Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (Repealed)

PART 1 - PRELIMINARY  

REGULATION 1   1   NAME OF REGULATIONS  
These Regulations are the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.

REGULATION 2   2   COMMENCEMENT  
These Regulations commence on gazettal.

REGULATION 3   3   DEFINITIONS  
In these Regulations:

Act
means the Superannuation (Unclaimed Money and Lost Members) Act 1999.

CPI
means the Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Bureau of Statistics.

Treasury bond rate
, for a particular day, means:

(a) if any Treasury bonds with a 10 year term were issued on that day - the annual yield on those bonds; or

(b) otherwise - the annual yield on Treasury bonds with a 10 year term, as published by the Reserve Bank of Australia for that day.

REGULATION 4   4   INTERPRETATION  
(Repealed by SLI No 203 of 2013)

REGULATION 4A   4A   ELIGIBILITY AGE  
For paragraphs 10(1)(a) and (b) of the Act, the prescribed age for a member of a fund is the greater of:

(a) 65 years; and

(b) if the governing rules of the fund specify that a benefit is payable to a member only at a specified age that is greater than 65 years - that age.

PART 2 - PRESCRIBED VISAS  

REGULATION 4B   4B   TEMPORARY RESIDENTS - PRESCRIBED VISAS  
For subsection 20AA(2) and subparagraphs 20H(1)(a)(ii) and 20H(2)(b)(iii) of the Act, the following visas, as described in Schedule 2 to the Migration Regulations 1994, are prescribed:

(a) Subclass 405 (Investor Retirement) visa;

(b) Subclass 410 (Retirement) visa.

REGULATION 4BA   4BA   TEMPORARY RESIDENTS - PRESCRIBED VISAS (PAYMENT BY COMMISSIONER TO SINGLE FUND)  
(Repealed by SLI No 203 of 2013)

PART 3 - INFORMATION TO BE INCLUDED IN NOTICES  

REGULATION 4C   RECOVERY OF OVERPAYMENTS  

4C(1)  
For paragraphs 18B(4)(a), 20L(4)(a) and 24K(4)(a) of the Act, a notice must include the following information:

(a) the name of the person in respect of whom the Commissioner made the payment;

(b) the name of the debtor;

(c) the amount of the excess payment that is sought to be recovered from the debtor;

(d) a statement that the Commissioner may recover that amount from the debtor as a debt due by the debtor to the Commonwealth 28 days after the notice is given to the debtor.

4C(2)  
In this regulation:

debtor
has the same meaning as in the section of the Act under which the notice is given.

REGULATION 4D   TEMPORARY RESIDENTS - UNCLAIMED AMOUNT PAID BEFORE 1 JULY 2013  

4D(1)  
This regulation is made for subsection 20H(2B) of the Act.

4D(2)  
This regulation sets out how to work out the interest on an amount (the unclaimed amount ) that:

(a) the Commissioner receives under subsection 20F(1) of the Act; and

(b) the Commissioner pays under subsection 20H(2) of the Act before 1 July 2013.

Note:

See regulations 4E and 4F for an unclaimed amount that is paid on or after 1 July 2013.

4D(3)  
However, this regulation does not apply to an amount:

(a) to which section 18A, 20K or 24J of the Act applies; or

(b) mentioned in subsection 65AA(2) of the Superannuation Guarantee (Administration) Act 1992.

4D(4)  
The interest is to be worked out for the period (the interest period ) that:

(a) starts on the later of:

(i) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under subsection 20F(1) of the Act; and

(ii) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner in accordance with a notice under subsection 255-10(2) of Schedule 1 to the Taxation Administration Act 1953; and

(b) ends on the earlier of:

(i) the third day after the Commissioner last authorised the unclaimed amount to be paid under subsection 20H(2) of the Act; and

(ii) 30 June 2013.

4D(5)  
The interest is to be worked out by adding together the interest for each financial year during the interest period.

4D(6)  
The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:

Amount × Days interest payable × Interest rate

Days in the financial year

where:

amount
means the unclaimed amount plus the interest (if any) worked out for each earlier financial year for which interest is payable.

days interest payable
means the number of days in the financial year for which interest is payable.

days in the financial year
means the number of days in the financial year.

interest rate
, for a financial year, means:

(a) the Treasury bond rate for the last working day of the financial year immediately before the financial year for which interest is payable; or

(b) if that rateis less than 0% - 0%.

