Document ID: chunk:federal_register_of_legislation:C2022C00273:section:7:p1
Version: federal_register_of_legislation:C2022C00273
Segment Type: section
Provision Reference: s 7 (pt 1/3)
Character Range: 13039–16047

7  Outline of Act
  The following is a simplified outline of this Act.

      Unclaimed money register
      At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to any unclaimed money they hold in respect of members who have reached the eligibility age or who have died.
      Unclaimed money is money in an inactive account which the superannuation provider is unable to ensure is received by a person entitled to receive it.
      Superannuation providers must pay to the Commissioner of Taxation any unclaimed money they hold. Later, the Commissioner must, if satisfied that it is possible to do so, pay the amount he or she has received in respect of a person to:
             (a) the person; or
             (b) to a fund identified by the person; or
             (ba) to a KiwiSaver scheme provider identified by the person; or
             (c) if the person has died—to the person's death beneficiaries or legal personal representative.
      If a State or Territory law regulates unclaimed money in a way consistent with this Act, superannuation providers that are trustees of public sector superannuation schemes may give details relating to the money, and pay the money, to the relevant State or Territory authority instead of paying it to the Commissioner of Taxation.
      The Commissioner of Taxation may publish, or make available, details relating to unclaimed money in respect of members who have reached the eligibility age or who have died.
      Superannuation of former temporary residents
      The Commissioner of Taxation must give the superannuation provider for a fund a notice identifying a member of the fund if satisfied that the member is a former temporary resident.
      The superannuation provider must give the Commissioner a statement and pay the Commissioner the amount that would be payable to the member if the member had requested payment in connection with leaving Australia (subject to reductions for amounts paid or payable from the fund in respect of the member).
      If the Commissioner is satisfied the Commissioner has received a payment under this Act for such a member, the Commissioner must pay the amount received (and interest, in some cases) to:
             (a) the member; or
             (b) a fund identified by the member; or
             (c) a KiwiSaver scheme provider identified by the member; or
             (d) if the member has died—the member's death beneficiaries or legal personal representative.
      The Commissioner of Taxation may publish, or make available, details relating to amounts paid to the Commissioner in respect of such members.
      Lost members register
      The Commissioner of Taxation may publish, or make available, details relating to lost members.
      Superannuation of lost members
      At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to:
             (a)