Document ID: chunk:federal_register_of_legislation:C2008A00151:clause:1_20f:p1
Version: federal_register_of_legislation:C2008A00151
Segment Type: clause
Provision Reference: sch 1 cl 20F (pt 1/2)
Character Range: 13880–16570

20F  Superannuation provider must pay Commissioner unclaimed superannuation

 (1) The superannuation provider must pay the Commissioner (for the Commonwealth) the excess (if any) of the amount worked out under subsection (2) for the person's superannuation interest over the total worked out under subsection (3) for the interest by the time at which the excess is due and payable. The excess is due and payable at the end of:
 (a) the next scheduled statement day after the notice is given; or
 (b) if the Commissioner gives the notice less than 28 days before the next scheduled statement day—the following scheduled statement day; or
 (c) if a day is identified for the superannuation provider under the regulations that is later than the day described in paragraph (a) and later than the day described in paragraph (b) if it is relevant—that later day.

Note 1: 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 2: The Commissioner may defer the time at which the excess is due and payable: see section 255‑10 in Schedule 1 to the Taxation Administration Act 1953.

Note 3: Section 20K provides for refunds of overpayments by the superannuation provider to the Commissioner.

 (2) Work out the amount that would have been payable to the person from the fund in respect of the superannuation interest had the person requested payment in connection with the person's departure from Australia. For this purpose:
 (a) work out the amount that would have been payable at the time (the calculation time) immediately before:
 (i) the time at which a payment under subsection (1) in respect of the person is due and payable (assuming that such a payment must be made); or
 (ii) for a payment to be made under subsection (1) before it is due and payable—the time the payment is to be made; and
 (b) assume that the request were made before the calculation time; and
 (c) assume that the person had not died before the calculation time.

 (3) Total:
 (a) the amount (if any) that is payable from the fund because regulations made for the purposes of the RSA Act or the SIS Act require or permit a benefit connected with the person's superannuation interest to be cashed; and
 (b) if the person has actually died, the amount (if any) that has been paid from the fund in respect of the person because of the person's death; and
 (c) the amount (if any) of the person's superannuation interest