SUPERANNUATION (UNCLAIMED MONEY AND LOST MEMBERS) ACT 1999

This compilation was prepared on 11 July 2011
taking into account amendments up to Act No. 145 of 2010

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General's Department, Canberra

Contents

Part 1--Preliminary 1

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Application .......................................................................................... 1

4............ Act to bind Crown .............................................................................. 1

5............ Extension to Territories ....................................................................... 1

6............ Objects of Act ..................................................................................... 2

7............ Outline of Act ..................................................................................... 2

Part 2--Interpretation 6

8............ Definitions .......................................................................................... 6

9............ Accrual of benefits in defined benefits superannuation schemes ....... 11

10.......... Meaning of eligibility age .................................................................. 11

Part 3--Payment of unclaimed money to the Commissioner 13

Division 1--Preliminary 13

11.......... Object of Part .................................................................................... 13

12.......... Meaning of unclaimed money--general meaning ............................. 13

13.......... Superannuation provider must make reasonable efforts to contact the member or to ensure that a benefit is received .......................................................................................................... 14

14.......... Meaning of unclaimed money--deceased member ........................... 14

15.......... Superannuation provider must make reasonable efforts to ensure that the person receives the benefit 15

15A....... Setting dates for statements and payments ........................................ 15

Division 2--Statement of unclaimed money 16

16.......... Statement of unclaimed money .......................................................... 16

16A....... Error or omission in statement .......................................................... 17

Division 3--Payment of unclaimed money 19

17.......... Payment of unclaimed money ........................................................... 19

17A....... Payments of unclaimed money--late payments ................................ 21

Division 4--Various rules for special cases 23

18.......... State or Territory public sector superannuation schemes ................... 23

18AA.... Prescribed public sector superannuation schemes ............................. 25

18A....... Refund of overpayment made by superannuation provider ............... 26

18B....... Commissioner may recover overpayment ......................................... 26

18C....... Superannuation provider to return payment from Commissioner that cannot be credited 28

Part 3AA--Register of unclaimed money 30

19.......... Register of unclaimed money ............................................................ 30

20.......... Commissioner may give information to State and Territory authorities 31

Part 3A--Payment of unclaimed superannuation of former temporary residents 32

Division 1--Preliminary 32

20A....... Simplified outline .............................................................................. 32

20AA.... Meaning of former temporary resident ............................................ 33

20B....... Setting dates for statements and payments ........................................ 33

Division 2--Notices to superannuation providers about certain persons 34

20C....... Commissioner must give notices about certain former temporary residents 34

Division 3--Effects of notice being given to superannuation provider 35

20D....... Application ........................................................................................ 35

20E........ Superannuation provider must give statement to Commissioner by scheduled statement day 35

20F........ Superannuation provider must pay Commissioner unclaimed superannuation 36

20G....... Effect of payment by superannuation provider .................................. 39

Division 4--Payment by Commissioner 40

20H....... Payment by Commissioner in respect of person for whom an amount has been paid to Commissioner 40

Division 5--Various rules for special cases 43

20J........ Revoking Commissioner's notice to superannuation provider about person 43

20JA..... Prescribed public sector superannuation schemes ............................. 44

20K....... Refund of overpayment made by superannuation provider ............... 45

20L........ Commissioner may recover overpayment under section 20H ........... 46

20M...... Superannuation provider to return payment from Commissioner that cannot be credited 47

Division 6--Administration 49

20N....... Disclosure of migration and citizenship information ......................... 49

20P........ Review of Commissioner's notices and decisions ............................ 50

Part 4--Information about lost members 51

21.......... Object of Part .................................................................................... 51

22.......... Meaning of lost member ................................................................... 51

23.......... Regulations may establish a scheme for information about lost members 51

24.......... Commissioner may give information to State or Territory authorities 53

Part 4A--Payment of lost member accounts to the Commissioner 54

Division 1--Preliminary 54

24A....... Object of Part .................................................................................... 54

24B....... Meaning of lost member account ...................................................... 54

