Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 (133 of 2009)

Schedule 3   Lost members' superannuation

Part 1   Amendment of the Superannuation (Unclaimed Money and Lost Members) Act 1999

5   At the end of section 7

Add:

Superannuation of lost members

At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to:

(a) small accounts of lost members; and

(b) inactive accounts of unidentifiable lost members.

Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount he or she has received in respect of a person:

(a) to a fund identified by the person; or

(b) if the person has reached eligibility age or the amount is less than $200 - to the person; or

(c) if the person has died - to the person's death beneficiaries or legal personal representative.