Superannuation (Unclaimed Money and Lost Members) Amendment (No. 1) Regulations 2023

Administered by Department of the Treasury

Legislation au F2023L01388 Regulations Not in force Legislative Instrument

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EXPLANATORY STATEMENT

Issued by authority of the Assistant Treasurer and Minister for Financial Services

Superannuation (Unclaimed Money and Lost Members) Amendment (No. 1) Regulations 2023

Section 50 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (the Act) provides that the Governor‑General may make regulations prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

The purpose of the Superannuation (Unclaimed Money and Lost Members) Amendment (No. 1) Regulations 2023 is to prescribe additional public sector superannuation schemes in the relevant lists under the Superannuation (Unclaimed Money and Lost Members) Regulations 2019.

The Act requires superannuation providers to report and pay certain amounts to the Commissioner of Taxation. Amounts received by the Commissioner of Taxation can then be paid to the persons entitled to them or paid into funds in which the member is active. The payment provisions in the Act generally do not apply to public sector superannuation schemes unless they are prescribed for that purpose. Part 7 of the Superannuation (Unclaimed Money and Lost Members) Regulations 2019 lists prescribed public sector superannuation schemes. Part 7 of the Regulations prescribes certain public sector superannuation schemes to enable them to pay unclaimed money, unclaimed superannuation of former temporary residents, inactive low-balance accounts, and lost member accounts.

A number of South Australian public sector superannuation schemes have already been prescribed in Part 7. The additional South Australian public sector superannuation schemes are being prescribed by the Regulations at the request of the South Australian Government. As these regulations implement that request, and the regulations are minor or machinery in nature, consultation was not undertaken with respect to these regulations.

The Act does not specify any conditions that need to be satisfied before the power to make the Regulations may be exercised.

The Regulations are a legislative instrument for the purposes of the Legislation Act 2003 and are subject to disallowance and sunsetting. 

The Regulations commenced on the day after registration.

Details of the Regulations are set out in Attachment 1.

A statement of Compatibility with Human Rights is at Attachment 2.

The Office of Impact Analysis has been (OIA) has been consulted (OIA23-05399) and agreed that Impact Analysis is not required.

 

ATTACHMENT 1

Details of the Superannuation (Unclaimed Money and Lost Members) Amendment (No. 1) Regulations 2023  

Section 1 – Name

This section provides that the name of the regulations is the Superannuation (Unclaimed Money and Lost Members) Amendment (No. 1) Regulations 2023 (the Regulations).

Section 2 – Commencement

Schedule 1 to the Regulations commenced on the day after the instrument is registered on the Federal Register of Legislation.

Section 3 – Authority

The Regulations are made under the Superannuation (Unclaimed Money and Lost Members) Act 1999 (the Act).

Section 4 – Schedule

This section provides that each instrument that is specified in the Schedules to this instrument are amended as set out in the applicable items in the Schedules, and any other item in the Schedules to this instrument has effect according to its terms.

Schedule 1 – Amendments

The Act requires superannuation providers to report and pay certain amounts to the Commissioner of Taxation. Amounts received by the Commissioner of Taxation can then be paid to the persons entitled to them or paid into funds in which the member is active. The payment provisions in the Act generally do not apply to public sector superannuation schemes unless they are prescribed for that purpose. Part 7 of the Superannuation (Unclaimed Money and Lost Members) Regulations 2019 lists prescribed public sector superannuation schemes.

The table in section 15 of the Superannuation (Unclaimed Money and Lost Members) Regulations 2019 lists prescribed public sector superannuation schemes eligible to pay unclaimed money to the Commissioner, for the purposes of section 18AA of the Act. Item 1 updates this list by adding the Super SA Flexible Rollover Product and Super SA Income Stream (both established by the Southern State Superannuation Act 2009 (SA)) to the table.

The table in section 17 of the Superannuation (Unclaimed Money and Lost Members) Regulations 2019 lists prescribed public sector superannuation schemes eligible to pay the Commissioner payments in respect of inactive low-balance accounts, for the purposes of section 20QH of the Act. Item 2 updates this list by adding the Super SA Flexible Rollover Product and Super SA Income Stream (both established by the Southern State Superannuation Act 2009 (SA)) to the table.

The table in section 17A of the Superannuation (Unclaimed Money and Lost Members) Regulations 2019 lists prescribed public sector superannuation schemes eligible to pay voluntary amounts to the Commissioner where such accounts do not satisfy the criteria of the other transfer regimes and where it is in a member’s best interests to do so, for the purposes of section 22D of the Act. Item 3 updates this list by adding the Southern State Superannuation Scheme, Super SA Flexible Rollover Product and Super SA Income Stream (all established by the Southern State Superannuation Act 2009 (SA)), as well as Super SA Select (established by the Trust Deed and Rules dates 18 December 2012), to the table.

