Document ID: chunk:federal_register_of_legislation:C2020A00064:clause:11_59
Version: federal_register_of_legislation:C2020A00064
Segment Type: clause
Provision Reference: sch 11 cl 59
Character Range: 24857–26060

59  Subsections 20QB(2), (3) and (4)
Repeal the subsections, substitute:
 (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 fewer than 5 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 fewer than 5 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).