Division 2--Statement of lost member accounts 56

24C....... Statement of lost member accounts ................................................... 56

24D....... Error or omission in statement .......................................................... 57

Division 3--Payment in respect of lost member accounts 59

24E........ Payment in respect of lost member accounts ..................................... 59

24F........ Payment in respect of lost member accounts--late payments ............ 61

24G....... Payment by Commissioner in respect of person for whom an amount has been paid to Commissioner 61

Division 4--Various rules for special cases 64

24H....... State or Territory public sector superannuation schemes ................... 64

24HA.... Prescribed public sector superannuation schemes ............................. 64

24J........ Refund of overpayment made by superannuation provider ............... 65

24K....... Commissioner may recover overpayment ......................................... 65

24L........ Superannuation provider to return payment from Commissioner that cannot be credited 67

24M...... Compensation for acquisition of property ......................................... 68

Part 5--Tax file numbers 69

25.......... Forms etc. may require tax file number ............................................. 69

25A....... Notices under section 20C may include tax file numbers .................. 70

26.......... Provision of tax file numbers by trustees of regulated exempt public sector superannuation schemes 70

27.......... Registers may contain tax file numbers ............................................. 71

28.......... Use of tax file numbers ..................................................................... 71

29.......... Requesting tax file numbers .............................................................. 72

30.......... Quoting tax file numbers ................................................................... 72

Part 7--Administration 73

40.......... General administration of Act ........................................................... 73

41.......... Annual report .................................................................................... 73

Part 8--Miscellaneous 74

42.......... Act not to operate so as to contravene Constitution ........................... 74

43.......... Application of the Criminal Code ..................................................... 74

44.......... Publication etc. of information in registers ........................................ 74

45.......... Authorised officers ........................................................................... 74

46.......... Access to premises ............................................................................ 75

47.......... Obtaining information and documents .............................................. 75

48.......... Records to be kept and retained by superannuation provider ............ 76

49.......... Money paid to Commissioner not held on trust ................................ 77

49A....... Money transferred to State or Territory authorities ........................... 77

50.......... Regulations ....................................................................................... 78

Notes 81

Notes to the Superannuation (Unclaimed Money and Lost Members) Act 1999

Note 1

The Superannuation (Unclaimed Money and Lost Members) Act 1999 as shown in this compilation comprises Act No. 127, 1999 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Superannuation (Unclaimed Money and Lost Members) Act 1999	127, 1999	13 Oct 1999	13 Oct 1999
Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999	128, 1999	13 Oct 1999	Ss. 4-7: 13 Oct 1999 (a) Schedule 2: 5 Dec 1999 (a)	Ss. 4-7
Family Law Legislation Amendment (Superannuation) (Consequential Provisions) Act 2001	114, 2001	18 Sept 2001	(b)	--
Australian Prudential Regulation Authority Amendment Act 2003	42, 2003	24 June 2003	Ss. 1-3: Royal Assent Remainder: 1 July 2003 (see s. 2(1) and Gazette 2003, No. S230)	Sch. 3
Tax Laws Amendment (Simplified Superannuation) Act 2007	9, 2007	15 Mar 2007	Schedule 7 (items 2-7): Royal Assent	Sch. 7 (item 7)
Superannuation Legislation Amendment (Simplification) Act 2007	15, 2007	15 Mar 2007	Schedule 3 (items 58-60): Royal Assent	Sch. 3 (item 60)
Temporary Residents' Superannuation Legislation Amendment Act 2008	151, 2008	11 Dec 2008	Schedule 1 (items 1-11, 13-22): 18 Dec 2008 (see F2008L04636)	--
Tax Laws Amendment (2009 Measures No. 1) Act 2009	27, 2009	26 Mar 2009	Schedule 2 (items 1-41, 67-70): 27 Mar 2009	Sch. 2 (items 67-70)
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Schedule 1 (item 222): 27 Feb 2010	--
Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009	133, 2009	14 Dec 2009	Schedule 3 (items 1-26, 44, 45): Royal Assent	Sch. 3 (items 44, 45)
Superannuation Legislation Amendment Act 2010	117, 2010	16 Nov 2010	Schedule 1 (items 1-14, 21(1)) and Schedule 4 (item 30): 17 Nov 2010	Sch. 1 (item 21(1)) (am. by 41, 2011, Sch. 5 [item 420])
as amended by
Tax Laws Amendment (2011 Measures No. 2) Act 2011	41, 2011	27 June 2011	Schedule 5 (item 420): Royal Assent	--
Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010	145, 2010	16 Dec 2010	Schedule 2 (items 87-91): 17 Dec 2010	--

