Document ID: chunk:federal_register_of_legislation:C2014C00751:clause:3_24e:p1
Version: federal_register_of_legislation:C2014C00751
Segment Type: clause
Provision Reference: sch 3 cl 24E (pt 1/2)
Character Range: 104288–106937

24E  Payment in respect of lost member accounts

Provider must pay Commissioner
 (1) A superannuation provider must pay the Commissioner (for the Commonwealth) the amount worked out under subsection (2) in respect of a person if:
 (a) an account is a lost member account as at the end of an unclaimed money day; and
 (b) the account is held by the provider on behalf of the person; and
 (c) the person is still a lost member at the time (the calculation time) immediately before the earlier of:
 (i) the time (if any) the payment is made; and
 (ii) the time at which the payment is due and payable, (assuming that the payment must be made).
The amount is due and payable at the end of the scheduled statement day for the unclaimed money day.
Note 1: For State or Territory public sector superannuation schemes, see section 24H.
Note 2: Subsection 24F(2) makes it an offence not to comply with a requirement under this subsection.
Note 3: The amount the superannuation provider must pay the Commissioner 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. Division 284 in that Schedule provides for administrative penalties connected with such liabilities.
Note 4: The Commissioner may defer the time at which the amount is due and payable: see section 255‑10 in Schedule 1 to the Taxation Administration Act 1953.
Note 5: Section 24J provides for refunds of overpayments by the superannuation provider to the Commissioner.

Amount of payment
 (2) The amount payable in respect of the lost member is the amount that would have been payable by the superannuation provider if the lost member had requested that the balance of the account be rolled over or transferred to a complying superannuation fund (within the meaning of the SIS Act).
 (3) For the purposes of subsection (2):
 (a) work out the amount that would have been payable at the calculation time; and
 (b) assume that the request were made before the calculation time; and
 (c) assume that the lost member had not died before the calculation time.

Family Law payment splits
 (4) If, as a result of a payment split that applies in relation to the account, the non‑member spouse (or his or her legal personal representative if he or she has died) is, or could in the future be, entitled to be paid an amount, then:
 (a) for the purposes of subsection (2), take account only of the lost member's entitlement to payment remaining after any reduction by the payment split (disregarding subsection 90MB(3) of the Family Law Act 1975); and
 (b) the superannuation