Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 3A - PAYMENT OF UNCLAIMED SUPERANNUATION OF FORMER TEMPORARY RESIDENTS  

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History

Part 3A inserted by No 151 of 2008, s 3 and Sch 1 item 16, effective 18 December 2008.

Division 1 - Preliminary  

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History

Div 1 inserted by No 151 of 2008, s 3 and Sch 1 item 16, effective 18 December 2008.

SECTION 20A  

20A   SIMPLIFIED OUTLINE  

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The following is a simplified outline of this Part:

The Commissioner must give the superannuation provider for a fund a notice if the Commissioner is satisfied that a former temporary resident has a superannuation interest in the fund.

If the Commissioner gives such a notice, the superannuation provider must:

(a) give the Commissioner a statement about the interest by the next date set for the purpose by the Commissioner; and

(b) pay the Commissioner the amount that would have been payable from the fund to the person if the person had requested payment in connection with his or her departure from Australia, reduced by amounts already payable in respect of the person.

On payment, the superannuation provider ceases to be liable for the amount paid.

The person can claim the amount (and interest, in some cases) from the Commissioner.

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History

S 20A amended by No 27 of 2009 , s 3 and Sch 2 item 27, by substituting the para beginning with (and including) " The Commissioner must give " , effective 27 March 2009. The para formerly read:

The Commissioner must give the superannuation provider for a fund a notice if the Commissioner is satisfied that:

(a) a person who used to be the holder of a temporary visa has a superannuation interest in the fund; and

(b) at least 6 months have passed since the person ceased to hold the visa and left Australia; and

(c) the person does not hold a visa and is not a citizen.

S 20A inserted by No 151 of 2008, s 3 and Sch 1 item 16, effective 18 December 2008.

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