Superannuation (Unclaimed Money and Lost Members) Regulations 1999

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 (www.legislation.gov.au). 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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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 1—Preliminary

1 Name of Regulations

3 Definitions

4A Eligibility age

Part 2—Prescribed visas

4B Temporary residents—prescribed visas

Part 3—Information to be included in notices

4C Recovery of overpayments

4D Temporary residents—unclaimed amount paid before 1 July 2013

4E Temporary residents—unclaimed amount paid on or after 1 July 2013

4F Other unclaimed amounts paid on or after 1 July 2013

Part 4—Information about lost members

5 Information to be given to Commissioner

6 When information must be given to Commissioner

7 Commissioner may grant extensions

9 Register of Lost Members

Part 5—Reunification of superannuation balances

10 Transferring balances to an active account—eligible fund

10A Transferring balances to an active account—more than one eligible fund

Part 6—Prescribed public sector superannuation schemes

11 Unclaimed money—prescribed schemes

11A Lost member accounts—prescribed schemes

12 Unclaimed superannuation of former temporary residents—prescribed schemes

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Part 1—Preliminary

1  Name of Regulations

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

3  Definitions

  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:

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

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

4A  Eligibility age

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

 (a) 65 years; and

 (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 2—Prescribed visas

4B  Temporary 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:

 (a) Subclass 405 (Investor Retirement) visa;

 (b) Subclass 410 (Retirement) visa.

Part 3—Information to be included in notices

4C  Recovery of overpayments

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

 (a) the name of the person in respect of whom the Commissioner made the payment;

 (b) the name of the debtor;

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

 (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) In this regulation:

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

4D  Temporary residents—unclaimed amount paid before 1 July 2013

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

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

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

 (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) However, this regulation does not apply to an amount:

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

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

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

 (a) starts on the later of:

 (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

 (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

 (b) ends on the earlier of:

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

 (ii) 30 June 2013.

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

 (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:

 (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

 (b) if that rate is less than 0%—0%.

4E  Temporary residents—unclaimed amount paid on or after 1 July 2013

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

 (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:

 (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

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

 (i) an Australian citizen; or

 (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) However, this regulation does not apply to an amount:

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

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

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

 (a) starts on the later of:

 (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

 (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

 (b) ends on 30 June 2013.

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

 (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:

 (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

 (b) if that rate is less than 0%—0%.

4F  Other unclaimed amounts paid on or after 1 July 2013

 (1) This regulation is made for the following provisions of the Act:

 (a) subsections 17(2AB) and (2AC);

 (b) subsection 20H(2AA);

 (ba) subsections 20QF(5) and (6);

 (c) subsections 24G(3A) and (3B);

 (d) subsection 24NA(4).

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

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

 (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) However, this regulation does not apply to an amount:

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

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

 (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:

 (a) starts on the later of:

 (i) 1 July 2013; and

 (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

 (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

 (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.

 (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:

 (a) starts on the later of:

 (i) 1 July 2013; and

 (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

 (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

 (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.

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

 (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:

 (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

 (b) if that percentage change is less than 0%—0%.

Part 4—Information about lost members

5  Information 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:

 (a) within the knowledge of the superannuation provider; and

 (b) specified in the approved form.

6  When information must be given to Commissioner

  Information must be given to the Commissioner under regulation 5:

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

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

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

7  Commissioner may grant extensions

 (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) The grant of an extension must be in writing.

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

9  Register of Lost Members

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

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

 (3) The Register may also contain:

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

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

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

 (ii) information given to the Commissioner by the superannuation provider of the scheme.

Part 5—Reunification of superannuation balances

10  Transferring balances to an active account—eligible fund

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

 (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

 (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.

10A  Transferring balances to an active account—more than one eligible fund

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

 (2) This regulation applies if:

 (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

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

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

 (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;

 (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;

 (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;

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

 (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 6—Prescribed public sector superannuation schemes

11  Unclaimed money—prescribed schemes

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

11A  Lost member accounts—prescribed schemes

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

12  Unclaimed superannuation of former temporary residents—prescribed schemes

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

Endnotes

Endnote 1—About 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 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history