The table in section 18 of the Superannuation (Unclaimed Money and Lost Members) Regulations 2019 lists prescribed public sector superannuation schemes eligible to make payments in respect of lost member accounts to the Commissioner, for the purposes of section 24HA of the Act. Item 4 updates this list by adding the Super SA Flexible Rollover Product and Super SA Income Stream (both established by the Southern State Superannuation Act 2009 (SA)) to the table.

The schemes were prescribed at the request of the South Australian Government.

ATTACHMENT 2

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Superannuation (Unclaimed Money and Lost Members) Amendment (No. 1) Regulations 2023  

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the Legislative Instrument

The purpose of the Regulations is to prescribe additional public sector superannuation schemes in the relevant lists under the Superannuation (Unclaimed Money and Lost Members) Regulations 2019, at the request of the South Australian Government.

Human rights implications

This Legislative Instrument does not engage any of the applicable rights or freedoms.

Conclusion

This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.

Overview

The Superannuation (Unclaimed Money and Lost Members) Amendment (No. 1) Regulations 2023 were enacted to address the need for additional public sector superannuation schemes to be prescribed for the purposes of the Superannuation (Unclaimed Money and Lost Members) Act 1999. This Act, enacted by the Commonwealth Parliament, aims to ensure that unclaimed superannuation funds are returned to rightful owners or paid into active funds, thereby addressing issues of unclaimed money and lost members. The Regulations were made under the authority of the Act and aim to prescribe specific South Australian public sector superannuation schemes for the payment of unclaimed money, unclaimed superannuation of former temporary residents, inactive low-balance accounts, and lost member accounts, as requested by the South Australian Government. These Regulations are considered minor and machinery in nature, and thus did not require public consultation. They are subject to disallowance and sunsetting provisions.

Scope and Application

The Superannuation (Unclaimed Money and Lost Members) Amendment (No. 1) Regulations 2023 is a legislative instrument made under the authority of the Superannuation (Unclaimed Money and Lost Members) Act 1999. These Regulations aim to prescribe additional public sector superannuation schemes in the relevant lists under the Superannuation (Unclaimed Money and Lost Members) Regulations 2019, specifically at the request of the South Australian Government. The Act applies to superannuation providers and their obligations to report and pay certain amounts to the Commissioner of Taxation, with certain payment provisions not applying to public sector superannuation schemes unless they are prescribed for that purpose. The Regulations update the list of prescribed public sector superannuation schemes, adding the Super SA Flexible Rollover Product, Super SA Income Stream, Southern State Superannuation Scheme, and Super SA Select, to enable them to pay unclaimed money, unclaimed superannuation of former temporary residents, inactive low-balance accounts, and lost member accounts. The Regulations came into effect on the day after registration and are subject to disallowance and sunsetting. The Office of Impact Analysis has confirmed that Impact Analysis is not required for these Regulations, and a Statement of Compatibility with Human Rights has been provided, confirming that the Regulations do not engage any of the applicable rights or freedoms.

Key Provisions

The Superannuation (Unclaimed Money and Lost Members) Amendment (No. 1) Regulations 2023 primarily update the lists of prescribed public sector superannuation schemes under the Superannuation (Unclaimed Money and Lost Members) Regulations 2019 (paragraphs 1-4). The regulations achieve this by amending the tables in sections 15, 17, 17A, and 18 of the 2019 regulations to include additional South Australian schemes, namely the Super SA Flexible Rollover Product, Super SA Income Stream, and Super SA Select, at the request of the South Australian Government. These amendments enable these schemes to handle various payments, including unclaimed money, inactive low-balance accounts, and lost member accounts. The Act, along with these regulations, imposes several obligations on superannuation providers. It requires these providers to report certain amounts to the Commissioner of Taxation. These amounts can then be distributed to the entitled individuals or paid into funds where the member remains active. Notably, the payment provisions outlined in the Act do not generally apply to public sector superannuation schemes unless they are specifically prescribed for this purpose, as per Part 7 of the 2019 regulations. By prescribing these additional South Australian schemes, the regulations clarify and expand the scope of schemes that must comply with these reporting and payment obligations. Breach of the provisions set out in these regulations can lead to significant consequences for non-compliant superannuation providers. While the specific penalties for non-compliance are not detailed in the explanatory statement, the general legislative framework suggests potential financial penalties, enforcement actions, or other administrative measures could be imposed. Compliance with these regulations is crucial to avoid any adverse outcomes related to the management of unclaimed money, inactive low-balance accounts, and lost member accounts within prescribed public sector superannuation schemes.

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Superannuation Law
Finance & Banking Law
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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.