Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 4B - REUNIFICATION OF SUPERANNUATION BALANCES  

Division 2 - Transferring balances to an active account  

SECTION 24NB   SUPERANNUATION PROVIDER TO RETURN PAYMENT FROM COMMISSIONER THAT CANNOT BE CREDITED  

Scope

24NB(1)    
This section applies if:

(a) a payment (the Commissioner ' s payment ) is made to a fund under subsection 24NA(2) , subsection 24NA(4) or regulations made for the purposes of subsection 24NA(3) ; and

(b) the superannuation provider for the fund has not credited the payment to an account to which the payment relates for the benefit of the person by the time (the repayment time ) that is the end of the 28th day after the day on which the Commissioner ' s payment was made.

Repayment

24NB(2)    
The superannuation provider is liable to repay the Commissioner ' s payment to the Commonwealth. The repayment is due and payable at the repayment time.

Note:

The amount the superannuation provider is liable to repay 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.

24NB(3)    
The superannuation provider must give the Commissioner, in the approved form, information relating to the Commissioner ' s payment when repaying it.

Note:

The Taxation Administration Act 1953 provides for offences and administrative penalties if the form is not given when it must be or includes false or misleading information: see sections 8C , 8K and 8N of that Act and Divisions 284 and 286 in Schedule 1 to that Act.

General interest charge

24NB(4)    
If any of the amount the superannuation provider is liable to repay under subsection (2) remains unpaid by the superannuation provider after the repayment time, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that:

(a) starts at the repayment time; and

(b) ends at the end of the last day on which either of the following remains unpaid:

(i) the amount unpaid at the repayment time;

(ii) general interest charge on any of the amount.