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
Title.....................................	am. No. 151, 2008
Part 1
S. 6......................................	am. No. 151, 2008; No. 133, 2009
S. 7......................................	am. No. 9, 2007; No. 151, 2008; Nos. 27 and 133, 2009; No. 117, 2010
Part 2
S. 8......................................	am. No. 42, 2003; No. 151, 2008; Nos. 27, 75 and 133, 2009; Nos. 117 and 145, 2010
Part 3
Division 1
Heading to Div. 1 of Part 3........................................	ad. No. 27, 2009
S. 12....................................	am. No. 114, 2001; No. 9, 2007; No. 133, 2009
Note to s. 12(1)..................	rep. No. 9, 2007
Heading to s. 13................	am. No. 9, 2007
S. 13....................................	am. No. 114, 2001; No. 9, 2007; Nos. 27 and 133, 2009
S. 14....................................	am. No. 133, 2009
S. 15A.................................	ad. No. 27, 2009
	am. No. 133, 2009
Division 2
Heading to Div. 2 of Part 3........................................	ad. No. 27, 2009
Subhead. to s. 16(7)..........	ad. No. 27, 2009
S. 16....................................	am. No. 151, 2008; No. 27, 2009
Note to s. 16(7)..................	am. No. 27, 2009
S. 16A.................................	ad. No. 27, 2009
Division 3
Heading to Div. 3 of Part 3........................................	ad. No. 27, 2009
Heading to s. 17................	am. No. 27, 2009
S. 17....................................	am. No. 151, 2008; No. 27, 2009
Note to s. 17(1)..................	ad. No. 151, 2008
	rep. No. 27, 2009
S. 17A.................................	ad. No. 27, 2009
Division 4
Heading to Div. 4 of Part 3........................................	ad. No. 27, 2009
Heading to s. 18................	rs. No. 15, 2007; No. 117, 2010
S. 18....................................	am. No. 15, 2007; No. 27, 2009
S. 18AA...............................	ad. No. 117, 2010
Ss. 18A-18C.......................	ad. No. 27, 2009
Part 3AA
Heading to Part 3AA..........	ad. No. 27, 2009
S. 19....................................	am. Nos. 27 and 133, 2009
Part 3A
Part 3A................................	ad. No. 151, 2008
Division 1
S. 20A.................................	ad. No. 151, 2008
	am. No. 27, 2009
S. 20AA...............................	ad. No. 27, 2009
S. 20B.................................	ad. No. 151, 2008
Division 2
S. 20C.................................	ad. No. 151, 2008
	am. No. 27, 2009; No. 117, 2010
Division 3
S. 20D.................................	ad. No. 151, 2008
S. 20E.................................	ad. No. 151, 2008
	am. No. 27, 2009
Ss. 20F, 20G......................	ad. No. 151, 2008
Division 4
S. 20H.................................	ad. No. 151, 2008
	am. No. 133, 2009
Division 5
S. 20J..................................	ad. No. 151, 2008
S. 20JA...............................	ad. No. 117, 2010
S. 20K.................................	ad. No. 151, 2008
S. 20L..................................	ad. No. 151, 2008
	am. No. 27, 2009
S. 20M.................................	ad. No. 151, 2008
Division 6
S. 20N.................................	ad. No. 151, 2008
	am. No. 117, 2010
S. 20P.................................	ad. No. 151, 2008
Part 4
Heading to Part 4..............	rs. No. 133, 2009
S. 23....................................	am. No. 27, 2009
Note to s. 23(1) Renumbered Note 1.......	No. 27, 2009
Notes 2, 3 to s. 23(1).........	ad. No. 27, 2009
Part 4A
Part 4A................................	ad. No. 133, 2009
Division 1
Ss. 24A, 24B.......................	ad. No. 133, 2009
Division 2
S. 24C.................................	ad. No. 133, 2009
Note 1 to s. 24C(1)............	am. No. 117, 2010
S. 24D.................................	ad. No. 133, 2009
Division 3
S. 24E.................................	ad. No. 133, 2009
Note 1 to s. 24E(1).............	am. No. 117, 2010
Ss. 24F, 24G......................	ad. No. 133, 2009
Division 4
Heading to s. 24H.............	rs. No. 117, 2010
S. 24H.................................	ad. No. 133, 2009
	am. No. 117, 2010
S. 24HA...............................	ad. No. 117, 2010
Ss. 24J-24M.......................	ad. No. 133, 2009
Part 5
S. 25....................................	am. No. 151, 2008; Nos. 27 and 133, 2009
S. 25A.................................	ad. No. 151, 2008
S. 26....................................	am. No. 27, 2009
S. 29....................................	am. No. 151, 2008; No. 133, 2009
Part 6..................................	rep. No. 145, 2010
S. 31....................................	am. No. 128, 1999
	rep. No. 145, 2010
S. 32....................................	rep. No. 145, 2010
Note 1 to s. 32....................	am. No. 27, 2009
	rep. No. 145, 2010
Ss. 33-36............................	rep. No. 145, 2010
S. 37....................................	rep. No. 27, 2009
Ss. 38, 39............................	rep. No. 145, 2010
Part 7
Note to s. 40.......................	ad. No. 145, 2010
Part 8
S. 45....................................	am. No. 128, 1999
Note 3 to s. 46(4)...............	ad. No. 27, 2009
Note 4 to s. 48(5)...............	ad. No. 27, 2009
S. 49....................................	rs. No. 151, 2008
S. 49A.................................	ad. No. 117, 2010

