SUPERANNUATION (UNCLAIMED MONEY AND LOST MEMBERS) ACT 1999
This section applies if:
(a) a payment (the Commissioner ' s payment ) is made to a fund under subsection 17(2) in accordance with a person ' s direction; and
(b) the superannuation provider for the fund has not credited the payment to an account for the benefit of the person by the time (the repayment time ) that is the end of the 28th day after the day on which the Commissioner ' s payment was made. Repayment 18C(2)
The superannuation provider is liable to repay the Commissioner ' s payment to the Commonwealth. The repayment is due and payable at the repayment time.
The amount the superannuation provider is liable to repay 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.18C(3)
The superannuation provider must give the Commissioner, in the approved form, information relating to the Commissioner ' s payment when repaying it.
The Taxation Administration Act 1953 provides for offences and administrative penalties if the form is not given when it must be or includes false or misleading information: see sections 8C , 8K and 8N of that Act and Divisions 284 and 286 in Schedule 1 to that Act.General interest charge 18C(4)
If any of the amount the superannuation provider is liable to repay under subsection (2) remains unpaid by the superannuation provider after the repayment time, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that:
(a) starts at the repayment time; and
(b) ends at the end of the last day on which either of the following remains unpaid:
(i) the amount unpaid at the repayment time;
(ii) general interest charge on any of the amount.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.