Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a superannuation provider if:
(a) the superannuation provider is the trustee of a State or Territory public sector superannuation scheme; and
(b) a law of a State or Territory satisfies the requirements set out in subsections (4) and (5).
(2) The superannuation provider does not have to comply with subsection 16(1) or 17(1) in relation to an unclaimed money day if the provider, in accordance with that law of a State or Territory:
(a) gives to a State or Territory authority a statement that complies with items 1 and 2 of the table in subsection (4) in relation to the first half year that ends on or after the unclaimed money day; and
(b) pays the amount worked out under item 3 of that table to the State or Territory authority.
First requirement
(4) The first requirement is that the law contains provisions with the effects set out in the following table:
Provisions relating to first requirement | ||
Item | Subject of provision | Effect of provision |
1 | Preparing a statement | At the end of each half - year, a superannuation provider must prepare a statement (in a form approved by a State or Territory authority) of all unclaimed money that is held in the fund that is managed or provided by the superannuation provider. |
2 | Providing a statement | The statement must be given to a State or Territory authority: (a) for a half - year ending on 30 June in a calendar year--before 1 November in that calendar year; and (b) for a half - year ending on 31 December in a calendar year--before 1 May in the following calendar year. |
3 | Payments | When the statement is given, the superannuation provider must pay to the State or Territory authority an amount worked out in accordance with a formula corresponding to the formula in subsection 17(1), as in force just before the commencement of Schedule 5 to the Tax Laws Amendment (2009 Measures No. 1) Act 2009 . |
4 | Register | The State or Territory authority must keep a register that contains particulars of: (a) the unclaimed money paid to it by the superannuation provider; and (b) each member in respect of whom there is unclaimed money. |
Second requirement
(5) The second requirement is that the law contains provisions:
(a) corresponding to the provisions of this Act, as in force just before the commencement of Schedule 5 to the Tax Laws Amendment (2009 Measures No. 1) Act 2009 , set out in the following table; and
(b) with the effects set out in the table:
Provisions relating to second requirement | ||
Item | Provision | Effect of corresponding provision |
1 | Subsection 16(2) | Requires the statement to contain particulars relating to any unclaimed money paid after the end of the half - year as are required by the form approved by the State or Territory authority |
2 | Subsection 16(4) | Empowers the State or Territory authority to extend the period in which the statement must be lodged |
3 | Subsection 17(2) | Requires the State or Territory authority to pay unclaimed money to a person in circumstances corresponding to those set out in that subsection |
4 | Subsection 17(3) | Requires the State or Territory authority to refund amounts in circumstances corresponding to those set out in that subsection |
Discharge of superannuation provider from liability
(6) Upon payment to the State or Territory authority of an amount as required under this section, the superannuation provider is discharged from further liability in respect of that amount.
(7) In this section:
"State or Territory 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 a State or a law of a Territory; or
(b) under the authority of:
(i) the government of a State or Territory; or
(ii) a municipal corporation, another local governing body or a public authority constituted by or under a law of a State or a law of a Territory.