Superannuation (Unclaimed Money and Lost Members) Act 1999

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

Division 1 - Preliminary  

SECTION 20QA   MEANING OF INACTIVE LOW-BALANCE ACCOUNT, INACTIVE LOW-BALANCE MEMBER AND INACTIVE LOW-BALANCE PRODUCT  

20QA(1)    
An account in a fund is taken to be an inactive low-balance account if:

(a)    

for a fund that is a regulated superannuation fund:

(i) the fund has 7 or more members; and

(ii) the account is held on behalf of a member of the fund; and

(iii) the account relates, in whole or in part, to a MySuper product or choice product held by that member; and

(iv) the superannuation provider has not received an amount in respect of the member for crediting to that product within the last 16 months; and

(v) the balance of the account that relates to that product is less than $6,000; and

(vi) the member has not satisfied any of the conditions of release of benefits specified in a standard made under paragraph 31(2)(h) of the SIS Act that are prescribed for the purposes of this subparagraph; and

(vii) the account does not support or relate to a defined benefit interest (within the meaning of section 291-175 of the Income Tax Assessment Act 1997 ); and

(viii) no benefit that despite section 68AAA of the SIS Act could, because of the application of subsection 68AAA(2) , (7) or (8) of that Act, be provided to, or in respect of, the member under the product by taking out or maintaining insurance is provided in that way; and

(ix) no benefit that despite section 68AAB of the SIS Act could, because of the application of subsection 68AAB(2) , (5) or (6) of that Act, be provided to, or in respect of, the member under the product by taking out or maintaining insurance is provided in that way; and

(x) no benefit that despite section 68AAC of the SIS Act could, because of the application of subsection 68AAC(2) of that Act, be provided to, or in respect of, the member under the product by taking out or maintaining insurance is provided in that way; and

(b)    for a fund that is an RSA or approved deposit fund:

(i) the account is held on behalf of a member of the fund; and

(ii) the superannuation provider has not received an amount in respect of the member within the last 16 months; and

(iii) the balance of the account is less than $6,000; and

(iv) the member has not satisfied any of the conditions of release of benefits specified in a standard made under paragraph 38(2)(f) of the Retirement Savings Accounts Act 1997 (for an RSA), or paragraph 32(2)(c) of the SIS Act (for an approved deposit fund), that are prescribed for the purposes of this paragraph; and

(v) the account does not support or relate to a defined benefit interest (within the meaning of section 291-175 of the Income Tax Assessment Act 1997 ).

Note:

The balance of an account does not reflect any earnings, fees or charges that have not yet been credited to, or debited from, the account.

20QA(1A)    
However, an account in a fund that is a regulated superannuation fund is taken not to be an inactive low-balance account if:

(a)    the account is held on behalf of a member of the fund; and

(b)    any of the following occurred in relation to the member in the last 16 months:

(i) the member changed the member ' s investment options under the fund;

(ii) the member made changes in relation to the member ' s insurance coverage under the fund;

(iii) the member made or amended a binding beneficiary nomination;

(iv) the member, by written notice given to the superannuation provider, made an election that the account was not an inactive low-balance account.

(v) (Repealed by No 64 of 2020)

20QA(2)    
A person on whose behalf a superannuation provider holds an inactive low-balance account is an inactive low-balance member .

20QA(3)    

In a regulated superannuation fund, each MySuper product or choice product to which an inactive low-balance account relates in whole or in part, and in relation to which subparagraphs (1)(a)(iv) , (v), (viii) and (ix) are satisfied, is an inactive low-balance product in the inactive low-balance account.