Unclaimed Money Amendment Act 1997 (NSW)
New South Wales
Unclaimed Money Amendment Act
1997 No 30
Contents
Page
| 1 Name of Act | 2 |
| 2 Commencement | 2 |
| 3 Amendment of Unclaimed Money Act 1995 No 75 | 2 |
| Schedule 1 | Amendments | 3 |
New South Wales
Unclaimed Money Amendment Act
1997 No 30
Act No 30, 1997
An Act to amend the Unclaimed Money Act 1995 to provide for the payment of unclaimed superannuation benefits into the Consolidated Fund and the keeping of a register of such benefits, to provide for administration procedures relating to unclaimed money and unclaimed superannuation benefits, and for other purposes. [Assented to 25 June 1997]
| Section 1 | Unclaimed Money Amendment Act 1997 No 30 |
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the Unclaimed Money Amendment Act 1997.
2 Commencement
This Act commences on 30 June 1997.
3 Amendment of Unclaimed Money Act 1995 No 75
The Unclaimed Money Act 1995 is amended as set out in
Schedule 1.
Unclaimed Money Amendment Act 1997 No 3 0
| Amendments | Schedule 1 |
| Schedule 1 | Amendments |
(Section 3)
[1] Section 3 Definitions
Omit the definition of Chief Commissioner. Insert instead:
Chief Commissioner means the Chief Commissioner of State Revenue appointed under the Taxation Administration Act 1996.
[2] Section 3, definition of “officer of an enterprise”
Insert “or trustee” after “enterprise” wherever occurring.
[3] Section 3, definition of “return”
Insert “or 13B” after “10”.
[4] Section 3
Insert in alphabetical order:
Commonwealth Act means the Superannuation Industry
(Supervision) Act 1993 of the Commonwealth.
superannuation fund means a superannuation fund
within the meaning of Part 3A.
trustee of a superannuation fund means a trustee of the
fund within the meaning of Part 3A.
unclaimed superannuation benefit means an amount that, under Part 22 of the Commonwealth Act, as modified for the time being under section 332 of that Act
in relation to funds and their trustees, is taken to be
unclaimed money.
Unclaimed Money Amendment Act 1997 No 30
| Schedule 1 | Amendments |
[5] Section 10 Return and payment of unclaimed money to Chief Commissioner
Omit “2” from section 10 (1). Insert instead “4”.
[6] Part 3A
Insert after Part 3:
| ||
| ||
| 13A Definitions |
In this Part:
approved deposit fund has the same meaning as it has in
section 10 (1) of the Commonwealth Act.
beneficiary, in relation to a superannuation fund, has the same meaning as it has in section 10 (1) of the Commonwealth Act.
exempt public sector superannuation scheme means a superannuation scheme established under an Act of this State that is specified in regulations made under the Commonwealth Act for the purposes of the definition of exempt public sector superannuation scheme in that Act.
half-year means a period of 6 months ending on 30 June
or 31 December.
regulated superannuation fund has the same meaning
as it has in section 19 of the Commonwealth Act.
superannuation fund means:
| (a) | a regulated superannuation fund, or |
Unclaimed Money Amendment Act 1997 No 30
| Amendments | Schedule 1 |
| (b) | an exempt public sector superannuation scheme, or |
| (c) | an approved deposit fund. |
trustee means:
in relation to a regulated superannuation fund, an
exempt public sector superannuation scheme (other than a scheme referred to in paragraph (b) or (c)) or an approved deposit fund, the trustee of the fund within the meaning of section 10 (1) of the Commonwealth Act, or
in relation to an exempt public sector
superannuation scheme that is an FTC scheme within the meaning of the Superannuation Administration Act 1996, the FSS Trustee Corporation, or
in relation to an exempt public sector superannuation scheme that is an STC scheme within the meaning of the Superannuation Administration Act 1996, the SAS Trustee Corporation.
| Division 2 | Unclaimed superannuation benefits |
13B Return and payment of unclaimed superannuation
benefits to Chief Commissioner
The trustee of a superannuation fund must lodge with the Chief Commissioner a return, in a form approved by the Chief Commissioner, of all unclaimed superannuation benefits in the fund as at the end of each half-year.
The trustee must lodge the return:
| (a) | in relation to a half-year ending on 30 June, on or before the following 31 October, and |
| (b) | in relation to a half-year ending on 31 December, on or before the following 30 April, |
or on or before such later date as the Chief Commissioner may in a particular case allow by notice in writing to the trustee whether before or after 31 October or 30 April, as the case requires.
