Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 4A - PAYMENT OF LOST MEMBER ACCOUNTS TO THE COMMISSIONER  

Division 3 - Payment in respect of lost member accounts  

SECTION 24E   PAYMENT IN RESPECT OF LOST MEMBER ACCOUNTS  

Provider must pay Commissioner

24E(1)    
A superannuation provider must pay the Commissioner (for the Commonwealth) the amount worked out under subsection (2) in respect of a person if:

(a)    an account is a lost member account as at the end of an unclaimed money day; and

(b)    the account is held by the provider on behalf of the person; and

(c)    the person is still a lost member at the time (the calculation time ) immediately before the earlier of:

(i) the time (if any) the payment is made; and

(ii) the time at which the payment is due and payable, (assuming that the payment must be made).

The amount is due and payable at the end of the scheduled statement day for the unclaimed money day.

Note 1:

For State or Territory public sector superannuation schemes, see sections 24H and 24HA .

Note 2:

Subsection 24F(2) makes it an offence not to comply with a requirement under this subsection.

Note 3:

The amount the superannuation provider must pay the Commissioner is a tax-related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax-related liabilities. Division 284 in that Schedule provides for administrative penalties connected with such liabilities.

Note 4:

The Commissioner may defer the time at which the amount is due and payable: see section 255-10 in Schedule 1 to the Taxation Administration Act 1953 .

Note 5:

Section 24J provides for refunds of overpayments by the superannuation provider to the Commissioner.

Amount of payment

24E(2)    
The amount payable in respect of the lost member is the amount that would have been payable by the superannuation provider if the lost member had requested that the balance of the account be rolled over or transferred to a complying superannuation fund (within the meaning of the SIS Act).

24E(3)    
For the purposes of subsection (2) :

(a)    work out the amount that would have been payable at the calculation time; and

(b)    assume that the request were made before the calculation time; and

(c)    assume that the lost member had not died before the calculation time.

Family Law payment splits

24E(4)    
If, as a result of a payment split that applies in relation to the account, the non-member spouse (or his or her legal personal representative if he or she has died) is, or could in the future be, entitled to be paid an amount, then:

(a)    

for the purposes of subsection (2) , take account only of the lost member ' s entitlement to payment remaining after any reduction by the payment split (disregarding subsection 90XB(3) or 90YC(3) (as the case may be) of the Family Law Act 1975 ); and

(b)    the superannuation provider must also pay an amount (the non-member spouse amount ) to the Commissioner in respect of the non-member spouse; and

(c)    the non-member spouse amount is due and payable at the same time as the amount payable under subsection (1) ; and

(d)    the amount of the non-member spouse amount is the amount of the reduction mentioned in paragraph (a) .

Note 1:

Part VIIIB of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between the parties to a marriage. Subsection 90XB(3) of that Act provides that the Part has effect subject to this Act.

Note 1A:

Part VIIIC of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between de facto partners in a de facto relationship in Western Australia. Subsection 90YC(3) of that Act provides that the Part has effect subject to this Act.

Note 2:

Subsection 24F(2) makes it an offence not to comply with a requirement under this subsection.

Miscellaneous

24E(5)    
This section does not require the superannuation provider to pay the Commissioner:

(a)    an amount that is unclaimed money at the end of the 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 payable to the Commissioner in respect of an eligible rollover fund member under section 21C .

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 .

24E(6)    
Upon payment to the Commissioner of an amount as required under this section, the superannuation provider is discharged from further liability in respect of that amount.

24E(7)    
For the purposes of this section, ignore accounts with nil balances, or balances below nil, as the calculation time mentioned in subsection (1) .