PART 3
-
PAYMENT OF UNCLAIMED MONEY TO THE COMMISSIONER
Division 3
-
Payment of unclaimed money
History
Div 3 heading inserted by
No 27 of 2009
, s 3 and Sch 2 item 15, effective 27 March 2009.
SECTION 17
PAYMENT OF UNCLAIMED MONEY
Provider must pay Commissioner
17(1)
A superannuation provider must pay the Commissioner (for the Commonwealth) the amount, in relation to each unclaimed money day, worked out under subsection
17(1)
. The amount is due and payable at the end of the scheduled statement day for the unclaimed money day.
Note 1:
Subsection
(1)
does not apply if the superannuation provider gives a statement, and makes a payment, to a State or Territory authority as provided for in section
18
(State or Territory public sector superannuation schemes).
Note 2:
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 3:
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 4:
Section
18A
provides for refunds of overpayments by the superannuation provider to the Commissioner.
History
S 17(1)
-
(2AA) substituted for s 17(1) and (2) by
No 27 of 2009
, s 3 and Sch 2 item 16, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
No 27 of 2009
, s 3 and Sch 2 item 69, contains the following provision:
Payments made before commencement
69(1)
To avoid doubt, a reference in a law of the Commonwealth to a payment made under subsection
17(1)
or
(2)
of the
Superannuation (Unclaimed Money and Lost Members) Act 1999
includes a reference to a payment made under that subsection as in force before 27 March 2009.
69(2)
However, sections
17A
,
18A
,
18B
and
18C
of that Act, as inserted, do not apply in relation to such a payment.
S 17(1) formerly read:
17(1)
On giving the statement to the Commissioner, the superannuation provider must pay to the Commissioner the amount worked out using the following formula:
| Amount of unclaimed money specified in statement |
− |
Unclaimed money paid by provider |
|
|
where:
amount of unclaimed money specified in statement
means the amount specified in the statement provided in accordance with subsection
16(1)
.
unclaimed money paid by provider
means any amounts specified in the statement in accordance with subsection
16(2)
.
Note:
Subsection (1) does not require the superannuation provider to pay the Commissioner an amount on account of unclaimed money described in subsection
12(1)
payable to a person identified in a notice the Commissioner has given the provider under section
20C
, because such money is not to be included in the statement under section
16
(and is payable to the Commissioner under section
20F
).
S 17(1) amended by No 151 of 2008, s 3 and Sch 1 item 14, by inserting the note at the end, effective 18 December 2008.
17(1A)
Work out the amount using the following formula:
| All unclaimed money as at the end of the unclaimed money day |
− |
Former unclaimed money |
|
|
where:
former unclaimed money
means any of the unclaimed money that, between the unclaimed money day and the day on which the superannuation provider gives the statement in relation to the unclaimed money day to the Commissioner under subsection
16(1)
:
(a)
the superannuation provider pays to a person who is entitled to it; or
(b)
otherwise ceases to be unclaimed money (other than because the provider pays the money to the Commissioner under subsection
(1)
).
History
S 17(1A) inserted by
No 27 of 2009
, s 3 and Sch 2 item 16, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
17(1B)
Subsection
(1)
does not require the superannuation provider to pay the Commissioner:
(a)
an amount on account of unclaimed money described in subsection
12(1)
payable to a person identified in a notice the Commissioner has given the provider under section
20C
; or
(b)
an amount payable to the Commissioner in respect of an eligible rollover fund member under section
21C
.
Note:
An amount mentioned in paragraph
(1B)(a)
is payable to the Commissioner under section
20F
.
History
S 17(1B) substituted by No 24 of 2021, s 3 and Sch 1 item 26, effective 23 March 2021. S 17(1B) formerly read:
17(1B)
Subsection (1) does not require the superannuation provider to pay the Commissioner an amount on account of unclaimed money described in subsection 12(1) payable to a person identified in a notice the Commissioner has given the provider under section 20C.
Note:
Such money is payable to the Commissioner under section 20F.
S 17(1)
-
(2AA) substituted for s 17(1) and (2) by
No 27 of 2009
, s 3 and Sch 2 item 16, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
Payment by Commissioner in respect of person for whom an amount has been paid to Commissioner
17(1C)
Subsections
(2)
and
(2AA)
apply in relation to a person if:
(a)
a superannuation provider paid unclaimed money to the Commissioner under subsection
(1)
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 unclaimed money in accordance with subsection
(2)
.
History
S 17(1)
-
(2AA) substituted for s 17(1) and (2) by
No 27 of 2009
, s 3 and Sch 2 item 16, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
17(2)
The Commissioner must pay the unclaimed money:
(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
(2AA)
if:
(i)
the person has died; and
(ii)
the Commissioner is satisfied that, if the superannuation provider had not paid the unclaimed money 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)
in any other case
-
to the person.
Note:
Money for payments under subsection
(2)
is appropriated by section
16
of the
Taxation Administration Act 1953
.
History
S 17(2) amended by No 118 of 2020, s 3 and Sch 2 item 10, 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 17(1)
-
(2AA) substituted for s 17(1) and (2) by
No 27 of 2009
, s 3 and Sch 2 item 16, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
No 27 of 2009
, s 3 and Sch 2 item 69, contains the following provision:
Payments made before commencement
69(1)
To avoid doubt, a reference in a law of the Commonwealth to a payment made under subsection
(1)
or
(2)
of the
Superannuation (Unclaimed Money and Lost Members) Act 1999
includes a reference to a payment made under that subsection as in force before 27 March 2009.
