Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (Cth)

Superannuation (Unclaimed Money and Lost Members) Regulations 1999

Statutory Rules No. 318, 1999

made under the

Superannuation (Unclaimed Money and Lost Members) Act 1999

Compilation No. 9

Compilation date: 29 October 2019

Includes amendments up to: Act No. 94, 2019

Registered: 7 November 2019

 

About this compilation

This compilation

This is a compilation of the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 that shows the text of the law as amended and in force on 29 October 2019 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register ( The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

      

Contents

Part 1Preliminary  1Name of Regulations

 These Regulations are the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.

3Definitions

 In these Regulations:

Act means the Superannuation (Unclaimed Money and Lost Members) Act 1999.

CPI means the Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Bureau of Statistics.

Treasury bond rate, for a particular day, means:

1. (a)

   if any Treasury bonds with a 10 year term were issued on that day—the annual yield on those bonds; or

2. (b)

   otherwise—the annual yield on Treasury bonds with a 10 year term, as published by the Reserve Bank of Australia for that day.

4AEligibility age

 For paragraphs 10(1)(a) and (b) of the Act, the prescribed age for a member of a fund is the greater of:

1. (a)

   65 years; and

2. (b)

   if the governing rules of the fund specify that a benefit is payable to a member only at a specified age that is greater than 65 years—that age.

Part 2Prescribed visas  4BTemporary residents – prescribed visas

 For subsection 20AA(2) and subparagraphs 20H(1)(a)(ii) and 20H(2)(b)(iii) of the Act, the following visas, as described in Schedule 2 to the Migration Regulations 1994, are prescribed:

1. (a)

   Subclass 405 (Investor Retirement) visa;

2. (b)

   Subclass 410 (Retirement) visa.

Part 3Information to be included in notices  4CRecovery of overpayments

1. (1)

   For paragraphs 18B(4)(a), 20L(4)(a) and 24K(4)(a) of the Act, a notice must include the following information:

   1. (a)

      the name of the person in respect of whom the Commissioner made the payment;

   2. (b)

      the name of the debtor;

   3. (c)

      the amount of the excess payment that is sought to be recovered from the debtor;

   4. (d)

      a statement that the Commissioner may recover that amount from the debtor as a debt due by the debtor to the Commonwealth 28 days after the notice is given to the debtor.

2. (2)

   In this regulation:

   debtor has the same meaning as in the section of the Act under which the notice is given.

4DTemporary residents – unclaimed amount paid before 1 July 2013

1. (1)

   This regulation is made for subsection 20H(2B) of the Act.

2. (2)

   This regulation sets out how to work out the interest on an amount (the unclaimed amount) that:

   1. (a)

      the Commissioner receives under subsection 20F(1) of the Act; and

   2. (b)

      the Commissioner pays under subsection 20H(2) of the Act before 1 July 2013.

   Note: See regulations 4E and 4F for an unclaimed amount that is paid on or after 1 July 2013.

3. (3)

   However, this regulation does not apply to an amount:

   1. (a)

      to which section 18A, 20K or 24J of the Act applies; or

   2. (b)

      mentioned in subsection 65AA(2) of the Superannuation Guarantee (Administration) Act 1992.

4. (4)

   The interest is to be worked out for the period (the interest period) that:

   1. (a)

      starts on the later of:

      1. (i)

         the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under subsection 20F(1) of the Act; and

      2. (ii)

         the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner in accordance with a notice under subsection 255‑10(2) of Schedule 1 to the Taxation Administration Act 1953; and

   2. (b)

      ends on the earlier of:

      1. (i)

         the third day after the Commissioner last authorised the unclaimed amount to be paid under subsection 20H(2) of the Act; and

      2. (ii)

         30 June 2013.

5. (5)

   The interest is to be worked out by adding together the interest for each financial year during the interest period.

6. (6)

   The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:

    

    where:

   amount means the unclaimed amount plus the interest (if any) worked out for each earlier financial year for which interest is payable.

   days interest payable means the number of days in the financial year for which interest is payable.

   days in the financial year means the number of days in the financial year.

   interest rate, for a financial year, means:

   1. (a)

      the Treasury bond rate for the last working day of the financial year immediately before the financial year for which interest is payable; or

   2. (b)

      if that rate is less than 0%—0%.

