Superannuation (Unclaimed Money and Lost Members) Act 1999

s 24N — Object of this Part

The object of this Part is to set out a procedure for transferring amounts received by the Commissioner under Parts 3, 3B, 3C, 3D and 4A in respect of a person into a single active account held by a superannuation provider in respect of the person.

Amendment history: Inserted by No 16 of 2019, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 24 of 2021, Sch 1 item 42 | Sch 2 item 28, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)

s 24NA — Transferring balances to an active account

(1) This section applies in relation to a person if: (a) the Commissioner is satisfied that: (i) a superannuation provider has paid an amount to the Commissioner under subsection 17(1) (unclaimed money) and, after applying Part 3 and section 20H, the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or (ii) a superannuation provider has paid an amount to the Commissioner under section 20QD (an amount from an inactive low ‑ balance account) and, after applying Part 3B and section 20H, the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or (iia) a superannuation provider has paid an amount to the Commissioner under section 21C (an amount from an account of an eligible rollover fund) and, after applying Part 3C and section 20H, the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or (iib) a superannuation provider has paid an amount to the Commissioner under section 22 (an amount paid by a superannuation provider on a voluntary basis) and, after applying Part 3D and section 20H, the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or (iii) a superannuation provider has paid an amount to the Commissioner under section 24E (an amount from a lost member account) and, after applying Part 4A and section 20H, the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); and (b) the Commissioner is satisfied, on application in the approved form or on the Commissioner’s own initiative, that it is possible for the Commissioner to pay the superannuation amount in accordance with subsection (2). (1A) The Commissioner must pay the superannuation amount in accordance with subsection (2) within 28 days after the Commissioner is satisfied it is possible to pay that amount in accordance with that subsection. (2) The Commissioner must pay each superannuation amount in respect of the person to a single fund if: (a) the person has not died; and (b) the superannuation provider for the fund holds an account on behalf of the person in the fund; and (c) the superannuation provider for the fund has received an amount in respect of the person during the prescribed period; and (d) the balance of the account will be equal to or greater than $6,000 if all of the superannuation amounts in respect of the person are paid into the account; and (e) under the terms of the fund, and under the law of the Commonwealth, the fund can accept payment of the superannuation amount in respect of the person; and (f) in the case that the amount includes a New Zealand ‑ sourced amount—either: (i) the fund is not self managed superannuation fund; or (ii) the superannuation provider for the fund has notified the Commissioner, in the approved form, that the fund accepts New Zealand ‑ sourced amounts. (3) If there is more than one fund in relation to which paragraphs (2)(b), (c), (d) and (e) are satisfied in respect of a person, then despite subsection (2), the Commissioner must pay each superannuation amount in respect of the person in accordance with the regulations. (4) If the Commissioner makes a payment to a fund under subsection (2) or regulations made for the purposes of subsection (3), the Commissioner must also pay to the fund the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under this section is appropriated by section 16 of the Taxation Administration Act 1953 . (5) Regulations made for the purposes of subsection (4) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate.

Amendment history: Inserted by No 16 of 2019, Sch 3 item 24N, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 94 of 2019, Sch 5 item 3 | Sch 5 item 1 | Sch 5 item 2 | Sch 5 item 6 | Sch 5 item 13, effective Sch 5 (items 1, 2): 29 Oct 2019 (s 2(1) item 5) | Amended by No 24 of 2021, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 127 of 2021, Sch 3 item 6 | Sch 3 item 97, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)

s 24NAA — Commissioner may recover overpayment

(1) This section applies if: (a) the Commissioner makes a payment in respect of a person under, or purportedly under, this Part; and (b) the amount paid exceeds the amount (if any) properly payable under this Part in respect of the person. (2) The Commissioner may recover all or part of the excess from a person (the debtor ) described in subsection (3) as a debt due by the debtor to the Commonwealth if the conditions specified in subsection (4) are met. (3) The persons from whom the Commissioner may recover are as follows: (a) the superannuation provider for the fund to which the payment was made; (b) if the payment, or an amount wholly or partly attributable to that payment, was transferred to another fund—the superannuation provider for that other fund. (4) The conditions for recovery are that: (a) the Commissioner gave the debtor written notice, as prescribed by the regulations, of the proposed recovery and the amount to be recovered; and (b) at least 28 days have passed since the notice was given; and (c) the amount recovered is not more than the amount specified in the notice. (5) Despite subsections (2) and (3), if the Commissioner gives a notice described in paragraph (4)(a) to a superannuation provider for a fund, and the fund does not hold an amount attributable to the payment, the Commissioner cannot recover from the superannuation provider. (6) The Commissioner may revoke a notice described in paragraph (4)(a). (7) The total of the amounts recovered from different debtors in relation to the same excess must not be more than the excess. (8) A notice described in paragraph (4)(a) is not a legislative instrument.

