PART 4A
-
PAYMENT OF LOST MEMBER ACCOUNTS TO THE COMMISSIONER
History
Part 4A inserted by No 133 of 2009, s 3 and Sch 3 item 24, applicable in relation to:
(a) the last unclaimed money day (within the meaning of the
Superannuation (Unclaimed Money and Lost Members) Act 1999
) occurring before 1 July 2010; and
(b) later unclaimed money days.
Division 3
-
Payment in respect of lost member accounts
History
Div 3 inserted by No 133 of 2009, s 3 and Sch 3 item 24, applicable in relation to:
(a) the last unclaimed money day (within the meaning of the
Superannuation (Unclaimed Money and Lost Members) Act 1999
) occurring before 1 July 2010; and
(b) later unclaimed money days.
SECTION 24G
PAYMENT BY COMMISSIONER IN RESPECT OF PERSON FOR WHOM AN AMOUNT HAS BEEN PAID TO COMMISSIONER
24G(1)
This section applies in relation to a person if:
(a)
a superannuation provider paid an amount to the Commissioner under section
24E
in respect of the person; and
(b)
the Commissioner is satisfied, on application in the approved form or on the Commissioner
'
s own initiative, that it is possible for the Commissioner to pay the amount in accordance with subsection
(2)
.
24G(2)
The Commissioner must pay the amount:
(a)
to a single fund if:
(i)
the person has not died; and
(ii)
the person directs the Commissioner to pay to the fund; and
(iii)
the fund is a complying superannuation plan (within the meaning of the
Income Tax Assessment Act 1997
); or
(aa)
to a single KiwiSaver scheme provider if:
(i)
the person has not died; and
(ii)
the person directs the Commissioner to pay to the KiwiSaver scheme provider; and
(iii)
the matters (if any) prescribed by the regulations are satisfied; or
(b)
in accordance with subsection
(3)
if:
(i)
the person has died; and
(ii)
the Commissioner is satisfied that, if the superannuation provider had not paid the amount to the Commissioner, the provider would have been required to pay an amount or amounts (death benefits) to one or more other persons (death beneficiaries) because of the deceased person
'
s death; or
(c)
to the person
'
s legal personal representative if the person has died but subparagraph
(b)(ii)
does not apply; or
(d)
to the person if this paragraph applies (see subsection
(2A)
).
Note:
Money for payments under subsection
(2)
is appropriated by section
16
of the
Taxation Administration Act 1953
.
History
S 24G(2)
amended by No 118 of 2020, s 3 and Sch 2 item 27, by inserting para (aa), applicable in relation to payments of amounts made by the Commissioner on or after 11 December 2021, regardless of when the amounts were received by the Commissioner.
S 24G(2) amended by No 23 of 2018, s 3 and Sch 1 item 31, by substituting para (d), effective 1 April 2018. For general application and transitional provisions, see note under s
24G(2A)
. Para (d) formerly read:
(d)
to the person if:
(i)
subparagraph (a)(ii) does not apply; and
(ii)
the person has reached the eligibility age or the amount is less than $200; and
(iii)
the person has not died.
24G(2AA)
Despite paragraph
(2)(a)
, the Commissioner must not pay the amount to a single fund if the amount includes a New Zealand-sourced amount and either:
(a)
the fund is a self managed superannuation fund; or
(b)
the superannuation provider for the fund has not notified the Commissioner, in the approved form, that the fund accepts New Zealand-sourced amounts.
History
S 24G(2AA) inserted by No 127 of 2021, s 3 and Sch 3 item 95, applicable in relation to payments of amounts made by the Commissioner on or after 11 December 2021, regardless of when the amounts were received by the Commissioner.
24G(2A)
Paragraph
(2)(d)
applies if:
(a)
subparagraphs
(2)(a)(ii)
and
(aa)(ii)
do not apply; and
(b)
any of the following subparagraphs apply:
(i)
the person has reached the eligibility age and, if the amount includes a New Zealand-sourced amount, the New Zealand eligibility age;
(ii)
the amount is less than $200;
(iii)
a terminal medical condition (within the meaning of the
Income Tax Assessment Act 1997
) exists in relation to the person; and
(c)
the person has not died.
History
S 24G(2A) amended by No 127 of 2021, s 3 and Sch 3 item 96, by inserting
"
and, if the amount includes a New Zealand-sourced amount, the New Zealand eligibility age
"
in para (b)(i), applicable in relation to payments of amounts made by the Commissioner on or after 11 December 2021, regardless of when the amounts were received by the Commissioner.
S 24G(2A) amended by No 118 of 2020, s 3 and Sch 2 item 28, by substituting
"
subparagraphs (2)(a)(ii) and (aa)(ii) do
"
for
"
subparagraph (2)(a)(ii) does
"
in para (a), applicable in relation to payments of amounts made by the Commissioner on or after 11 December 2021, regardless of when the amounts were received by the Commissioner.
