Treasury Laws Amendment (2019 Measures No. 3) Act 2020 (64 of 2020)
Schedule 3 Miscellaneous amendments
Part 1 Amendments commencing day after Royal Assent
Superannuation (Unclaimed Money and Lost Members) Act 1999
59 Subsections 20QB(2), (3) and (4)
Repeal the subsections, substitute:
(2) The statement is not required to contain information relevant to inactive low-balance accounts that cease to be inactive low-balance accounts during the period that:
(a) begins from the unclaimed money day; and
(b) ends immediately before the day on which the statement is given to the Commissioner.
(3) If, at the end of the unclaimed money day:
(a) there are no balances held in inactive low-balance accounts, the statement must say so; or
(b) the only inactive low-balance accounts that hold balances cease to be inactive low-balance accounts during the period mentioned in subsection (2), the statement must say so.
Note: If the fund is a regulated superannuation fund that has fewer than 5 members, see subsection (4).
(4) This section does not apply if, at the end of the unclaimed money day:
(a) the fund is a regulated superannuation fund that has fewer than 5 members; and
(b) either:
(i) there are no balances held in inactive low-balance accounts; or
(ii) the only inactive low-balance accounts that hold balances cease to be inactive low-balance accounts during the period mentioned in subsection (2).
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).