Document ID: chunk:federal_register_of_legislation:C2014C00751:clause:3_24b
Version: federal_register_of_legislation:C2014C00751
Segment Type: clause
Provision Reference: sch 3 cl 24B
Character Range: 98555–100013

24B  Meaning of lost member account

Small accounts
 (1) An account in a fund is taken to be a lost member account if:
 (a) the member on whose behalf the account is held is a lost member; and
 (b) the balance of the account is less than $200; and
 (c) the account does not support or relate to a defined benefit interest (within the meaning of section 292‑175 of the Income Tax Assessment Act 1997).
Note: The balance of an account does not reflect any earnings, fees or charges that have not yet been credited to, or debited from, the account.

Inactive accounts of unidentifiable members
 (2) An account in a fund is also taken to be a lost member account if:
 (a) the member on whose behalf the account is held is a lost member; and
 (b) the superannuation provider has not received an amount in respect of the member within the last 5 years; and
 (c) the superannuation provider is satisfied that it will never be possible for the provider, having regard to the information reasonably available to the provider, to pay an amount to the member; and
 (d) the account does not support or relate to a defined benefit interest (within the meaning of section 292‑175 of the Income Tax Assessment Act 1997).

RSAs
 (3) A reference to an account in a fund that is an RSA is a reference to:
 (a) if the RSA is an account—that account; or
 (b) if the RSA is a policy (within the meaning of the RSA Act)—that policy.

Division 2—Statement of lost member accounts