S 24G(2A) inserted by No 23 of 2018, s 3 and Sch 1 item 32, effective 1 April 2018. No 23 of 2018, s 3 and Sch 1 Pt 7 contain the following general application and transitional provisions:
Part 7
-
General application and transitional provisions
75 Object
75
The object of this Part is to ensure that, despite the repeals and amendments made by this Schedule, the full legal and administrative consequences of:
(a)
any act done or omitted to be done; or
(b)
any state of affairs existing; or
(c)
any period ending;
before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.
76 Making and amending assessments, and doing other things, in relation to past matters
76
Even though an Act is repealed or amended by this Schedule, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument:
(a)
making or amending an assessment (including under a provision that is itself repealed or amended);
(b)
exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
77 Saving of provisions about effect of assessments
77
If a provision or part of a provision that is repealed or amended by this Schedule deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
78 Repeals disregarded for the purposes of dependent provisions
78
If the operation of a provision (the
subject provision
) of any Act or legislative instrument depends to any extent on an Act, or a provision of an Act, that is repealed by this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision.
79 Part does not limit operation of section 7 of the
Acts Interpretation Act 1901
79
This Part does not limit the operation of section
7
of the
Acts Interpretation Act 1901
.
24G(3)
In a case covered by paragraph
(2)(b)
, the Commissioner must pay the amount under subsection
(2)
by paying to each death beneficiary the amount worked out using the following formula:
| Amount payable under subsection
(2) |
× |
Death benefit for the death beneficiary |
| Total death benefits |
Note:
If there is only one death beneficiary, the whole of the amount is payable to that beneficiary.
24G(3A)
If:
(a)
the Commissioner makes a payment under subsection
(2)
on or after 1 July 2013 to a fund a KiwiSaver scheme provider, a legal personal representative or a person; and
(b)
the payment is in accordance with paragraph
(2)(a)
,
(aa)
,
(c)
or
(d)
;
the Commissioner must also pay to the fund, KiwiSaver scheme provider, legal personal representative or person the amount of interest (if any) worked out in accordance with the regulations.
Note:
Money for payments under subsection
(3A)
is appropriated by section
16
of the
Taxation Administration Act 1953
.
History
S 24G(3A) amended by No 118 of 2020, s 3 and Sch 2 items 29
-
31, by inserting
"
a KiwiSaver scheme provider,
"
in para (a),
"
(aa),
"
in para (b) and
"
KiwiSaver scheme provider,
"
, applicable in relation to payments of amounts made by the Commissioner on or after 11 December 2021, regardless of when the amounts were received by the Commissioner.
S 24G(3A) inserted by No 176 of 2012, s 3 and Sch 4 item 7, effective 5 December 2012. For transitional provision see note at the end of s
17(2AB)
.
24G(3B)
If:
(a)
the Commissioner makes a payment under subsection
(2)
on or after 1 July 2013 to a death beneficiary; and
(b)
the payment is in accordance with paragraph
(2)(b)
;
the Commissioner must also pay to the death beneficiary the amount of interest (if any) worked out in accordance with the regulations.
Note:
Money for payments under subsection
(3B)
is appropriated by section
16
of the
Taxation Administration Act 1953
.
History
S 24G(3B) inserted by No 176 of 2012, s 3 and Sch 4 item 7, effective 5 December 2012. For transitional provision see note at the end of s
17(2AB)
.
24G(3C)
Regulations made for the purposes of subsection
(3A)
or
(3B)
may prescribe different rates for different periods over which the interest accrues. For this purpose,
rate
includes a nil rate.
History
S 24G(3C) inserted by No 176 of 2012, s 3 and Sch 4 item 7, effective 5 December 2012. For transitional provision see note at the end of s
17(2AB)
.
24G(3D)
Interest under subsection
(3A)
or
(3B)
does not accrue in relation to a period before 1 July 2013.
History
S 24G(3D) inserted by No 176 of 2012, s 3 and Sch 4 item 7, effective 5 December 2012. For transitional provision see note at the end of s
17(2AB)
.
24G(4)
This section does not apply to an amount that is to be, is or has been, taken into account in determining whether the Commissioner must make a payment under subsection
20H(2)
or
(3)
.
Note:
Subsections
20H(2)
and
(3)
provide for payment by the Commissioner of amounts equal to amounts paid to the Commissioner under subsections
17(1)
,
20F(1)
and
24E(1)
in respect of a person who:
(a) is identified in a notice under section
20C
; or
(b) used to be the holder of a temporary visa.
History
S 24G(4) amended by No 88 of 2013, s 3 and Sch 1 items 29
-
30, by substituting
"
subsection 20H(2) or (3)
"
for
"
section 20H
"
and
"
Subsections 20H(2) and (3) provide
"
for
"
Section 20H provides
"
in the note, effective 28 June 2013.
History
S 24G inserted by No 133 of 2009, s 3 and Sch 3 item 24, applicable in relation to:
(a) the last unclaimed money day (within the meaning of the
Superannuation (Unclaimed Money and Lost Members) Act 1999
) occurring before 1 July 2010; and
(b) later unclaimed money days.
View history note
Hide history note