Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 3B - PAYMENT OF LOW BALANCES IN INACTIVE ACCOUNTS TO THE COMMISSIONER  

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History

Pt 3B inserted by No 16 of 2019, s 3 and Sch 3 item 30, effective 13 March 2019. No 16 of 2019, s 3 and Sch 3 item 38 contain the following application and transitional provisions:

Part 2 - Application and transitional provisions

38 Application of this Schedule  
38(1)
The amendments made by this Schedule apply in relation to unclaimed money days that occur on or after 30 June 2019.

38(2)
However, a period during which a member ' s account in a fund is inactive is to be taken into account for the purposes of paragraph 20QA(1)(a) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , as inserted by item 8 of this Schedule, even if the period begins before 30 June 2019.

Division 2 - Statements on inactive low-balance accounts  

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History

Div 2 inserted by No 16 of 2019, s 3 and Sch 3 item 30, effective 13 March 2019. For application and transitional provisions, see note under Part 3B heading.

SECTION 20QC   ERROR OR OMISSION IN STATEMENT  

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Scope

20QC(1)    
This section applies if:

(a) a superannuation provider gives the Commissioner a statement under section 20QB ; and

(b) the superannuation provider becomes aware of a material error, or material omission, in any information in the statement.

Superannuation provider must give information

20QC(2)    
The superannuation provider must, in the approved form, give the Commissioner the corrected or omitted information.

20QC(3)    
Information required by subsection (2) must be given no later than 30 days after the superannuation provider becomes aware of the error or omission.

Note 1:

The Commissioner may defer the time for giving the information: see section 388-55 in Schedule 1 to the Taxation Administration Act 1953 .

Note 2:

The Taxation Administration Act 1953 provides for offences and administrative penalties if the information is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.

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History

S 20QC inserted by No 16 of 2019, s 3 and Sch 3 item 30, effective 13 March 2019. For application and transitional provisions, see note under Part 3B heading.

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