Amendment history: Inserted by No 127 of 2021, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)

s 24NB — Superannuation provider to return payment from Commissioner that cannot be credited

Scope (1) This section applies if: (a) a payment (the Commissioner’s payment ) is made to a fund under subsection 24NA(2), subsection 24NA(4) or regulations made for the purposes of subsection 24NA(3); and (b) the superannuation provider for the fund has not credited the payment to an account to which the payment relates for the benefit of the person by the time (the repayment time ) that is the end of the 28th day after the day on which the Commissioner’s payment was made. Repayment (2) The superannuation provider is liable to repay the Commissioner’s payment to the Commonwealth. The repayment is due and payable at the repayment time. Note: The amount the superannuation provider is liable to repay is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. (3) The superannuation provider must give the Commissioner, in the approved form, information relating to the Commissioner’s payment when repaying it. Note: The Taxation Administration Act 1953 provides for offences and administrative penalties if the form is not given when it must be or includes false or misleading information: see sections 8C, 8K and 8N of that Act and Divisions 284 and 286 in Schedule 1 to that Act. General interest charge (4) If any of the amount the superannuation provider is liable to repay under subsection (2) remains unpaid by the superannuation provider after the repayment time, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the repayment time; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid at the repayment time; (ii) general interest charge on any of the amount.

Amendment history: Inserted by No 16 of 2019, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 94 of 2019, Sch 5 item 2, effective Sch 5 (items 1, 2): 29 Oct 2019 (s 2(1) item 5)

s 25 — Forms etc. may require tax file number

Unclaimed money statement—Commonwealth (1) The approved form of statement by a superannuation provider for the purposes of section 16 may require the statement to contain the tax file number of: (aa) the superannuation provider; and (a) the fund; and (b) a member of the fund if: (i) the statement relates to the member; and (ii) the member has quoted his or her tax file number to the superannuation provider. Unclaimed money statement—States and Territories (2) The form of statement by a superannuation provider that is approved by a State or Territory authority for the purposes of section 18 may require the statement to contain the tax file number of: (a) the fund; and (b) a member of the fund if: (i) the statement relates to the member; and (ii) the member has quoted his or her tax file number to the superannuation provider. Statement about unclaimed superannuation of former temporary visa holder (2A) The approved form of statement by a superannuation provider for the purposes of subsection 20E(1) relating to a person’s superannuation interest may require the statement to contain the tax file number of: (a) the superannuation provider; and (b) the fund; and (c) the person, if: (i) the person has quoted his or her tax file number to the superannuation provider; or (ii) the Commissioner has given the superannuation provider the person’s tax file number in a notice about the person under section 20C. Statement about inactive low ‑ balance accounts (2B) The approved form of statement by a superannuation provider for the purposes of section 20QB may require the statement to contain the tax file number of: (a) the superannuation provider; and (b) the fund; and (c) a member of the fund if: (i) the statement relates to an account, in the fund, held on behalf of the member; and (ii) the member has quoted his or her tax file number to the superannuation provider. Statement about eligible rollover fund accounts (3) The approved form of statement by a superannuation provider for the purposes of section 21A may require the statement to contain the tax file number of: (a) the superannuation provider; and (b) the fund; and (c) a member of the fund if: (i) the statement relates to an account, in the fund, held on behalf of the member; and (ii) the member has quoted the member’s tax file number to the superannuation provider. Statement about payments by superannuation providers on a voluntary basis (3A) The approved form of statement by a superannuation provider for the purposes of subsection 22(2) may require the statement to contain the tax file number of: (a) the superannuation provider; and (b) the fund; and (c) a member or former member of the fund, or a non ‑ member spouse of such a member or former member, if: (i) the statement relates to an amount, in the fund, held on behalf of the member, former member or non ‑ member spouse; and (ii) the member, former member or non ‑ member spouse has quoted the tax file number of the member, former member or non ‑ member spouse to the superannuation provider. Lost member accounts statements (4) The approved form of statement by a superannuation provider for the purposes of section 24C may require the statement to contain the tax file number of: (a) the superannuation provider; and (b) the fund; and (c) a member of the fund if: (i) the statement relates to an account, in the fund, held on behalf of the member; and (ii) the member has quoted his or her tax file number to the superannuation provider.

