Treasury Laws Amendment (2020 Measures No. 5) Act 2020 (118 of 2020)

Schedule 2   Payment of amounts to KiwiSaver scheme provider

Part 1   Main amendments

Superannuation (Unclaimed Money and Lost Members) Act 1999

8   Section 7

Omit:

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.

Superannuation of inactive low-balance members

At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low-balance accounts.

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 the Commissioner 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.

substitute:

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 the Commissioner has received in respect of a person:

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

(b) to a KiwiSaver scheme provider identified by the person; or

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

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

Superannuation of inactive low-balance members

At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low-balance accounts.

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 the Commissioner has received in respect of a person:

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

(b) to a KiwiSaver scheme provider identified by the person; or

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

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