REGULATION 4E   TEMPORARY RESIDENTS - UNCLAIMED AMOUNT PAID ON OR AFTER 1 JULY 2013  

4E(1)  
This regulation is made for subsection 20H(2AA) of the Act.

4E(2)  
This regulation sets out how to work out the interest on the excess (the unclaimed amount ) that the Commissioner receives under subsection 20F(1) of the Act if the Commissioner:

(a) pays the unclaimed amount to, or on behalf of a person, under subsection 20H(2) of the Act on or after 1 July 2013; and

(b) is satisfied the person is (or was just before dying):

(i) an Australian citizen; or

(ii) the holder of a permanent visa under the Migration Act 1958.

Note 1:

See regulation 4D for an unclaimed amount that the Commissioner pays before 1 July 2013.

Note 2:

See regulation 4F for the entitlement to interest on an amount to which subsection 17(1), or section 20H, 20QD or 24E, of the Act applies.

4E(3)  
However, this regulation does not apply to an amount:

(a) to which section 18A, 20K, 20QJ or 24J of the Act applies; or

(b) mentioned in subsection 65AA(2) of the Superannuation Guarantee (Administration) Act 1992.

4E(4)  
The interest is to be worked out for the period (the interest period ) that:

(a) starts on the later of:

(i) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under subsection 20F(1) of the Act; and

(ii) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner in accordance with a notice under subsection 255-10(2) of Schedule 1 to the Taxation Administration Act 1953; and

(b) ends on 30 June 2013.

4E(5)  
The interest is to be worked out by adding together the interest for each financial year during the interest period.

4E(6)  
The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:

Amount × Days interest payable × Interest rate

Days in the financial year

where:

amount
means the unclaimed amount plus the interest (if any) worked out for each earlier financial year for which interest is payable.

days interest payable
means the number of days in the financial year for which interest is payable.

days in the financial year
the number of days in the financial year.

interest rate
, for a financial year, means:

(a) the Treasury bond rate for the last working day of the financial year immediately before the financial year for which interest is payable; or

(b) if that rate is less than 0% - 0%.

REGULATION 4F   OTHER UNCLAIMED AMOUNTS PAID ON OR AFTER 1 JULY 2013  

4F(1)  
This regulation is made for the following provisions of the Act:

(a) subsections 17(2AB) and (2AC);

(b) subsection 20H(2AA);

(ba) subsections 20QF(5) and (6);

(c) subsections 24G(3A) and (3B);

(d) subsection 24NA(4).

4F(2)  
This regulation sets out how to work out theinterest on an amount (the unclaimed amount ) that:

(a) the Commissioner receives under subsection 17(1), or section 20F, 20QD or 24E, of the Act; and

(b) the Commissioner pays under subsection 17(2), 20H(2), 20QF(2), 24G(2), 24NA(2) or 24NA(3) of the Act on or after 1 July 2013.

4F(3)  
However, this regulation does not apply to an amount:

(a) to which section 18A, 20K, 20QJ or 24J of the Act applies; or

(b) mentioned in subsection 65AA(2) of the Superannuation Guarantee (Administration) Act 1992.

4F(4)  
The interest on the unclaimed amount paid by the Commissioner under subsection 17(2), 20H(2), 20QF(2) or 24G(2) of the Act is to be worked out for the period (the interest period ) that:

(a) starts on the later of:

(i) 1 July 2013; and

(ii) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under section 17, 20F, 20QD or 24E of the Act; and

(iii) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner in accordance with a notice under subsection 255-10(2) of Schedule 1 to the Taxation Administration Act 1953; and

(b) ends on the third day after the Commissioner last authorised the unclaimed amount to be paid under subsection 17(2), 20H(2), 20QF(2) or 24G(2) of the Act.

4F(4A)  
The interest on the unclaimed amount paid by the Commissioner under subsection 24NA(2) or (3) of the Act is to be worked out for the period (the interest period ) that:

(a) starts on the later of:

(i) 1 July 2013; and

(ii) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under subsection 17(1), section 20QD or section 24E of the Act; and

(iii) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner in accordance with a notice under subsection 255-10(2) of Schedule 1 to the Taxation Administration Act 1953; and

(b) ends on the third day after the Commissioner last authorised the unclaimed amount to be paid under subsection 24NA(2) or (3) of the Act.