Amendment history: Amended by No 151 of 2008, Sch 1 item 20E | Sch 1 item 17 | Sch 1 item 18, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, Sch 2 item 12 | Sch 2 item 36, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 133 of 2009, Sch 3 item 24C | Sch 3 item 25, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 8 of 2019, Sch 4 item 11, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5) | Amended by No 16 of 2019, Sch 3 item 20Q | Sch 3 item 33, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 24 of 2021, Sch 1 item 21A | Sch 1 item 44 | Sch 2 item 22D | Sch 2 item 30, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)

s 25A — Notices under section 20C may include tax file numbers

A notice the Commissioner gives under section 20C about a person and his or her superannuation interest in a fund may include the tax file number of the person and the tax file number of the fund.

Amendment history: Inserted by No 151 of 2008, Sch 1 item 20C, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2)

s 26 — Provision of tax file numbers by trustees of regulated exempt public sector superannuation schemes

(1) The approved form for the purposes of subsection 19(5), in relation to information or particulars referred to in subsection 19(4) about a member of a regulated exempt public sector superannuation scheme, may permit the trustee of the scheme to give to the Commissioner the tax file number of: (a) the scheme; and (b) the member (if the member has quoted his or her tax file number to the trustee). (2) The trustee of a regulated exempt public sector superannuation scheme may, in the form approved by a State or Territory authority, give to a State or Territory authority the tax file number of: (a) the scheme; and (b) a member of the scheme (if the member has quoted his or her tax file number to the trustee); in connection with the operation, or possible future operation, of a register of the authority mentioned in item 4 of the table in subsection 18(4).

Amendment history: Amended by No 27 of 2009, Sch 2 item 37, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 8 of 2019, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5)

s 27 — Registers may contain tax file numbers

The particulars of a person that may be included in the registers mentioned in section 19 and Part 4, and in item 4 of the table in subsection 18(4), include the person’s tax file number.

Amendment history: Amended by No 8 of 2019, Sch 4 item 13, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5)

s 28 — Use of tax file numbers

The Commissioner may use for the purposes of this Act a person’s tax file number that has been quoted to the Commissioner for any other purpose.

s 29 — Requesting tax file numbers

(1) The Commissioner may request any of the following persons to quote his or her tax file number to the Commissioner in connection with the operation, or the possible future operation, of this Act or the regulations: (a) a person who claims to be entitled to unclaimed money particulars of which are contained in the register referred to in section 19; (aa) a person making an application mentioned in subsection 20H(1), 20QF(1), 21E(1), 22B(1) or 24G(1) (about payment by the Commissioner); (b) a person who claims to be a lost member whose particulars are contained in the register referred to in Part 4. (2) If: (a) a person claims to be entitled to unclaimed money; and (b) particulars of the money are contained in a register of a State or Territory authority mentioned in item 4 of the table in subsection 18(4); the State or Territory authority may request the person to quote his or her tax file number to the authority in connection with the operation, or the possible future operation, of the register. The request may only be made in the approved form. (3) A person is not obliged to comply with a request made under subsection (1) or (2). (4) To avoid doubt, non ‑ compliance with a request made under subsection (1) or (2) does not prevent a person from being paid unclaimed money or prevent a payment from being made under subsection 20H(2), (2AA), (2A) or (3).

Amendment history: Amended by No 151 of 2008, Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 133 of 2009, Sch 3 item 26, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 88 of 2013, Sch 1 item 32, effective Sch 1 (items 20–32): 28 June 2013 (s 2(1) item 2) | Amended by No 8 of 2019, Sch 4 item 14, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5) | Amended by No 24 of 2021, Sch 1 item 45 | Sch 2 item 31, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)

s 30 — Quoting tax file numbers

A person quotes his or her tax file number to another person in connection with the operation, or the possible future operation of: (a) this Act or the regulations; or (b) a register mentioned in item 4 of the table in subsection 18(4); if the person informs the other person of the number in a manner approved in writing by the Commissioner.

s 40 — General administration of Act

The Commissioner has the general administration of this Act. Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953 .