Unclaimed Money Amendment Act 1997 No 30
| Schedule 1 | Amendments |
If, after the end of a half-year and before the trustee lodges the return with the Chief Commissioner, the trustee pays any unclaimed superannuation benefit to a person who is entitled to it, the return must contain such particulars relating to the amounts so paid as are required by the form.
The trustee of a superannuation fund, when lodging the return, must pay to the Chief Commissioner an amount equal to the sum of the unclaimed superannuation benefits specified in the statement less the sum of amounts paid by the trustee and specified in accordance with subsection (3).
The Chief Commissioner is to pay money received under this section into the Consolidated Fund.
An approval by the Chief Commissioner of a form of return for the purposes of this section may require or permit the return to be given on a specified kind of data processing device in accordance with specified software requirements.
In this section:
data processing device means any article or material (for example a disc) from which information is capable of being reproduced with or without the aid of any other article or device.
13C Copies and inspection of returns
| (1) | A trustee of a superannuation fund that lodges a return must retain a copy of the return at the trustee's registered office or principal place of operation in the State (or, if the trustee is a natural person, at a place nominated by the person and specified in the return). |
| Maximum penalty: 2 penalty units. |
Unclaimed Money Amendment Act 1997 No 30
| Amendments | Schedule 1 |
| (2) | The copy is to be retained for at least 5 years after the date on which it was lodged. |
| Maximum penalty: 2 penalty units. | |
| (3) | A trustee must make the retained copies of returns reasonably available for inspection by any person. |
| Maximum penalty: 2 penalty units. | |
| (4) | The trustee may charge an inspection fee of not more than $10 (or, if the regulations prescribe a greater amount for the purposes of this subsection, that greater amount). |
13D Publication of information relating to unclaimed money
The Chief Commissioner is to cause to be published in the Gazette such information as appears to the Chief Commissioner to be sufficient to give reasonable
| notification | o f : |
| (a) | the existence of each sum of unclaimed superannuation benefits paid to the Chief Commissioner under this Part that exceeds $50 (or, if another amount is prescribed by the regulations for the purposes of this paragraph, that other amount), and |
| (b) | the identity of the beneficiary (if known). |
13E Payment of unclaimed superannuation benefits where
money later claimed
If :
| (a) | any unclaimed superannuation benefits have been paid to the Chief Commissioner under this Part, and |
Unclaimed Money Amendment Act 1997 No 30
| Schedule 1 | Amendments |
| (b) | the Chief Commissioner is satisfied on application made by a person in a form approved by the Chief Commissioner that, if this Part and Part 22 of the Commonwealth Act had not been enacted, the person would have been paid that unclaimed superannuation benefit by the trustee by whom it was paid to the Chief Commissioner, |
the Chief Commissioner must pay that unclaimed
superannuation benefit to that person.
13F Chief Commissioner must repay ex cess payments by
trustees
If the trustee of a superannuation fund, after paying an amount to the Chief Commissioner under this Part, satisfies the Chief Commissioner that the amount so paid exceeds the amount that would have been paid to the person concerned, or is not unclaimed superannuation benefits that are required to be paid to the Chief Commissioner under this Act, the Chief Commissioner must refund to the trustee the amount of the excess.
13G Appropriation
The Consolidated Fund is appropriated by this section for the purposes of, and to the extent necessary to permit, repayments or refunds by the Chief Commissioner under this Part.
13H Register of unclaimed superannuation benefits
| (1) | The Chief Commissioner must keep a register of unclaimed superannuation benefits paid to the Chief Commissioner under this Part. | |
| (2) | The register may be in such form, and kept in such manner, as the Chief Commissioner determines but must include particulars o f : | |
|
Unclaimed Money Amendment Act 1997 No 30
| Amendments | Schedule | 1 |
| (b) | the member in respect of whom the unclaimed superannuation benefit was payable. |
13I Discharge of trustee's liability
The trustee of a superannuation fund is, on payment to the Chief Commissioner of an amount as required by this
Part, discharged from further liability in his or her
capacity as trustee in respect of that amount.
13J Trustee not in breach of trust
Nothing done by a trustee of a superannuation fund in accordance with this Act is to be regarded for any purpose as constituting a breach of trust by the trustee.
| Division 3 | Application of Part |
13K Application of Part
| (1) | This Part applies to a superannuation fund and to the trustee of a superannuation fund (not being an exempt public sector superannuation scheme) i f : | |||||||
|
(2) This Part applies to an exempt public sector superannuation scheme and the provisions of this Part apply to the scheme and to the trustee of any such scheme despite any provision of any other Act or any other law.
