Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 3D - PAYMENT OF OTHER AMOUNTS TO THE COMMISSIONER  

Division 1 - Payments by superannuation providers  

SECTION 22   SUPERANNUATION PROVIDER MAY PAY AMOUNTS TO COMMISSIONER  

22(1)    
A superannuation provider may pay to the Commissioner an amount that it holds if:

(a)    it holds the amount on behalf of:

(i) a member of the superannuation fund, approved deposit fund or RSA for which the superannuation provider is the trustee or RSA provider; or

(ii) a former member of that superannuation fund, approved deposit fund or RSA; or

(iii) a non-member spouse of that member or former member; and

(b)    it reasonably believes that paying the amount to the Commissioner would be in the best interests of the member, former member or non-member spouse; and

(c)    at the same time as making the payment, it gives the Commissioner a statement that complies with subsection (2).

22(2)    
The statement must be a statement, in the approved form, of information relevant to either or both of the following:

(a)    the amount;

(b)    the administration of any of the following in connection with the amount:

(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 .

22(3)    
The amount paid must be the amount that would have been payable by the superannuation provider if:

(a)    the amount had constituted an account that the superannuation provider held for the member, former member or non-member spouse; and

(b)    the member, former member or non-member spouse had requested that the balance held in the account be rolled over or transferred to a complying superannuation fund (within the meaning of the SIS Act).

22(4)    
For the purposes of subsection (3):

(a)    assume that the request were made before the time of the payment; and

(b)    assume that the member, former member or non-member spouse had not died before the time of the payment.

22(5)    
This section does not apply to:

(a)    an amount that is unclaimed money, and that was unclaimed money on the most recent unclaimed money day; or

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

(c)    an amount that is held in an inactive low-balance account, and that was held in such an account on the most recent unclaimed money day; or

(d)    an amount that is held in an account of an eligible rollover fund member, unless the payment under this section is made before 1 June 2021; or

(e)    an amount that is held in a lost member account, and that was held in such an account on the most recent unclaimed money day.

Note 1:

Unclaimed money is payable to the Commissioner under subsection 17(1) .

Note 2:

An amount mentioned in paragraph (5)(b) is payable to the Commissioner under section 20F .

22(6)    
Upon payment to the Commissioner of an amount under this section, the superannuation provider is discharged from further liability in respect of that amount.