Document ID: chunk:federal_register_of_legislation:C2022C00273:section:17:p2
Version: federal_register_of_legislation:C2022C00273
Segment Type: section
Provision Reference: s 17 (pt 2/3)
Character Range: 42129–44884

initiative, that it is possible for the Commissioner to pay the unclaimed money in accordance with subsection (2).
 (2) The 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
 (aa) to a single KiwiSaver scheme provider if:
 (i) the person has not died; and
 (ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and
 (iii) the matters (if any) prescribed by the regulations are satisfied; 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.
 (2AAA) Despite paragraph (2)(a), the Commissioner must not pay the unclaimed money to a single fund if the unclaimed money includes a New Zealand‑sourced amount and either:
 (a) the fund is a self managed superannuation fund; or
 (b) the superannuation provider for the fund has not notified the Commissioner, in the approved form, that the fund accepts New Zealand‑sourced amounts.
 (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.
 (2AAB) Despite paragraph (2)(d), the Commissioner must not pay the unclaimed money to the person if the unclaimed money includes a New Zealand‑sourced amount and the person has not reached the New Zealand eligibility age.
 (2AB) If:
 (a) the Commissioner makes a payment under subsection (2) on or after 1 July 2013 to a fund, a KiwiSaver scheme provider, a legal personal representative or a person; and
 (b) the payment is in accordance with paragraph (2)(a), (aa), (c) or (d);
the Commissioner must also pay to the fund, KiwiSaver scheme provider, legal personal representative or person the amount of interest (if any) worked out in accordance with the regulations.
Note: Money for payments under subsection (2AB) is appropriated by section 16 of the