Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 3 - PAYMENT OF UNCLAIMED MONEY TO THE COMMISSIONER  

Division 3 - Payment of unclaimed money  

SECTION 17   PAYMENT OF UNCLAIMED MONEY   Provider must pay Commissioner

17(1)  


A superannuation provider must pay the Commissioner (for the Commonwealth) the amount, in relation to each unclaimed money day, worked out under subsection 17(1) . The amount is due and payable at the end of the scheduled statement day for the unclaimed money day.
Note 1:

Subsection (1) does not apply if the superannuation provider gives a statement, and makes a payment, to a State or Territory authority as provided for in section 18 (State or Territory public sector superannuation schemes).

Note 2:

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 3:

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

Note 4:

Section 18A provides for refunds of overpayments by the superannuation provider to the Commissioner.

17(1A)  


Work out the amount using the following formula:


All unclaimed money as at the end of the unclaimed money day - Former unclaimed money

where:

former unclaimed money
means any of the unclaimed money that, between the unclaimed money day and the day on which the superannuation provider gives the statement in relation to the unclaimed money day to the Commissioner under subsection 16(1) :


(a) the superannuation provider pays to a person who is entitled to it; or


(b) otherwise ceases to be unclaimed money (other than because the provider pays the money to the Commissioner under subsection (1) ).

17(1B)  


Subsection (1) does not require the superannuation provider to pay the Commissioner:

(a)  an amount on account of unclaimed money described in subsection 12(1) payable to a person identified in a notice the Commissioner has given the provider under section 20C ; or

(b)  an amount payable to the Commissioner in respect of an eligible rollover fund member under section 21C .

Note:

An amount mentioned in paragraph (1B)(a) is payable to the Commissioner under section 20F .

Payment by Commissioner in respect of person for whom an amount has been paid to Commissioner

17(1C)  


Subsections (2) and (2AA) apply in relation to a person if:

(a)  a superannuation provider paid unclaimed money to the Commissioner under subsection (1) in respect of the person; and

(b)  the Commissioner is satisfied, on application in the approved form or on the Commissioner ' s own initiative, that it is possible for the Commissioner to pay the unclaimed money in accordance with subsection (2) .

17(2)  


The Commissioner must pay the unclaimed money:

(a)  to a single fund if:


(i) the person has not died; and

(ii) the person directs the Commissioner to pay to the fund; and

(iii) the fund is a complying superannuation plan (within the meaning of the Income Tax Assessment Act 1997 ); or

(aa)  to a single KiwiSaver scheme provider if:


(i) the person has not died; and

(ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and

(iii) the matters (if any) prescribed by the regulations are satisfied; or

(b)  in accordance with subsection (2AA) if:


(i) the person has died; and

(ii) the Commissioner is satisfied that, if the superannuation provider had not paid the unclaimed money to the Commissioner, the provider would have been required to pay an amount or amounts ( death benefits ) to one or more other persons ( death beneficiaries ) because of the deceased person ' s death; or

(c)  to the person ' s legal personal representative if the person has died but subparagraph (b)(ii) does not apply; or

(d)  in any other case - to the person.

Note:

Money for payments under subsection (2) is appropriated by section 16 of the Taxation Administration Act 1953 .

17(2AAA)  


Despite paragraph (2)(a) , the Commissioner must not pay the unclaimed money to a single fund if the unclaimed money includes a New Zealand-sourced amount and either:

(a)  the fund is a self managed superannuation fund; or

(b)  the superannuation provider for the fund has not notified the Commissioner, in the approved form, that the fund accepts New Zealand-sourced amounts.

17(2AA)  


In a case covered by paragraph (2)(b) , the Commissioner must pay the unclaimed money under subsection (2) by paying to each death beneficiary the amount worked out using the following formula:


Amount of unclaimed money
payable under subsection (2)
× Death benefit for the death beneficiary
Total death benefits

Note:

If there is only one death beneficiary, the whole of the unclaimed money is payable to that beneficiary.

17(2AAB)  


Despite paragraph (2)(d) , the Commissioner must not pay the unclaimed money to the person if the unclaimed money includes a New Zealand-sourced amount and the person has not reached the New Zealand eligibility age.

17(2AB)  


If:

(a)  the Commissioner makes a payment under subsection (2) on or after 1 July 2013 to a fund, a KiwiSaver scheme provider, a legal personal representative or a person; and

(b)  the payment is in accordance with paragraph (2)(a) , (aa) , (c) or (d) ;

the Commissioner must also pay to the fund, KiwiSaver scheme provider, legal personal representative or person the amount of interest (if any) worked out in accordance with the regulations.

Note:

Money for payments under subsection (2AB) is appropriated by section 16 of the Taxation Administration Act 1953 .

17(2AC)  


If:

(a)  the Commissioner makes a payment under subsection (2) on or after 1 July 2013 to a death beneficiary; and

(b)  the payment is in accordance with paragraph (2)(b) ;

the Commissioner must also pay to the death beneficiary the amount of interest (if any) worked out in accordance with the regulations.

Note:

Money for payments under subsection (2AC) is appropriated by section 16 of the Taxation Administration Act 1953 .

17(2AD)  


Regulations made for the purposes of subsection (2AB) or (2AC) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate.

17(2AE)  


Interest under subsection (2AB) or (2AC) does not accrue in relation to a period before 1 July 2013.

17(2A)  


Subsections (1C) to (2AA) do not apply to unclaimed money that is to be, is or has been taken into account in determining whether the Commissioner must make a payment under subsection 20H(2) or (3) .
Note:

Subsections 20H(2) and (3) provide for payment by the Commissioner of amounts equal to amounts paid to the Commissioner under this section and subsection 20F(1) in respect of a person who is identified in a notice under section 20C or who used to be the holder of a temporary visa.

17(3)  
(Repealed by No 27 of 2009 )

Discharge of superannuation provider from liability

17(4)  
Upon payment to the Commissioner of an amount as required under this section, the superannuation provider is discharged from further liability in respect of that amount.

17(5)  
(Repealed by No 27 of 2009 )

17(6)  
(Repealed by No 27 of 2009 )


 

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