Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 3B - PAYMENT OF LOW BALANCES IN INACTIVE ACCOUNTS TO THE COMMISSIONER  

Division 2 - Statements on inactive low-balance accounts  

SECTION 20QB   STATEMENTS ON INACTIVE LOW-BALANCE ACCOUNTS  

Superannuation provider must give statement to the Commissioner

20QB(1)    
A superannuation provider must, for each unclaimed money day, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following:

(a)    each inactive low-balance account as at the end of the day;

(b)    the administration of any of the following in connection with each inactive low-balance account:

(i) this Part;

(ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ;

(iii) the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 .

Note 1:

For State or Territory public sector superannuation schemes, see sections 20QG and 20QH .

Note 2:

The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement required under subsection (1) includes false or misleading information: see sections 8K , 8M , 8N and 8R of that Act and Division 284 in Schedule 1 to that Act.

Note 3:

The approved form may also require the statement to include certain tax file numbers: see subsection 25(2B) of this Act.

20QB(2)    
The statement is not required to contain information relevant to inactive low-balance accounts that cease to be inactive low-balance accounts during the period that:

(a)    begins from the unclaimed money day; and

(b)    ends immediately before the day on which the statement is given to the Commissioner.

20QB(3)    
If, at the end of the unclaimed money day:

(a)    there are no balances held in inactive low-balance accounts, the statement must say so; or

(b)    the only inactive low-balance accounts that hold balances cease to be inactive low-balance accounts during the period mentioned in subsection (2) , the statement must say so.

Note:

If the fund is a regulated superannuation fund that has no more than 6 members, see subsection (4) .

20QB(4)    
This section does not apply if, at the end of the unclaimed money day:

(a)    

the fund is a regulated superannuation fund that has no more than 6 members; and

(b)    either:

(i) there are no balances held in inactive low-balance accounts; or

(ii) the only inactive low-balance accounts that hold balances cease to be inactive low-balance accounts during the period mentioned in subsection (2) .

When statement must be given

20QB(5)    
The superannuation provider must give the Commissioner the statement by the end of the scheduled statement day for the unclaimed money day.

Note 1:

The Commissioner may defer the time for giving the statement: see section 388-55 in Schedule 1 to the Taxation Administration Act 1953 .

Note 2:

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.

Relationship to rest of Act

20QB(6)    
This section does not apply in relation to:

(a)    an amount that is unclaimed money at the end of the unclaimed money day; or

(b)    amounts payable to a person identified in a notice the Commissioner has given the superannuation provider under section 20C ; or

(ba)    

an amount payable to the Commissioner in respect of an eligible rollover fund member under section 21C ; or

(c)    an amount payable to the Commissioner in respect of a lost member under section 24E .

Note 1:

Section 16 requires the superannuation provider to give the Commissioner a statement about unclaimed money.

Note 2:

Section 20E requires the superannuation provider to give the Commissioner a statement about the superannuation interest of a person identified in a notice given to the provider under section 20C (which is about notices identifying former temporary residents).

Note 2A:

Section 21A requires the superannuation provider to give the Commissioner statements about eligible rollover fund accounts.

Note 3:

Section 24C requires the superannuation provider to give the Commissioner statements about lost member accounts.