4ETemporary residents – unclaimed amount paid on or after 1 July 2013

1. (1)

   This regulation is made for subsection 20H(2AA) of the Act.

2. (2)

   This regulation sets out how to work out the interest on the excess (the unclaimed amount) that the Commissioner receives under subsection 20F(1) of the Act if the Commissioner:

   1. (a)

      pays the unclaimed amount to, or on behalf of a person, under subsection 20H(2) of the Act on or after 1 July 2013; and

   2. (b)

      is satisfied the person is (or was just before dying):

      1. (i)

         an Australian citizen; or

      2. (ii)

         the holder of a permanent visa under the Migration Act 1958.

   Note 1: See regulation 4D for an unclaimed amount that the Commissioner pays before 1 July 2013.

   Note 2: See regulation 4F for the entitlement to interest on an amount to which subsection 17(1), or section 20H, 20QD or 24E, of the Act applies.

3. (3)

   However, this regulation does not apply to an amount:

   1. (a)

      to which section 18A, 20K, 20QJ or 24J of the Act applies; or

   2. (b)

      mentioned in subsection 65AA(2) of the Superannuation Guarantee (Administration) Act 1992.

4. (4)

   The interest is to be worked out for the period (the interest period) that:

   1. (a)

      starts on the later of:

      1. (i)

         the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under subsection 20F(1) of the Act; and

      2. (ii)

         the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner in accordance with a notice under subsection 255‑10(2) of Schedule 1 to the Taxation Administration Act 1953; and

   2. (b)

      ends on 30 June 2013.

5. (5)

   The interest is to be worked out by adding together the interest for each financial year during the interest period.

6. (6)

   The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:

    

    where:

   amount means the unclaimed amount plus the interest (if any) worked out for each earlier financial year for which interest is payable.

   days interest payable means the number of days in the financial year for which interest is payable.

   days in the financial year means the number of days in the financial year.

   interest rate, for a financial year, means:

   1. (a)

      the Treasury bond rate for the last working day of the financial year immediately before the financial year for which interest is payable; or

   2. (b)

      if that rate is less than 0%—0%.

4FOther unclaimed amounts paid on or after 1 July 2013

1. (1)

   This regulation is made for the following provisions of the Act:

   1. (a)

      subsections 17(2AB) and (2AC);

   2. (b)

      subsection 20H(2AA);

   3. (ba)

      subsections 20QF(5) and (6);

   4. (c)

      subsections 24G(3A) and (3B);

   5. (d)

      subsection 24NA(4).

2. (2)

   This regulation sets out how to work out the interest on an amount (the unclaimed amount) that:

   1. (a)

      the Commissioner receives under subsection 17(1), or section 20F, 20QD or 24E, of the Act; and

   2. (b)

      the Commissioner pays under subsection 17(2), 20H(2), 20QF(2), 24G(2), 24NA(2) or 24NA(3) of the Act on or after 1 July 2013.

3. (3)

   However, this regulation does not apply to an amount:

   1. (a)

      to which section 18A, 20K, 20QJ or 24J of the Act applies; or

   2. (b)

      mentioned in subsection 65AA(2) of the Superannuation Guarantee (Administration) Act 1992.

4. (4)

   The interest on the unclaimed amount paid by the Commissioner under subsection 17(2), 20H(2), 20QF(2) or 24G(2) of the Act is to be worked out for the period (the interest period) that:

   1. (a)

      starts on the later of:

      1. (i)

         1 July 2013; and

      2. (ii)

         the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under section 17, 20F, 20QD or 24E of the Act; and

      3. (iii)

         the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner in accordance with a notice under subsection 255‑10(2) of Schedule 1 to the Taxation Administration Act 1953; and

   2. (b)

      ends on the third day after the Commissioner last authorised the unclaimed amount to be paid under subsection 17(2), 20H(2), 20QF(2) or 24G(2) of the Act.

5. (4A)

   The interest on the unclaimed amount paid by the Commissioner under subsection 24NA(2) or (3) of the Act is to be worked out for the period (the interest period) that:

   1. (a)

      starts on the later of:

      1. (i)

         1 July 2013; and

      2. (ii)

         the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under subsection 17(1), section 20QD or section 24E of the Act; and

      3. (iii)

         the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner in accordance with a notice under subsection 255‑10(2) of Schedule 1 to the Taxation Administration Act 1953; and

   2. (b)

      ends on the third day after the Commissioner last authorised the unclaimed amount to be paid under subsection 24NA(2) or (3) of the Act.

