PART 3
-
PAYMENT OF UNCLAIMED MONEY TO THE COMMISSIONER
Division 2
-
Statement of unclaimed money
History
Div 2 heading inserted by
No 27 of 2009
, s 3 and Sch 2 item 11, effective 27 March 2009.
SECTION 16
STATEMENT OF UNCLAIMED MONEY
Superannuation provider must give statement to Commissioner
16(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)
all unclaimed money as at the end of the day;
(b)
the administration of any of the following in connection with the unclaimed money:
(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:
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
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(1)
of this Act.
History
S 16(1)
-
(3) substituted for s 16(1)
-
(6) by
No 27 of 2009
, s 3 and Sch 2 item 12, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
S 16(1) formerly read:
16(1)
A superannuation provider must give to the Commissioner a statement, in an approved form, of all unclaimed money as at the end of each half-year.
Note:
The approved form may require the superannuation provider to set out:
(a) the tax file number of the superannuation provider; and
(b) the tax file number of any member of the fund to whom the statement relates and who has quoted his or her tax file number to the superannuation provider.
See subsections 25(1) and (2).
16(1A)
(Repealed by No 64 of 2020)
History
S 16(1A) repealed by No 64 of 2020, s 3 and Sch 3 item 54, effective 23 June 2020. S 16(1A) formerly read:
16(1A)
If, at the end of the unclaimed money day, there is no unclaimed money, the statement must say so.
Note:
If the fund is a regulated superannuation fund that has fewer than 5 members, see subsection (2A).
S 16(1)
-
(3) substituted for s 16(1)
-
(6) by
No 27 of 2009
, s 3 and Sch 2 item 12, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
16(2)
The statement is not required to contain information relevant to unclaimed money that ceases to be unclaimed money 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.
History
S 16(2) substituted by No 64 of 2020, s 3 and Sch 3 item 54, effective 23 June 2020. S 16(2) formerly read:
16(2)
The statement must also contain information, required by the form, relevant to any of the unclaimed money that, between the unclaimed money day and the day on which the statement is given to the Commissioner:
(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 17(1)).
S 16(1)
-
(3) substituted for s 16(1)
-
(6) by
No 27 of 2009
, s 3 and Sch 2 item 12, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
S 16(2) formerly read:
16(2)
If:
(a)
the superannuation provider pays any of the unclaimed money to a person who is entitled to it; and
(b)
the payment is made between the end of the half-year and the day on which the statement is given to the Commissioner;
the statement must contain such particulars relating to the amounts paid as are required by the form.
16(2A)
If, at the end of the unclaimed money day:
(a)
there is no unclaimed money, the statement must say so; or
(b)
there is only unclaimed money that ceases to be unclaimed money 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
(2B)
.
History
S 16(2A) amended by No 47 of 2021, s 3 and Sch 1 item 35, by substituting
"
no more than 6 members
"
for
"
fewer than 5 members
"
in the note, effective 1 July 2021.
S 16(2A) substituted by No 64 of 2020, s 3 and Sch 3 item 54, effective 23 June 2020. S 16(2A) formerly read:
16(2A)
Subsection (1) does not apply if, at the end of the unclaimed money day:
(a)
the fund is a regulated superannuation fund that has fewer than 5 members; and
(b)
there is no unclaimed money.
S 16(1)
-
(3) substituted for s 16(1)
-
(6) by
No 27 of 2009
, s 3 and Sch 2 item 12, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
16(2B)
Subsection
(1)
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 is no unclaimed money; or
(ii)
there is only unclaimed money that ceases to be unclaimed money during the period mentioned in subsection
(2)
.
History
S 16(2B) amended by No 47 of 2021, s 3 and Sch 1 item 36, by substituting
"
no more than 6 members
"
for
"
fewer than 5 members
"
in para (a), effective 1 July 2021.
S 16(2B) inserted by No 64 of 2020, s 3 and Sch 3 item 54, effective 23 June 2020.
When statement must be given
16(3)
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.
History
S 16(1)
-
(3) substituted for s 16(1)
-
(6) by
No 27 of 2009
, s 3 and Sch 2 item 12, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
S 16(3) formerly read:
16(3)
When statement must be given.
A statement under subsection (1) must be given:
(a)
in relation to a half-year ending on 30 June in a calendar year
-
before 1 November in that calendar year; or
(b)
in relation to a half-year ending on 31 December in a calendar year
-
before 1 May in the following calendar year.
16(4)
(Repealed by
No 27 of 2009
)
History
S 16(1)
-
(3) substituted for s 16(1)
-
(6) by
No 27 of 2009
, s 3 and Sch 2 item 12, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
S 16(4) formerly read:
16(4)
Commissioner may extend time for lodging statement.
The Commissioner may, in writing, provide for a later day to apply under paragraph (3)(a) or (b). This may be done before, on or after the day specified in the paragraph concerned.
16(5)
(Repealed by
No 27 of 2009
)
History
S 16(1)
-
(3) substituted for s 16(1)
-
(6) by
No 27 of 2009
, s 3 and Sch 2 item 12, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
S 16(5) formerly read:
16(5)
Offence.
A superannuation provider is guilty of an offence if the superannuation provider fails to comply with an obligation set out in subsection (1), (2) or (3). However, an offence is not committed if subsection
18(2)
is satisfied.
Maximum penalty: 100 penalty units.
Note 1:
Chapter
2
of the
Criminal Code
sets out the general principles of criminal responsibility.
Note 2:
See section
4AA
of the
Crimes Act 1914
for the current value of a penalty unit.
16(6)
(Repealed by
No 27 of 2009
)
History
S 16(1)
-
(3) substituted for s 16(1)
-
(6) by
No 27 of 2009
, s 3 and Sch 2 item 12, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
S 16(6) formerly read:
16(6)
To the extent that it relates to subsection (3), subsection (5) does not apply if:
(a)
the Commissioner has provided under subsection (4) for a later day to apply under paragraph (3)(a) or (b); and
(b)
the superannuation provider gave the statement under subsection (1) before that later day.
Exceptions
16(7)
This section does not apply to:
(a)
unclaimed money described in subsection
12(1)
payable to a person identified in a notice the Commissioner has given the superannuation provider under section
20C
; or
(b)
an amount payable to the Commissioner in respect of an eligible rollover fund member under section
21C
.
Note 1:
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 2:
Section
21A
requires the superannuation provider to give the Commissioner statements about eligible rollover fund accounts.
History
S 16(7) substituted by No 24 of 2021, s 3 and Sch 1 item 25, effective 23 March 2021. S 16(7) formerly read:
Certain former temporary residents
16(7)
This section does not apply to unclaimed money described in subsection 12(1) payable to a person identified in a notice the Commissioner has given the superannuation provider under section 20C.
Note:
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).
S 16(7) amended by
No 27 of 2009
, s 3 and Sch 2 items 13 and 14, by substituting
"
This section
"
for
"
Subsection (1)
"
and substituting
"
temporary residents
"
for
"
holders of temporary visas
"
in the note, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
S 16(7) inserted by No 151 of 2008, s 3 and Sch 1 item 13, effective 18 December 2008.
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