Commonwealth Consolidated Acts

SUPERANNUATION (UNCLAIMED MONEY AND LOST MEMBERS) ACT 1999 - SECT 20QB

Superannuation provider must give statement to the Commissioner

  (1)   A superannuation provider must, for each unclaimed money day, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following:

  (a)   each inactive low - balance account as at the end of the day;

  (b)   the administration of any of the following in connection with each inactive low - balance account:

  (i)   this Part;

  (ii)   the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ;

  (iii)   the Income Tax Assessment Act 1997 , Part   3AA of this Act, and Chapters   2 and 4 in Schedule   1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 .

Note 1:   For State or Territory public sector superannuation schemes, see sections   20QG and 20QH.

Note 2:   The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement required under subsection   (1) includes false or misleading information: see sections   8K, 8M, 8N and 8R of that Act and Division   284 in Schedule   1 to that Act.

Note 3:   The approved form may also require the statement to include certain tax file numbers: see subsection   25(2B) of this Act.

  (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 no more than 6 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 no more than 6 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).

When statement must be given

  (5)   The superannuation provider must give the Commissioner the statement by the end of the scheduled statement day for the unclaimed money day.

Note 1:   The Commissioner may defer the time for giving the statement: see section   388 - 55 in Schedule   1 to the Taxation Administration Act 1953 .

Note 2:   The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement is not given when it must be: see sections   8C and 8E of that Act and Division   286 in Schedule   1 to that Act.

Relationship to rest of Act

  (6)   This section does not apply in relation to:

  (a)   an amount that is unclaimed money at the end of the unclaimed money day; or

  (b)   amounts payable to a person identified in a notice the Commissioner has given the superannuation provider under section   20C; or

  (ba)   an amount payable to the Commissioner in respect of an eligible rollover fund member under section   21C; or

  (c)   an amount payable to the Commissioner in respect of a lost member under section   24E.

Note 1:   Section   16 requires the superannuation provider to give the Commissioner a statement about unclaimed money.

Note 2:   Section   20E requires the superannuation provider to give the Commissioner a statement about the superannuation interest of a person identified in a notice given to the provider under section   20C (which is about notices identifying former temporary residents).

Note 2A:   Section   21A requires the superannuation provider to give the Commissioner statements about eligible rollover fund accounts.

Note 3:   Section   24C requires the superannuation provider to give the Commissioner statements about lost member accounts.