Document ID: chunk:federal_register_of_legislation:C2009A00027:clause:2_16:p2
Version: federal_register_of_legislation:C2009A00027
Segment Type: clause
Provision Reference: sch 2 cl 16 (pt 2/2)
Character Range: 15999–17322

Commissioner must pay the unclaimed money:
 (a) to a single fund if:
 (i) the person has not died; and
 (ii) the person directs the Commissioner to pay to the fund; and
 (iii) the fund is a complying superannuation plan (within the meaning of the Income Tax Assessment Act 1997); or
 (b) in accordance with subsection (2AA) if:
 (i) the person has died; and
 (ii) the Commissioner is satisfied that, if the superannuation provider had not paid the unclaimed money to the Commissioner, the provider would have been required to pay an amount or amounts (death benefits) to one or more other persons (death beneficiaries) because of the deceased person's death; or
 (c) to the person's legal personal representative if the person has died but subparagraph (b)(ii) does not apply; or
 (d) in any other case—to the person.

Note: Money for payments under subsection (2) is appropriated by section 16 of the Taxation Administration Act 1953.

 (2AA) In a case covered by paragraph (2)(b), the Commissioner must pay the unclaimed money under subsection (2) by paying to each death beneficiary the amount worked out using the following formula:

Note: If there is only one death beneficiary, the whole of the unclaimed money is payable to that beneficiary.

Note: The heading to section 17 is altered by omitting "to Commissioner".