4F(5)  
The interest is to be worked out by adding together the interest for each financial year during the interest period.

4F(6)  
The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:

Amount × Days interest payable × Interest rate

Days in the financial year

where:

amount
means the unclaimed amount plus the interest (if any) worked out for each earlier financial year for which interest is payable.

days interest payable
means the number of days in the financial year for which interest is payable.

days in the financial year
means the number of days in the financial year.

interest rate
, for a financial year, means:

(a) the percentage change in the All Groups CPI between the 2 March quarters most recently published before the first day of the financial year (rounded up to 4 decimal places); or

(b) if that percentage change is less than 0% - 0%.

PART 4 - INFORMATION ABOUT LOST MEMBERS  

REGULATION 5   5   INFORMATION TO BE GIVEN TO COMMISSIONER  
For subsection 23(1) of the Act, a superannuation provider must, on or before the relevant date mentioned in regulation 6, give to the Commissioner information mentioned in paragraphs 23(1)(a) to (e) and subsection 25(3) of the Act that is:

(a) within the knowledge of the superannuation provider; and

(b) specified in the approved form.

REGULATION 6   6   WHEN INFORMATION MUST BE GIVEN TO COMMISSIONER  
Information must be given to the Commissioner under regulation 5:

(a) for the half year ending on 30 June in a year - on or before 31 October in that year; and

(b) for the half year ending on 31 December in a year - on or before 30 April in the following year; and

(c) if the Commissioner has granted an extension to the superannuation provider under regulation 7 - on or before the extension date.

REGULATION 7   COMMISSIONER MAY GRANT EXTENSIONS  

7(1)  
The Commissioner may grant to a superannuation provider an extension of the date by which information must be given by the superannuation provider to the Commissioner under regulation 5.

7(2)  
The grant of an extension must be in writing.

7(3)  
The Commissioner may grant an extension before or after the date mentioned in subregulation (1).

REGULATION 8   8   OFFENCE (ACT S 23)  
(Repealed by SLI No 203 of 2013)

REGULATION 9   REGISTER OF LOST MEMBERS  

9(1)  
For subsection 23(2) of the Act, the Commissioner must keep a Register of Lost Members.

9(2)  
The Register must contain the information given to the Commissioner by a superannuation provider under regulation 5.

9(3)  
The Register may also contain:

(a) information given to the Commissioner (except information mentioned in subregulation (2)) that is of the type contained in the Register; and

(b) information relating to lost members of regulated exempt public sector superannuation schemes, including:

(i) particulars that, if the scheme were a fund, would be particulars of lost members in respect of the scheme; and

(ii) information given to the Commissioner by the superannuation provider of the scheme.

PART 5 - REUNIFICATION OF SUPERANNUATION BALANCES  

REGULATION 10   10   TRANSFERRING BALANCES TO AN ACTIVE ACCOUNT - ELIGIBLE FUND  
For the purposes of paragraph 24NA(2)(c) of the Act, the period prescribed is the period:

(a) beginning on the first day of the financial year immediately preceding the financial year in which the payment by the Commissioner under subsection 24NA(2) of the Act is made; and

(b) ending on the day immediately preceding the day on which the payment by the Commissioner under subsection 24NA(2) of the Act is made.

REGULATION 10A   TRANSFERRING BALANCES TO AN ACTIVE ACCOUNT - MORE THAN ONE ELIGIBLE FUND  

10A(1)  
This regulation is made for the purposes of subsection 24NA(3) of the Act.

10A(2)  
This regulation applies if:

(a) under subsection 24NA(1) of the Act, the Commissioner holds a superannuation amount (within the meaning of that subsection) in respect of a person; and

(b) there is more than one fund in relation to which paragraphs 24NA(2)(b), (c), (d) and (e) of the Act are satisfied in respect of the person (there is more than one eligible fund ).

10A(3)  
The Commissioner must pay the superannuation amount in respect of the person in accordance with this regulation.

10A(4)  
The Commissioner must pay the superannuation amount in respect of the person to the following eligible fund for crediting to the person:

(a) if the Commissioner has made a payment under subsection 17(2) or section 20H, 20QF, 24G or 24NA of the Act to an eligible fund for crediting to the person during the financial year in which the payment day for the superannuation amount occurs - that eligible fund;

(b) if paragraph (a) does not apply - the eligible fund that most recently received an amount in respect of the person during the financial year in which the payment day for the superannuation amount occurs or the immediately preceding financial year;

(c) if paragraphs (a) and (b) do not apply - the eligible fund that holds the largest account balance for the person at the end of the last completed financial year preceding the payment day for the superannuation amount;

(d) if paragraphs (a), (b) and (c) do not apply - the eligible fund determined by the Commissioner.