Amendment history: Inserted by No 145 of 2010, Sch 2 item 91, effective Sch 2 (items 87–91): 17 Dec 2010 (s 2(1) item 2)

s 41 — Annual report

After the end of each financial year, the Commissioner must give the Treasurer a report on the working of this Act during the year for presentation to the Parliament.

s 42 — Act not to operate so as to contravene Constitution

This Act does not apply in any circumstance where its application would result in a contravention of the Constitution.

s 43 — Application of the Criminal Code

Chapter 2 of the Criminal Code applies to all offences against this Act.

s 44 — Publication etc. of information in registers

(1) The Commissioner may authorise information in the registers mentioned in section 19 and Part 4 to be: (a) published in the Gazette ; or (b) made available to the public (whether or not on the payment of a fee) in such other manner as the Commissioner determines; or (c) made available to a particular person (whether or not on the payment of a fee) in such manner as the Commissioner determines. The authorisation may extend to so much of the information in the registers as the Commissioner considers appropriate. Tax file numbers must not be published or made available (2) Subsection (1) does not apply to tax file numbers.

Amendment history: Amended by No 8 of 2019, Sch 4 item 15, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5)

s 48 — Records to be kept and retained by superannuation provider

Superannuation provider to keep records (1) A superannuation provider must keep records that record and explain all transactions and other acts engaged in by the provider, or required to be engaged in by the provider, under this Act. How records to be kept (2) The records must be kept in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language. Period for retention of records (3) A superannuation provider who has possession of any records kept or obtained under or for the purposes of this Act must retain them until the later of: (a) the end of 5 years after they were prepared or obtained; or (b) the completion of the transactions or acts to which those records relate. When records need not be kept (4) This section does not require a superannuation provider to retain records if the Commissioner has notified the provider that the retention of the records is not required. Offence (5) A superannuation provider commits an offence if the superannuation provider fails to comply with an obligation set out in this section. Penalty for contravention of this subsection: 60 penalty units. Note 1: In a prosecution for an offence against subsection (5), the defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code ). Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 3: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 4: See also sections 8L, 8M, 8Q, 8R, 8T and 8V of the Taxation Administration Act 1953 and section 288 ‑ 25 in Schedule 1 to that Act.

Amendment history: Amended by No 27 of 2009, Sch 2 item 41, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 4 of 2016, effective Sch 4 (items 1, 301): 10 Mar 2016 (s 2(1) item 6) | Amended by No 61 of 2016, Sch 1 item 10 | Sch 1 item 11, effective Sch 2 (item 100): 21 Oct 2016 (s 2(1) item 1)

s 49 — Money paid to Commissioner not held on trust

To avoid doubt, money paid under this Act to the Commissioner is not, and has never been, held on trust.

Amendment history: Repealed and substituted by No 151 of 2008, Sch 1 item 22, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Repealed and substituted by No 62 of 2014, Sch 2 item 53 | Sch 4 item 40 | Sch 6 item 15 | Sch 7 item 160 | Sch 7 item 398 | Sch 8 item 29 | Sch 8 item 89 | Sch 8 item 165 | Sch 9 item 152 | Sch 10 item 99 | Sch 10 item 182 | Sch 12 item 94 | Sch 12 item 172, effective Sch 12 (item 172) and Sch 14: 1 July 2014 (s 2(1) items 6, 14)

s 49AA — Money paid to Commissioner that is a New Zealand ‑ sourced amount

The Commissioner must administer any money paid to the Commissioner under this Act in a way that allows any New Zealand ‑ sourced amount to be identified separately.

Amendment history: Inserted by No 127 of 2021, Sch 3 item 99, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)

s 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.

Amendment history: Inserted by No 117 of 2010, Sch 1 item 21, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8)

s 50 — Regulations

(1) The Governor ‑ General may make regulations prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act; and, in particular, prescribing: (c) fees in respect of any matter under this Act; and (d) how notices, applications, statements or other documents are to be given to the Commissioner; and (e) penalties, not exceeding a fine of 5 penalty units, for offences against the regulations. (2) Without limiting the generality of subsection (1), the regulations may make provision for and in relation to the keeping of one or more registers by the Commissioner, where the registers relate to matters arising under this Act or the regulations. In particular, the regulations may make provision for the following: (a) a register to be kept in such form and manner as the Commissioner directs; (b) persons to inspect a register; (c) persons to obtain information contained in a register; (d) fees to be charged for such an inspection or for providing such information.