69(2)
However, sections
17A
,
18A
,
18B
and
18C
of that Act, as inserted by this Schedule, do not apply in relation to such a payment.
S 17(2) formerly read:
17(2)
Payment where money later claimed.
The Commissioner must pay unclaimed money to a person if:
(a)
unclaimed money has been paid to the Commissioner under this section by a superannuation provider; and
(b)
the Commissioner is satisfied, on application made in the approved form by the person, that, if this section had not been enacted, the superannuation provider would have paid the unclaimed money to the person.
17(2AAA)
Despite paragraph
(2)(a)
, the Commissioner must not pay the unclaimed money to a single fund if the unclaimed money 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 17(2AAA) inserted by No 127 of 2021, s 3 and Sch 3 item 79, 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.
17(2AA)
In a case covered by paragraph
(2)(b)
, the Commissioner must pay the unclaimed money under subsection
(2)
by paying to each death beneficiary the amount worked out using the following formula:
Amount of unclaimed money
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 unclaimed money is payable to that beneficiary.
History
S 17(1)
-
(2AA) substituted for s 17(1) and (2) by
No 27 of 2009
, s 3 and Sch 2 item 16, effective 27 March 2009.
No 27 of 2009
, Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
17(2AAB)
Despite paragraph
(2)(d)
, the Commissioner must not pay the unclaimed money to the person if the unclaimed money includes a New Zealand-sourced amount and the person has not reached the New Zealand eligibility age.
History
S 17(2AAB) inserted by No 127 of 2021, s 3 and Sch 3 item 80, 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.
17(2AB)
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
(2AB)
is appropriated by section
16
of the
Taxation Administration Act 1953
.
History
S 17(2AB) amended by No 118 of 2020, s 3 and Sch 2 items 11
-
13, 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 17(2AB) inserted by No 176 of 2012, s 3 and Sch 4 item 1, effective 5 December 2012. No 176 of 2012, s 3 and Sch 4 item 8 contains the following transitional provision:
Transitional
-
scheduled statement day
Scope
8(1)
This item applies if an unclaimed money day is 31 December 2012.
Scheduled statement day
8(2)
Sections
24C
and
24E
of the
Superannuation (Unclaimed Money and Lost Members) Act 1999
have effect as if the scheduled statement day for the unclaimed money day was 31 May 2013 instead of the day specified in the instrument under section
15A
of that Act.
17(2AC)
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
(2AC)
is appropriated by section 16 of the
Taxation Administration Act 1953
.
History
S 17(2AC) inserted by No 176 of 2012, s 3 and Sch 4 item 1, effective 5 December 2012. For transitional provision see note at the end of s
17(2AB)
.
17(2AD)
Regulations made for the purposes of subsection
(2AB)
or
(2AC)
may prescribe different rates for different periods over which the interest accrues. For this purpose,
rate
includes a nil rate.
History
S 17(2AD) inserted by No 176 of 2012, s 3 and Sch 4 item 1, effective 5 December 2012. For transitional provision see note at the end of s
17(2AB)
.
17(2AE)
Interest under subsection
(2AB)
or
(2AC)
does not accrue in relation to a period before 1 July 2013.
History
S 17(2AE) inserted by No 176 of 2012, s 3 and Sch 4 item 1, effective 5 December 2012. For transitional provision see note at the end of s
17(2AB)
.
17(2A)
Subsections
(1C)
to
(2AA)
do not apply to unclaimed money 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 this section and subsection
20F(1)
in respect of a person who is identified in a notice under section
20C
or who used to be the holder of a temporary visa.
History
S 17(2A) amended by No 88 of 2013, s 3 and Sch 1 items 20
-
21, 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.
S 17(2A) amended by
No 27 of 2009
, s 3 and Sch 2 item 17, by substituting
"
Subsections (1C) to (2AA) do
"
for
"
Subsection (2) does
"
, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
S 17(2A) inserted by No 151 of 2008, s 3 and Sch 1 item 15, effective 18 December 2008.
17(3)
(Repealed by
No 27 of 2009
)
History
S 17(3) repealed by
No 27 of 2009
, s 3 and Sch 2 item 18, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
S 17(3) formerly read:
17(3)
Refund of excess payments.
If a superannuation provider satisfies the Commissioner that an amount paid to the Commissioner under this section exceeds the amount that would have been paid to the person concerned, the Commissioner must refund to the superannuation provider the amount of the excess.
Discharge of superannuation provider from liability
17(4)
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.
17(5)
(Repealed by
No 27 of 2009
)
History
S 17(5) repealed by
No 27 of 2009
, s 3 and Sch 2 item 18, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
S 17(5) formerly read:
17(5)
Appropriation of Consolidated Revenue Fund.
The Consolidated Revenue Fund is appropriated for the purposes of this section.
17(6)
(Repealed by
No 27 of 2009
)
History
S 17(6) repealed by
No 27 of 2009
, s 3 and Sch 2 item 18, effective 27 March 2009.
No 27 of 2009
, s 3 and Sch 2 item 67(2), reads:
67(2)
Despite the amendments of sections
16
,
17
and
18
, those sections, as in force just before 27 March 2009, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.
S 17(6) formerly read:
17(6)
Offence.
A superannuation provider is guilty of an offence if the superannuation provider fails to comply with the obligations set out in subsection (1). However, an offence is not committed if subsection
18(3)
is satisfied.
Maximum penalty: 100 penalty units.
Note 1:
Chapter
2
of the
Criminal Code
sets out the general principles of criminal responsibility.
Note 2:
See section
4AA
of the
Crimes Act 1914
for the current value of a penalty unit.
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