10A(5)  
In this regulation:

payment day
, for a superannuation amount in respect of a person, is the day on which the Commissioner pays the superannuation amount to a fund in accordance with this regulation.

PART 6 - PRESCRIBED PUBLIC SECTOR SUPERANNUATION SCHEMES  

REGULATION 11   11   UNCLAIMED MONEY - PRESCRIBED SCHEMES  
For section 18AA of the Act, each public sector superannuation scheme mentioned in the table is prescribed.

Prescribed public sector superannuation schemes
Item	Scheme	Act or governing rules under which scheme is established
1	Emergency Services Superannuation Scheme	Emergency Services Superannuation Act 1986 (Vic.)
2	New Scheme	State Superannuation Act 1988 (Vic.)
3	Revised Scheme	State Superannuation Act 1988 (Vic.)
4	State Employees Retirement Benefits Fund	State Employees Retirement Benefits Act 1979 (Vic.)
5	Transport Superannuation Fund	Transport Superannuation Act 1988 (Vic.)
6	GESB Super (Retirement Access) Scheme	State Superannuation Act 2000 (WA)
7	GESB Super Scheme	State Superannuation Act 2000 (WA)
8	West State Super Scheme	State Superannuation Act 2000 (WA)
9	Police Superannuation Scheme	Police Superannuation Act 1990 (SA)
10	SA Ambulance Service Superannuation Scheme	Superannuation Act 1988 (SA)
11	SA Metropolitan Fire Service Superannuation Scheme	Superannuation Act 1988 (SA)
12	Southern State Superannuation Scheme	Southern State Superannuation Act 2009 (SA)
13	Lump Sum Scheme	Superannuation Act 1988 (SA)
14	Pension Scheme	Superannuation Act 1988 (SA)
15	Super SA Select	Trust Deed and Rules dated 18 December 2012

REGULATION 11A   11A   LOST MEMBER ACCOUNTS - PRESCRIBED SCHEMES  
For section 24HA of the Act, each public sector superannuation scheme mentioned in the table is prescribed.

New Scheme

Prescribed public sector superannuation schemes
Item	Scheme	Act under which scheme is established
1	Emergency Services Superannuation Scheme	Emergency Services Superannuation Act 1986 (Vic.)
2	State Superannuation Act 1988 (Vic.)
3	Revised Scheme	State Superannuation Act 1988 (Vic.)
4	State Employees Retirement Benefits Fund	State Employees Retirement Benefits Act 1979 (Vic.)
5	Transport Superannuation Fund	Transport Superannuation Act 1988 (Vic.)
6	GESB Super (Retirement Access) Scheme	State Superannuation Act 2000 (WA)
7	GESB Super Scheme	State Superannuation Act 2000 (WA)
8	West State Super Scheme	State Superannuation Act 2000 (WA)

REGULATION 12   12   UNCLAIMED SUPERANNUATION OF FORMER TEMPORARY RESIDENTS - PRESCRIBED SCHEMES  
For section 20JA of the Act, each public sector superannuation scheme mentioned in the table is prescribed.

Prescribed public sector superannuation schemes
Item	Scheme	Act under which scheme is established
1	Public Sector Superannuation Scheme	Superannuation Act 1990
2	Emergency Services Superannuation Scheme	Emergency Services Superannuation Act 1986 (Vic.)
3	New Scheme	State Superannuation Act 1988 (Vic.)
4	Revised Scheme	State Superannuation Act 1988 (Vic.)
5	State Employees Retirement Benefits Fund	State Employees Retirement Benefits Act 1979 (Vic.)
6	Transport Superannuation Fund	Transport Superannuation Act 1988 (Vic.)
7	State Public Sector Superannuation Scheme	Superannuation (State Public Sector) Act 1990 (Qld)
8	GESB Super (Retirement Access) Scheme	State Superannuation Act 2000 (WA)
9	GESB Super Scheme	State Superannuation Act 2000 (WA)
10	West State Super Scheme	State Superannuation Act 2000 (WA)

SCHEDULE 1  

(Repealed by SLI No 39 of 2015)