Document ID: chunk:federal_register_of_legislation:C2020C00213:clause:3_20qb:p1
Version: federal_register_of_legislation:C2020C00213
Segment Type: clause
Provision Reference: sch 3 cl 20QB (pt 1/2)
Character Range: 32422–35135

20QB  Statements on inactive low‑balance accounts

Superannuation provider must give statement to the Commissioner
 (1) A superannuation provider must, for each unclaimed money day, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following:
 (a) each inactive low‑balance account as at the end of the day;
 (b) the administration of any of the following in connection with each inactive low‑balance account:
 (i) this Part;
 (ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007;
 (iii) the Income Tax Assessment Act 1997, Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953, so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007.
Note 1: For State or Territory public sector superannuation schemes, see sections 20QG and 20QH.
Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement required under subsection (1) includes false or misleading information: see sections 8K, 8M, 8N and 8R of that Act and Division 284 in Schedule 1 to that Act.
Note 3: The approved form may also require the statement to include certain tax file numbers: see subsection 25(2B) of this Act.
 (2) If, at the end of the unclaimed money day, there are no balances held in inactive low‑balance accounts, the statement must say so.
 (3) The statement must also contain information, required by the approved form, relevant to any account that ceases to be an inactive low‑balance account during the period that:
 (a) starts on the unclaimed money day; and
 (b) ends on the day on which the statement is given to the Commissioner.
 (4) This section does not apply if, at the end of the unclaimed money day:
 (a) the fund is a regulated superannuation fund that has fewer than 5 members; and
 (b) there are no inactive low‑balance accounts.

When statement must be given
 (5) The superannuation provider must give the Commissioner the statement by the end of the scheduled statement day for the unclaimed money day.
Note 1: The Commissioner may defer the time for giving the statement: see section 388‑55 in Schedule 1 to the Taxation Administration Act 1953.
Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.

Relationship to rest of Act
 (6) This section does not apply in relation to:
 (a) an amount that is unclaimed money at the end of the unclaimed money day; or
 (b) amounts payable to a person identified in a