6. (5)

   The interest is to be worked out by adding together the interest for each financial year during the interest period.

7. (6)

   The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:

    

    where:

   amount means the unclaimed amount plus the interest (if any) worked out for each earlier financial year for which interest is payable.

   days interest payable means the number of days in the financial year for which interest is payable.

   days in the financial year means the number of days in the financial year.

   interest rate, for a financial year, means:

   1. (a)

      the percentage change in the All Groups CPI between the 2 March quarters most recently published before the first day of the financial year (rounded up to 4 decimal places); or

   2. (b)

      if that percentage change is less than 0%—0%.

Part 4Information about lost members  5Information to be given to Commissioner

For subsection 23(1) of the Act, a superannuation provider must, on or before the relevant date mentioned in regulation 6, give to the Commissioner information mentioned in paragraphs 23(1)(a) to (e) and subsection 25(3) of the Act that is:

1. (a)

   within the knowledge of the superannuation provider; and

2. (b)

   specified in the approved form.

6When information must be given to Commissioner

 Information must be given to the Commissioner under regulation 5:

1. (a)

   for the half year ending on 30 June in a year—on or before 31 October in that year; and

2. (b)

   for the half year ending on 31 December in a year—on or before 30 April in the following year; and

3. (c)

   if the Commissioner has granted an extension to the superannuation provider under regulation 7—on or before the extension date.

7Commissioner may grant extensions

1. (1)

   The Commissioner may grant to a superannuation provider an extension of the date by which information must be given by the superannuation provider to the Commissioner under regulation 5.

2. (2)

   The grant of an extension must be in writing.

3. (3)

   The Commissioner may grant an extension before or after the date mentioned in subregulation (1).

9Register of Lost Members

1. (1)

   For subsection 23(2) of the Act, the Commissioner must keep a Register of Lost Members.

2. (2)

   The Register must contain the information given to the Commissioner by a superannuation provider under regulation 5.

3. (3)

   The Register may also contain:

   1. (a)

      information given to the Commissioner (except information mentioned in subregulation (2)) that is of the type contained in the Register; and

   2. (b)

      information relating to lost members of regulated exempt public sector superannuation schemes, including:

      1. (i)

         particulars that, if the scheme were a fund, would be particulars of lost members in respect of the scheme; and

      2. (ii)

         information given to the Commissioner by the superannuation provider of the scheme.

Part 5Reunification of superannuation balances  10Transferring balances to an active account – eligible fund

For the purposes of paragraph 24NA(2)(c) of the Act, the period prescribed is the period:

1. (a)

   beginning on the first day of the financial year immediately preceding the financial year in which the payment by the Commissioner under subsection 24NA(2) of the Act is made; and

2. (b)

   ending on the day immediately preceding the day on which the payment by the Commissioner under subsection 24NA(2) of the Act is made.

10ATransferring balances to an active account – more than one eligible fund

1. (1)

   This regulation is made for the purposes of subsection 24NA(3) of the Act.

2. (2)

   This regulation applies if:

   1. (a)

      under subsection 24NA(1) of the Act, the Commissioner holds a superannuation amount (within the meaning of that subsection) in respect of a person; and

   2. (b)

      there is more than one fund in relation to which paragraphs 24NA(2)(b), (c), (d) and (e) of the Act are satisfied in respect of the person (there is more than one eligible fund).

3. (3)

   The Commissioner must pay the superannuation amount in respect of the person in accordance with this regulation.

4. (4)

   The Commissioner must pay the superannuation amount in respect of the person to the following eligible fund for crediting to the person:

   1. (a)

      if the Commissioner has made a payment under subsection 17(2) or section 20H, 20QF, 24G or 24NA of the Act to an eligible fund for crediting to the person during the financial year in which the payment day for the superannuation amount occurs—that eligible fund;

   2. (b)

      if paragraph (a) does not apply—the eligible fund that most recently received an amount in respect of the person during the financial year in which the payment day for the superannuation amount occurs or the immediately preceding financial year;

   3. (c)

      if paragraphs (a) and (b) do not apply—the eligible fund that holds the largest account balance for the person at the end of the last completed financial year preceding the payment day for the superannuation amount;

   4. (d)

      if paragraphs (a), (b) and (c) do not apply—the eligible fund determined by the Commissioner.

