Document ID: chunk:federal_register_of_legislation:C2021C00560:clause:2_8:p1
Version: federal_register_of_legislation:C2021C00560
Segment Type: clause
Provision Reference: sch 2 cl 8 (pt 1/2)
Character Range: 11460–14577

8  Section 7
Omit:

      Superannuation of lost members
      At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to:
             (a) small accounts of lost members; and
             (b) inactive accounts of unidentifiable lost members.
      Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount he or she has received in respect of a person:
             (a) to a fund identified by the person; or
             (b) if the person has reached eligibility age or the amount is less than $200—to the person; or
             (c) if the person has died—to the person's death beneficiaries or legal personal representative.
      Superannuation of inactive low‑balance members
      At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low‑balance accounts.
      Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
             (a) to a fund identified by the person; or
             (b) if the person has reached eligibility age or the amount is less than $200—to the person; or
             (c) if the person has died—to the person's death beneficiaries or legal personal representative.
substitute:

      Superannuation of lost members
      At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to:
             (a) small accounts of lost members; and
             (b) inactive accounts of unidentifiable lost members.
      Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
             (a) to a fund identified by the person; or
             (b) to a KiwiSaver scheme provider identified by the person; or
             (c) if the person has reached eligibility age or the amount is less than $200—to the person; or
             (d) if the person has died—to the person's death beneficiaries or legal personal representative.
      Superannuation of inactive low‑balance members
      At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low‑balance accounts.
      Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
             (a) to a fund identified by the person; or
             (b) to a KiwiSaver scheme provider identified by the person; or
             (c) if the person has reached eligibility age