PART 9
-
INACTIVE ACCOUNTS
SECTION 76
NO ACTIVITY FOR 10 YEARS
76(1)
When section applies.
This section applies to an individual's account if no amount was credited to the account under:
(a)
Part
5
of this Act; or
(b)
section
65
of the
Superannuation Guarantee (Administration) Act 1992
;
at any time during a period of 10 consecutive financial years.
Note 1:
Part
5
of this Act deals with deposits.
Note 2:
Section
65
of the
Superannuation Guarantee (Administration) Act 1992
deals with the crediting of superannuation guarantee shortfalls.
76(2)
Statement to be given to the Commissioner.
As soon as practicable after the end of that period, the Commissioner must record information about the account.
History
S 76(2) substituted by No 128 of 1999 and amended by No 48 of 1998.
76(3)
Tax file number.
If the individual's tax file number is known to the Commissioner, the record made for the purposes of subsection (2) must set out that tax file number.
History
S 76(3) substituted by No 128 of 1999.
76(4)
Debit from the Special Account.
As soon as practicable after the end of that period, an amount equal to the balance of the individual's account as at the end of that period is to be debited from the Special Account.
History
S 76(4) substituted by No 8 of 2005, s 3 and Sch 1 item 359, effective 22 February 2005. For savings provisions see note under s
3
. S 76(4) formerly read:
76(4)
Transfer to Consolidated Revenue Fund.
As soon as practicable after the end of that period, an amount equal to the balance of the account as at the end of that period is to be:
(a)
debited from the Reserve; and
(b)
credited to the Consolidated Revenue Fund.
76(5)
Debiting of individual's account balance.
If an amount is debited from the Special Account under subsection (4), the individual's account is debited by an amount equal to the amount debited from the Special Account.
History
S 76(5) substituted by No 8 of 2005, s 3 and Sch 1 item 359, effective 22 February 2005. For savings provisions see note under s
3
. S 76(5) formerly read:
76(5)
Debiting of account balance.
If an amount is credited to the Consolidated Revenue Fund under subsection (4), the account is debited by an amount equal to the credited amount.
76(6)
Claim by individual.
If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account.
History
S 76(6) substituted by No 8 of 2005, s 3 and Sch 1 item 359, effective 22 February 2005. For savings provisions see note under s
3
. S 76(6) formerly read:
76(6)
Claim by individual.
If an amount has been credited to the Consolidated Revenue Fund under subsection (4) in respect of the account, the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the credited amount.
S 76(6) amended by No 128 of 1999 and No 48 of 1998.
76(7)
Claim by individual's legal personal representative.
If:
(a)
an amount has been debited from the Special Account under subsection (4) in respect of the individual's account; and
(b)
the individual has died;
the individual's legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the amount debited from the Special Account in respect of the individual's account.
History
S 76(7) substituted by No 8 of 2005, s 3 and Sch 1 item 359, effective 22 February 2005. For savings provisions see note under s
3
. S 76(7) formerly read:
76(7)
Claim by individual's legal personal representative.
If:
(a)
an amount has been credited to the Consolidated Revenue Fund under subsection (4) in respect of the account; and
(b)
the individual has died;
the individual's legal personal representative may request the Commissioner of Taxation to pay to the legal personal representative an amount equal to the credited amount.
S 76(7) amended by No 128 of 1999 and No 48 of 1998.
76(8)
Payments.
The Commissioner of Taxation must comply with a request under subsection (6) or (7).
History
S 76(8) amended by No 128 of 1999 and No 48 of 1998.
76(9)
Appropriation.
The Consolidated Revenue Fund is appropriated for the purposes of subsection (8).
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