5. (5)

   In this regulation:

   payment day, for a superannuation amount in respect of a person, is the day on which the Commissioner pays the superannuation amount to a fund in accordance with this regulation.

Part 6Prescribed public sector superannuation schemes  11Unclaimed money – prescribed schemes

For section 18AA of the Act, each public sector superannuation scheme mentioned in the table is prescribed.

Prescribed public sector superannuation schemes
Item	Scheme	Act or governing rules under which scheme is established
1	Emergency Services Superannuation Scheme	Emergency Services Superannuation Act 1986 (Vic.)
2	New Scheme	State Superannuation Act 1988 (Vic.)
3	Revised Scheme	State Superannuation Act 1988 (Vic.)
4	State Employees Retirement Benefits Fund	State Employees Retirement Benefits Act 1979 (Vic.)
5	Transport Superannuation Fund	Transport Superannuation Act 1988 (Vic.)
6	GESB Super (Retirement Access) Scheme	State Superannuation Act 2000 (WA)
7	GESB Super Scheme	State Superannuation Act 2000 (WA)
8	West State Super Scheme	State Superannuation Act 2000 (WA)
9	Police Superannuation Scheme	Police Superannuation Act 1990 (SA)
10	SA Ambulance Service Superannuation Scheme	Superannuation Act 1988 (SA)
11	SA Metropolitan Fire Service Superannuation Scheme	Superannuation Act 1988 (SA)
12	Southern State Superannuation Scheme	Southern State Superannuation Act 2009 (SA)
13	Lump Sum Scheme	Superannuation Act 1988 (SA)
14	Pension Scheme	Superannuation Act 1988 (SA)
15	Super SA Select	Trust Deed and Rules dated 18 December 2012

11ALost member accounts – prescribed schemes

For section 24HA of the Act, each public sector superannuation scheme mentioned in the table is prescribed.

Prescribed public sector superannuation schemes
Item	Scheme	Act under which scheme is established
1	Emergency Services Superannuation Scheme	Emergency Services Superannuation Act 1986 (Vic.)
2	New Scheme	State Superannuation Act 1988 (Vic.)
3	Revised Scheme	State Superannuation Act 1988 (Vic.)
4	State Employees Retirement Benefits Fund	State Employees Retirement Benefits Act 1979 (Vic.)
5	Transport Superannuation Fund	Transport Superannuation Act 1988 (Vic.)
6	GESB Super (Retirement Access) Scheme	State Superannuation Act 2000 (WA)
7	GESB Super Scheme	State Superannuation Act 2000 (WA)
8	West State Super Scheme	State Superannuation Act 2000 (WA)

12Unclaimed superannuation of former temporary residents – prescribed schemes

For section 20JA of the Act, each public sector superannuation scheme mentioned in the table is prescribed.

Prescribed public sector superannuation schemes
Item	Scheme	Act under which scheme is established
1	Public Sector Superannuation Scheme	Superannuation Act 1990
2	Emergency Services Superannuation Scheme	Emergency Services Superannuation Act 1986 (Vic.)
3	New Scheme	State Superannuation Act 1988 (Vic.)
4	Revised Scheme	State Superannuation Act 1988 (Vic.)
5	State Employees Retirement Benefits Fund	State Employees Retirement Benefits Act 1979 (Vic.)
6	Transport Superannuation Fund	Transport Superannuation Act 1988 (Vic.)
7	State Public Sector Superannuation Scheme	Superannuation (State Public Sector) Act 1990 (Qld)
8	GESB Super (Retirement Access) Scheme	State Superannuation Act 2000 (WA)
9	GESB Super Scheme	State Superannuation Act 2000 (WA)
10	West State Super Scheme	State Superannuation Act 2000 (WA)

