s 3 and Sch 4 items 16 and 17 contain the following application and transitional provisions:

16 Application of amendments  
16
The repeal of subsection 23(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 made by this Part does not apply in relation to information that must be given to the Commissioner, under the scheme mentioned in that subsection as in force at any time before the commencement of this item, for a half year ending before 1 January 2018. 17 Transitional provisions  
(1)
The register that, just before the commencement of this item, was kept under regulations made for the purposes of subsection 23(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 is treated, from that commencement, as being kept under section 23 of that Act, as amended by this Part.

(2)
Without limiting section 23 of that Act, as amended by this Part, the register kept under that section may contain any information given to the Commissioner (whether before, on or after the commencement of this item) under the scheme established by regulations made for the purposes of that section, as in force at any time before that commencement.

S 23 formerly read:

SECTION 23 REGULATIONS MAY ESTABLISH A SCHEME FOR INFORMATION ABOUT LOST MEMBERS  
23(1) Regulations may establish a scheme.  

The regulations may establish a scheme under which superannuation providers are to give statements, in the approved form, to the Commissioner containing the following information:

(a) information relating to each lost member of the superannuation provider;

(b) information relating to each lost member ' s benefits in the funds managed or provided by the superannuation provider;

(c) information relating to each member of the superannuation provider who ceases to be a lost member of the provider;

(d) information relating to the benefits of each member referred to in paragraph (c) in the funds managed or provided by the superannuation provider;

(e) information that the Commissioner reasonably believes may assist the Commissioner in administering the register referred to in subsection (2).

Note 1:

The regulations may require the superannuation provider to set out:

(a) the tax file number of the superannuation provider; and

(b) the tax file number of any member of the fund to whom the statement relates and who has quoted his or her tax file number to the superannuation provider.

See subsection 25(3).

Note 2:

The Taxation Administration Act 1953 provides for offences if the statement includes false or misleading information: see sections 8K , 8M , 8N and 8R of that Act.

Note 3:

The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.

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History

S 23(1) amended by No 27 of 2009 , s 3 and Sch 2 items 33 and 34, by inserting " 1 " after " Note " and by inserting Notes 2 and 3, effective 27 March 2009.

23(2) Lost members register.  

The regulations establishing the scheme must provide for the Commissioner to keep a register that:

(a) must contain the information given to the Commissioner by superannuation providers in accordance with the scheme; and

(b) may contain information given to the Commissioner (other than the information referred to in paragraph (a)) that is of the type contained in the register.

Note:

The register may contain a person ' s tax file number (see section 27 ).

23(3)
The regulations establishing the scheme may provide for the register referred to in subsection (2) to also contain the following:

(a) information relating to members of a regulated exempt public sector superannuation scheme;

(b) particulars that, if the scheme were a fund, would be particulars of lost members in respect of the scheme; and

(c) information given to the Commissioner by the trustee of the scheme.

23(4)
A trustee of a regulated exempt public sector superannuation scheme may, in the approved form, give the information referred to in paragraph (3)(c) to the Commissioner.

Note:

The approved form may permit the trustee to set out:

(a) the tax file number of the scheme; and

(b) the tax file number of any member of the scheme who has quoted his or her tax file number to the trustee.

See subsection 26(3) .

23(5)
(Repealed by No 27 of 2009 )

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History

S 23(5) repealed by No 27 of 2009 , s 3 and Sch 2 item 35, effective 27 March 2009. S 23(5) formerly read:

23(5) Offence.  

A superannuation provider is guilty of an offence if:

(a) the superannuation provider fails to comply with a provision of regulations made for the purposes of subsection (1); and

(b) the regulations declare that this subsection applies to that provision.

Maximum penalty: 100 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.