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

60   Subsections 24C(2), (3) and (4)

Repeal the subsections, substitute:

(2) The statement is not required to contain information relevant to lost member accounts that cease to be lost member 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 lost member accounts, the statement must say so; or

(b) there are only lost member accounts that cease to be lost member 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 lost member accounts; or

(ii) there are only lost member accounts that cease to be lost member accounts during the period mentioned in subsection (2).