Endnotes

Endnote 1About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

Endnote 2Abbreviation key

ad = added or inserted	o = order(s)
am = amended	Ord = Ordinance
amdt = amendment	orig = original
c = clause(s)	par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub‑subparagraph(s)
Ch = Chapter(s)	pres = present
def = definition(s)	prev = previous
Dict = Dictionary	(prev…) = previously
disallowed = disallowed by Parliament	Pt = Part(s)
Div = Division(s)	r = regulation(s)/rule(s)
ed = editorial change	reloc = relocated
exp = expires/expired or ceases/ceased to have	renum = renumbered
effect	rep = repealed
F = Federal Register of Legislation	rs = repealed and substituted
gaz = gazette	s = section(s)/subsection(s)
LA = Legislation Act 2003	Sch = Schedule(s)
LIA = Legislative Instruments Act 2003	Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given	SLI = Select Legislative Instrument
effect	SR = Statutory Rules
(md not incorp) = misdescribed amendment	Sub‑Ch = Sub‑Chapter(s)
cannot be given effect	SubPt = Subpart(s)
mod = modified/modification	underlining = whole or part not
No. = Number(s)	commenced or to be commenced

Endnote 3Legislation history

Number and year	FRLI registration or gazettal	Commencement	Application, saving and transitional provisions
318, 1999	15 Dec 1999	15 Dec 1991 (r 2)
200, 2002	29 Aug 2002	Sch 3: 29 Aug 2002 (r 2)	—
283, 2008	17 Dec 2008 (F2008L04663)	18 Dec 2008 (r 2)	—
16, 2009	6 Feb 2009 (F2009L00255)	7 Feb 2009 (r 2)	—
117, 2013	17 June 2013 (F2013L01010)	Sch 1 (items 9, 10): 18 June 2013 (s 2)	—
203, 2013	7 Aug 2013 (F2013L01529)	8 Aug 2013 (s 2)	—
52, 2014	16 May 2014 (F2014L00549)	Sch 1 and 2: 17 May 2014 (s 2)	—
39, 2015	30 Mar 2015 (F2015L00367)	Sch 1 (items 55, 56): 1 July 2015 (s 2 item 2)	—

Name	Registration	Commencement	Application, saving and transitional provisions
Treasury Laws Amendment (Protecting Your Superannuation Package) Regulations 2019	5 Apr 2019 (F2019L00539)	Sch 1 (item 32): 6 Apr 2019 (s 2(1) item 1)	—

Act	Number and year	Assent	Commencement	Application, saving and transitional provisions
Treasury Laws Amendment (2019 Measures No. 2) Act 2019	94, 2019	28 Oct 2019	Sch 5 (items 3–13): 29 Oct 2019 (s 2(1) item 5)	—

Endnote 4Amendment history

Provision affected		How affected
Part 1
Part 1 heading.............................	ad No 203, 2013
r 2.............................................	rep LA s 48D
r 3.............................................	rs No 203, 2013
am No 52, 2014
r 4.............................................	am No 117, 2013
rep No 203, 2013
r 4A...........................................	ad No 200, 2002
rs No 283, 2008
Part 2
Part 2 heading.............................	ad No 203, 2013
r 4B...........................................	ad No 283, 2008
rs No 203, 2013
r 4BA.........................................	ad No 16, 2009
rep No 203, 2013
Part 3
Part 3 heading.............................	ad No 203, 2013
r 4C...........................................	ad No 283, 2008
am No 203, 2013
r 4D...........................................	ad No 117, 2013
r 4E...........................................	ad No 117, 2013
am Act No 94, 2019
r 4F............................................	ad No 117, 2013
am Act No 94, 2019
Part 4
Part 4 heading.............................	ad No 203, 2013
r 5.............................................	am No 203, 2013
r 8.............................................	rep No 203, 2013
r 9.............................................	am No 203, 2013
Part 5
Part 5 heading.............................	ad No 203, 2013
rep No 39, 2015
ad F2019L00539
Part 5.........................................	rep No 39, 2015
ad F2019L00539
r 10............................................	am No 203, 2013
rep No 39, 2015
ad F2019L00539
r 10A.........................................	ad F2019L00539
Part 6
Part 6.........................................	ad No 203, 2013
r 11............................................	ad No 203, 2013
rs No 52, 2014
r 11A.........................................	ad No 52, 2014
r 12............................................	ad No 203, 2013
Schedule 1..................................	am No 203, 2013
rep No 39, 2015