Commonwealth Consolidated Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 2010 - SCHEDULE 1

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

1   Section   7

Omit "consistent with this Act, superannuation providers must", substitute "consistent with this Act, superannuation providers that are trustees of public sector superannuation schemes may".

2   At the end of section   7

Add:

3   Section   8

Insert:

"Commonwealth public sector superannuation scheme" means a scheme for the payment of superannuation, retirement or death benefits, where the scheme is established:

  (a)   by or under a law of the Commonwealth; or

  (b)   under the authority of:

  (i)   the Commonwealth; or

  (ii)   a municipal corporation, another local governing body or a public authority constituted by or under a law of the Commonwealth.

4   Section   8 (definition of public sector superannuation scheme )

Repeal the definition, substitute:

"public sector superannuation scheme" has the same meaning as in the SIS Act.

5   Section   8

Insert:

"State or Territory public sector superannuation scheme" has the meaning given by subsection 18(7).

6   Section   8

Insert:

"unfunded public sector scheme" has the meaning given by the Superannuation Guarantee (Administration) Act 1992 .

7   After section   18

Insert:

18AA   Prescribed public sector superannuation schemes

  (1)   Sections   6, 10 to 12, 14, 16 to 17 and 18A to 18C and subsections 19(1) to (3), 24C(6), 24E(5) and 25(2) apply as if:

  (a)   a public sector superannuation scheme that is:

  (i)   prescribed for the purposes of this section; and

  (ii)   not a fund;

    were a fund; and

Note 1:   The reg u lations may prescribe a scheme by reference to a class of schemes: see subsection 13(3) of the Legislative Instruments Act 2003 .

Note 2:   The trustee of a State or Territory public sector superannuation scheme that is a fund must comply with this Part, subject to section   18.

  (b)   the trustee of the scheme were the superannuation provider; and

  (c)   a member of the scheme were a member of the fund.

  (2)   Despite subsection   (1), in the case of a State or Territory public sector superannuation scheme:

  (a)   section   16 (Statement of unclaimed money):

  (i)   permits, rather than requires, the trustee to give a statement to the Commissioner; and

  (ii)   does not permit the trustee to give a statement to the Commissioner if the governing rules of the scheme prohibit the trustee from giving the statement to the Commissioner; and

  (b)   section   17 (Payment of unclaimed money):

  (i)   does not apply in relation to an unclaimed money day if the trustee does not give a statement in relation to the unclaimed money day to the Commissioner under subsection 16(1); and

  (ii)   permits, rather than requires, the trustee to pay an amount to the Commissioner; and

  (iii)   does not apply to an amount to the extent that the governing rules of the scheme prohibit the trustee from paying the amount to the Commissioner.

Note:   The heading to section   18 is replaced by the heading " State or Territory public sector superannuation schemes ".

8   Subsection 20C(3)

Repeal the subsection, substitute:

  (3)   Subsection   (1) does not apply if:

  (a)   the superannuation provider is:

  (i)   the trustee of a State or Territory public sector superannuation scheme; or

  (ii)   the superannuation provider for an unfunded public sector scheme; and

  (b)   the scheme is not prescribed for the purposes of section   20JA.

9   After section   20J

Insert:

20JA   Prescribed public sector superannuation schemes

  (1)   Section   6, subsections 16(7), 17(2A) and 19(1) and (3), this Part (other than subsections 20F(5) and (6)) and subsections 24C(6), 24E(5) and 25(2A) apply as if:

  (a)   a public sector superannuation scheme that:

  (i)   is prescribed for the purposes of this section; and

  (ii)   in the case of a Commonwealth public sector superannuation scheme--is not a fund, or is an unfunded public sector scheme;

    were a fund; and

Note 1:   The reg u lations may prescribe a scheme by reference to a class of schemes: see subsection 13(3) of the Legislative Instruments Act 2003 .

Note 2:   This Part applies to a Commonwealth public sector superannuation scheme that is not an unfunded public sector scheme whether or not the scheme is prescribed: see section   20C.

  (b)   the trustee of the scheme were the superannuation provider; and

  (c)   a person who has an interest in the scheme had a superannuation interest in the fund.

  (2)   Despite subsection   (1), in the case of a State or Territory public sector superannuation scheme:

  (a)   section   20C (notices about certain former temporary residents) permits, rather than requires, the Commissioner to give a notice to the trustee; and

  (b)   section   20E (statement):

  (i)   permits, rather than requires, the trustee to give a statement to the Commissioner; and

  (ii)   does not permit the trustee to give a statement to the Commissioner if the governing rules of the scheme prohibit the trustee from giving the statement to the Commissioner; and

  (c)   section   20F (payment of unclaimed superannuation):

  (i)   does not apply in relation to a notice given to the trustee under section   20C if the trustee does not give a statement in relation to the notice to the Commissioner under section   20E; and

  (ii)   permits, rather than requires, the trustee to pay an amount to the Commissioner; and

  (iii)   does not apply to an amount to the extent that the governing rules of the scheme prohibit the trustee from paying the amount to the Commissioner.

10   Subsection 24C(1) (note 1)

Omit "section   24H", substitute "sections   24H and 24HA".

