Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 (24 of 2021)

Schedule 2   Payment of other amounts to the Commissioner

Superannuation (Unclaimed Money and Lost Members) Act 1999

19   Section 7

Omit:

Reunification of amounts held by the Commissioner

If, having taken the steps required in relation to unclaimed amounts, or amounts held by the Commissioner for lost members, inactive low-balance members or eligible rollover fund members, the Commissioner still holds an amount, the Commissioner must pay that amount to a fund in which the member for whom the Commissioner holds the amount is active, or in accordance with the regulations.

substitute:

Voluntary payments by superannuation providers

A superannuation provider may pay to the Commissioner of Taxation any amount it holds on behalf of a member, former member or non-member spouse if it reasonably believes paying the amount to the Commissioner is in the best interests of the member, former member or non-member spouse.

Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:

(a) to a fund identified by the person; or

(b) if the person has reached eligibility age or the amount is less than $200 - to the person; or

(c) if the person has died - to the person's death beneficiaries or legal personal representative.

Reunification of amounts held by the Commissioner

If, having taken the steps required in relation to unclaimed amounts, amounts held by the Commissioner for lost members, inactive low-balance members or eligible rollover fund members or amounts paid by superannuation providers on a voluntary basis, the Commissioner still holds an amount, the Commissioner must pay that amount to a fund in which the person for whom the Commissioner holds the amount is active, or in accordance with the regulations.