Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 4B - REUNIFICATION OF SUPERANNUATION BALANCES  

Division 2 - Transferring balances to an active account  

SECTION 24NA   TRANSFERRING BALANCES TO AN ACTIVE ACCOUNT  

24NA(1)    
This section applies in relation to a person if:

(a)    

the Commissioner is satisfied that:

(i) a superannuation provider has paid an amount to the Commissioner under subsection 17(1) (unclaimed money) and, after applying Part 3 and section 20H , the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or

(ii) a superannuation provider has paid an amount to the Commissioner under section 20QD (an amount from an inactive low-balance account) and, after applying Part 3B and section 20H , the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or

(iia) a superannuation provider has paid an amount to the Commissioner under section 21C (an amount from an account of an eligible rollover fund) and, after applying Part 3C and section 20H , the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or

(iib) a superannuation provider has paid an amount to the Commissioner under section 22 (an amount paid by a superannuation provider on a voluntary basis) and, after applying Part 3D and section 20H , the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or

(iii) a superannuation provider has paid an amount to the Commissioner under section 24E (an amount from a lost member account) and, after applying Part 4A and section 20H , the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); 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 superannuation amount in accordance with subsection (2) .

24NA(1A)    
The Commissioner must pay the superannuation amount in accordance with subsection (2) within 28 days after the Commissioner is satisfied it is possible to pay that amount in accordance with that subsection.

24NA(2)    
The Commissioner must pay each superannuation amount in respect of the person to a single fund if:

(a)    the person has not died; and

(b)    the superannuation provider for the fund holds an account on behalf of the person in the fund; and

(c)    the superannuation provider for the fund has received an amount in respect of the person during the prescribed period; and

(d)    the balance of the account will be equal to or greater than $6,000 if all of the superannuation amounts in respect of the person are paid into the account; and

(e)    under the terms of the fund, and under the law of the Commonwealth, the fund can accept payment of the superannuation amount in respect of the person; and

(f)    

in the case that the amount includes a New Zealand-sourced amount - either:

(i) the fund is not self managed superannuation fund; or

(ii) the superannuation provider for the fund has notified the Commissioner, in the approved form, that the fund accepts New Zealand-sourced amounts.

24NA(3)    
If there is more than one fund in relation to which paragraphs (2)(b) , (c) , (d) and (e) are satisfied in respect of a person, then despite subsection (2) , the Commissioner must pay each superannuation amount in respect of the person in accordance with the regulations.

24NA(4)    

If the Commissioner makes a payment to a fund under subsection (2) or regulations made for the purposes of subsection (3) , the Commissioner must also pay to the fund the amount of interest (if any) worked out in accordance with the regulations.

Note:

Money for payments under this section is appropriated by section 16 of the Taxation Administration Act 1953 .

24NA(5)    

Regulations made for the purposes of subsection (4) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate.