Superannuation (Unclaimed Money and Lost Members) Act 1999

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

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History

Part 4A inserted by No 133 of 2009, s 3 and Sch 3 item 24, 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.

Division 4 - Various rules for special cases  

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History

Div 4 inserted by No 133 of 2009, s 3 and Sch 3 item 24, 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.

SECTION 24J   REFUND OF OVERPAYMENT MADE BY SUPERANNUATION PROVIDER  

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24J(1)    
This section applies if:

(a) a superannuation provider for a fund (the first fund ) has made a payment to the Commissioner under section 24E in respect of a person; and

(b) the Commissioner is satisfied that the amount paid exceeded the amount (if any) that was payable under that section in respect of the person.

24J(2)    
The Commissioner must pay the excess:

(a) to the superannuation provider; or

(b) to a superannuation provider for another fund if the Commissioner is satisfied that:

(i) the first fund no longer exists; and

(ii) the other fund provides rights relating to the person equivalent to those provided by the first fund.

Note:

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

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History

S 24J inserted by No 133 of 2009, s 3 and Sch 3 item 24, 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.

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