11   Subsection 24E(1) (note 1)

Omit "section   24H", substitute "sections   24H and 24HA".

12   Section   24H

Omit "Sections", substitute "Subject to section   24HA, sections".

Note:   The heading to section   24H is replaced by the heading " State or Territory public sector superannuation schemes ".

13   After section   24H

Insert:

24HA   Prescribed public sector superannuation schemes

  (1)   Section   6, subsections 19(1) to (3), this Part (other than sections   24F and 24H) and subsections 25(3) and (4) apply as if:

  (a)   a public sector superannuation scheme that:

  (i)   is prescribed for the purposes of this section; and

  (ii)   in the case of a Commonwealth public sector superannuation scheme--is not a fund;

    were a fund; and

Note:   The reg u lations may prescribe a scheme by reference to a class of schemes: see subsection 13(3) of the Legislative Instruments Act 2003 .

  (b)   the trustee of the scheme were the superannuation provider; and

  (c)   a member of the scheme were a member of the fund.

  (2)   Despite subsection   (1), in the case of a State or Territory public sector superannuation scheme:

  (a)   section   24C (Statement of lost member accounts):

  (i)   permits, rather than requires, the trustee to give a statement to the Commissioner; and

  (ii)   does not permit the trustee to give a statement to the Commissioner if the governing rules of the scheme prohibit the trustee from giving the statement to the Commissioner; and

  (b)   section   24E (Payment in respect of lost member accounts):

  (i)   does not apply in relation to an unclaimed money day if the trustee does not give a statement in relation to the unclaimed money day to the Commissioner under section   24C; and

  (ii)   permits, rather than requires, the trustee to pay an amount to the Commissioner; and

  (iii)   does not apply to an amount to the extent that the governing rules of the scheme prohibit the trustee from paying the amount to the Commissioner.

  (3)   Subparagraphs   (2)(a)(i) and (b)(ii) do not apply in relation to an unclaimed money day if, disregarding this section:

  (a)   the public sector superannuation scheme is a fund; and

  (b)   the superannuation provider has to comply with subsections 16(1) and 17(1) in relation to the unclaimed money day.

14   After section   49

Insert:

49A   Money transferred to State or Territory authorities

  (1)   This section applies if:

  (a)   a person was a member of a fund, or a superannuation fund, (the original fund ); and

  (b)   the superannuation provider of the fund, or the trustee of the superannuation fund, (the original provider ) transferred an interest of the member in the original fund to a State or Territory authority; and

Example:   The law of the State or Territory required the original provider to transfer unclaimed money of the member to the State or Territory authority.

  (c)   a State or Territory authority (the currently responsible authority ) (whether or not the State or Territory authority mentioned in paragraph   (b)) would be required, under:

  (i)   the governing rules of the original fund; or

  (ii)   the law of the State or Territory;

    to make a payment to or in respect of the member in circumstances in which, before the transfer, the original provider would have been required to make a payment to or in respect of the member.

Example:   A requirement to pay unclaimed money to a member who claims it.

  (2)   Section   18AA and, in the case of a State or Territory public sector superannuation scheme, sections   20JA and 24HA, apply as if:

  (a)   the currently responsible authority were the trustee of a State or Territory public sector superannuation scheme; and

  (b)   the scheme were:

  (i)   prescribed for the purposes of those sections; and

  (ii)   not a fund; and

  (c)   the member of the original fund were a member of the scheme; and

  (d)   anything done by, to or in relation to the original provider in relation to the original fund had been done by, to or in relation to the currently responsible authority in relation to the scheme; and

  (e)   a reference in those sections to the governing rules of the original fund were a reference to the laws of the State or Territory.

Part   2 -- Amendment of the Income Tax Assessment Act 1997

15   Section   306 - 20

After " Superannuation (Unclaimed Money and Lost Members) Act 1999 ", insert ", or because it is paid as mentioned in subsection 18(4) of that Act,".

16   Subsection 307 - 5(1) (table item   5)

Repeal the item, substitute:

17   Subsection 307 - 142(1)

After " Superannuation (Unclaimed Money and Lost Members) Act 1999 ", insert ", or by a State or Territory authority as mentioned in subsection 18(5) of that Act,".

18   Subsection 307 - 142(3) (cell at table item   1, column 1)

Repeal the cell, substitute:

19   Subsection 307 - 142(3) (cell at table item   2, column 1)

Repeal the cell, substitute:

20   After subsection 307 - 142(3)

Insert:

  (3A)   Treat the amount set out in column 3 of an item of the table in subsection   (3) as being nil, if:

  (a)   the unclaimed amount set out in column 1 of the item is an amount paid to the Commissioner by a State or Territory authority (within the meaning of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ) in the circumstances mentioned in section   18AA, 20JA or 24HA of that Act; and

  (b)   the Commissioner does not have sufficient information to work out the amount set out in column 3 of the item.

Part   3 -- Application provision

21   Application provision

(1)   Paragraph 49A(1)(b) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , inserted by this Schedule, applies to transfers occurring before, on or after the commencement of this item.

(2)   The amendments of section   307 - 142 of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to payments made on or after the commencement of this item.