Unclaimed Money Am endm ent Act 1997 No 30
| Schedule1 | A m endm ents |
13L Extra-territorial operation
It is the intention of Parliament that this Part should extend (subject to section 13K), as far as possible, to the following:
| (a) | land or things situated outside New South Wales, whether in or outside Australia, |
| (b) | acts, transactions and matters done, entered into or occurring outside New South Wales, whether in or outside Australia, |
| (c) | trustees and beneficiaries situated or residing outside New South Wales, whether in or outside Australia. |
[7] Sections 22 and 23
Omit the sections.
[8] Parts 5 and 6, heading to Part 7 and section 45
Omit the Parts, heading and section. Insert instead:
| ||
| 27 Application of certain previsions of Taxation |
Administration Act 1996
| (1) | Parts 5 , 7, 8, 9, 10 and 11 of the Taxation Administration Act 1996 (other than sections 60, 63, 81-85, 111 and 126-128) are to be read as if they form part of this Act, subject to the following modifications: | |||
|
Unclaimed Money Amendment Act 1997 No 30
| Amendments | Schedule 1 |
| (c) | a reference to a taxation law is to be read as a reference to this Act, |
| (d) | a reference to a tax is to be read as a reference to money payable to the Chief Commissioner under this Act, |
| (e) | a reference to a person's tax liability is to be read as a reference to the liability of an enterprise or a trustee to pay unclaimed money or unclaimed superannuation benefits under this Act. |
Nothing in this section entitles the trustee of a superannuation fund to deduct the amount of any interest or penalty tax payable by virtue of the operation of subsection (1) from the amount of a superannuation benefit payable to any person or as part of the administrative, management or other costs of the fund.
Nothing in this section entitles an enterprise to deduct the amount of any interest or penalty tax payable by virtue of the operation of subsection (1) from the amount of any unclaimed money payable to any person.
28 General power to make assessm ent
The Chief Commissioner may make an assessment of the liability of an enterprise to pay unclaimed money, or a trustee of a superannuation fund to pay unclaimed superannuation benefits, to the Chief Commissioner.
The Chief Commissioner may make one or more assessments of the liability of an enterprise to pay unclaimed money, or a trustee of a superannuation fund to pay unclaimed superannuation benefits.
An assessment may be made only i f :
| (a) | the enterprise or trustee fails to lodge a return by the due date, or |
| (b) | the Chief Commissioner is of the opinion that an incorrect return has been lodged by the enterprise or trustee. |
Unclaimed Money Am endm ent Act 1997 No 30
| Schedule1 | A m endm ents |
An assessment of a liability may consist of a determination that there is not a liability to pay unclaimed money or unclaimed superannuation benefits to the Chief Commissioner.
The Chief Commissioner may withdraw an assessment under this section at any time after the date of written notice of the assessment is given to the relevant enterprise or trustee, whether or not the amount specified in the assessment has been paid.
A notice of assessment issued following a failure to pay the whole or part of money under section 10 (1) or 13B (1) must specify any interest and penalty tax payable.
The validity of an assessment is not affected because a provision of this Act has not been complied with.
29 Enterprises and trustees that are not natural persons
Any act or thing that an enterprise or the trustee of a superannuation fund is required or permitted to do by or under this Act may, in the case of an enterprise or trustee that is not a natural person, be done on behalf of the enterprise or trustee by an officer of the enterprise or trustee.
3 0 Annotation of records
| (1) | If the Chief Commissioner or an authorised officer is of the opinion that any matter in a record of an enterprise that relates (or may at some future time relate) to unclaimed money is incorrect, the Chief Commissioner may direct the enterprise to note the record with details of what the Chief Commissioner believes to be the true position concerning the matter. |
| (2) | The enterprise must comply with any such direction. Maximum penalty (subsection (2)): 5 penalty units. |
Unclaimed Money Amendment Act 1997 No 30
| Amendments | Schedule 1 |
Schedule 2 Savings, transitional and other provisions
Omit “this Act” from clause 1 (1). Insert instead:
this Act and the following Acts:
Unclaimed Money Amendment Act 1997
Schedule 2, Part 3
Insert after Part 2:
| Part 3 | Provisions consequent on enactment of Unclaimed Money Amendment Act 1997 |
9 Existing returns
Sections 27 and 28, as inserted by the Unclaimed Money Amendment Act 1997, do not apply to a return lodged or required to be lodged before the commencement of those sections.
[Minister's second reading speech made in—
Legislative Assembly on 14 May 1997 Legislative Council o n 16 June 1997]
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