S 23 substituted by No 8 of 2019, s 3 and Sch 4 item 10, effective 1 April 2019. For application and transitional provisions, see note under Part
4
heading. No 8 of 2019, s 3 and Sch 4 items 16 and 17 contain the following application and transitional provisions:
16 Application of amendments
16
The repeal of subsection
23(1)
of the
Superannuation (Unclaimed Money and Lost Members) Act 1999
made by this Part does not apply in relation to information that must be given to the Commissioner, under the scheme mentioned in that subsection as in force at any time before the commencement of this item, for a half year ending before 1 January 2018.
17 Transitional provisions
(1)
The register that, just before the commencement of this item, was kept under regulations made for the purposes of subsection
23(2)
of the
Superannuation (Unclaimed Money and Lost Members) Act 1999
is treated, from that commencement, as being kept under section
23
of that Act, as amended by this Part.
(2)
Without limiting section
23
of that Act, as amended by this Part, the register kept under that section may contain any information given to the Commissioner (whether before, on or after the commencement of this item) under the scheme established by regulations made for the purposes of that section, as in force at any time before that commencement.
S 23 formerly read:
SECTION 23 REGULATIONS MAY ESTABLISH A SCHEME FOR INFORMATION ABOUT LOST MEMBERS
23(1)
Regulations may establish a scheme.
The regulations may establish a scheme under which superannuation providers are to give statements, in the approved form, to the Commissioner containing the following information:
(a)
information relating to each lost member of the superannuation provider;
(b)
information relating to each lost member
'
s benefits in the funds managed or provided by the superannuation provider;
(c)
information relating to each member of the superannuation provider who ceases to be a lost member of the provider;
(d)
information relating to the benefits of each member referred to in paragraph (c) in the funds managed or provided by the superannuation provider;
(e)
information that the Commissioner reasonably believes may assist the Commissioner in administering the register referred to in subsection (2).
Note 1:
The regulations may require the superannuation provider to set out:
(a) the tax file number of the superannuation provider; and
(b) the tax file number of any member of the fund to whom the statement relates and who has quoted his or her tax file number to the superannuation provider.
See subsection 25(3).
Note 2:
The
Taxation Administration Act 1953
provides for offences if the statement includes false or misleading information: see sections
8K
,
8M
,
8N
and
8R
of that Act.
Note 3:
The
Taxation Administration Act 1953
provides for offences and administrative penalties if the statement is not given when it must be: see sections
8C
and
8E
of that Act and Division
286
in Schedule
1
to that Act.
History
S 23(1) amended by
No 27 of 2009
, s 3 and Sch 2 items 33 and 34, by inserting
"
1
"
after
"
Note
"
and by inserting Notes 2 and 3, effective 27 March 2009.
23(2)
Lost members register.
The regulations establishing the scheme must provide for the Commissioner to keep a register that:
(a)
must contain the information given to the Commissioner by superannuation providers in accordance with the scheme; and
(b)
may contain information given to the Commissioner (other than the information referred to in paragraph (a)) that is of the type contained in the register.
Note:
The register may contain a person
'
s tax file number (see section
27
).
23(3)
The regulations establishing the scheme may provide for the register referred to in subsection (2) to also contain the following:
(a)
information relating to members of a regulated exempt public sector superannuation scheme;
(b)
particulars that, if the scheme were a fund, would be particulars of lost members in respect of the scheme; and
(c)
information given to the Commissioner by the trustee of the scheme.
23(4)
A trustee of a regulated exempt public sector superannuation scheme may, in the approved form, give the information referred to in paragraph (3)(c) to the Commissioner.
Note:
The approved form may permit the trustee to set out:
(a) the tax file number of the scheme; and
(b) the tax file number of any member of the scheme who has quoted his or her tax file number to the trustee.
See subsection
26(3)
.
23(5)
(Repealed by
No 27 of 2009
)
History
S 23(5) repealed by
No 27 of 2009
, s 3 and Sch 2 item 35, effective 27 March 2009. S 23(5) formerly read:
23(5)
Offence.
A superannuation provider is guilty of an offence if:
(a)
the superannuation provider fails to comply with a provision of regulations made for the purposes of subsection (1); and
(b)
the regulations declare that this subsection applies to that provision.
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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