Table A

Application, saving or transitional provisions

Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999 (No. 128, 1999)

4 Interpretation

(1) Unless the contrary intention appears, expressions used in this Part that are also used in the Superannuation (Unclaimed Money and Lost Members) Act 1999 have the same meanings as in that Act.

(2) In this Part, unless the contrary intention appears:

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

5 Transitional--payments of unclaimed money to States and Territories etc.

(1) If:

(a) a State or Territory does not have a law that satisfies the requirements of section 18 of the New Act; and

(b) at the commencement of the New Act, that State or Territory had a law that satisfied the requirements of section 84 of the RSA Act (as in force before that commencement) and subsections 225(9), (9A) and (9B) of the SIS Act (as then in force); and

(c) those provisions (as in force before that commencement) would, if they were in force after that commencement, require a superannuation provider:

(i) to provide particulars of unclaimed money; and

(ii) to pay an amount of unclaimed money;

to an authority of that State or Territory;

the provider must provide the particulars, and pay the amount, to the authority in accordance with those provisions instead of complying with sections 16 and 17 of the New Act.

(2) Subsection (1) ceases to have effect from the first half-year that starts after the end of the transition period.

(3) In subsection (2):

transition period means the period of 2 years starting immediately after the commencement of the New Act.

6 Transitional--treatment of unclaimed money under the RSA Act and the SIS Act

(1) If particulars of unclaimed money have been provided, or unclaimed money has been paid, to the Commissioner in accordance with:

(a) Part 8 of the RSA Act; or

(b) Part 22 of the SIS Act;

those particulars are taken to have been provided, and that money is taken to have been paid, to the Commissioner in accordance with sections 16 and 17 of the New Act.

(2) If particulars of unclaimed money have been provided, or unclaimed money has been paid, to a State or Territory authority in accordance with:

(a) Part 8 of the RSA Act; or

(b) Part 22 of the SIS Act;

those particulars are taken to have been provided, and that money is taken to have been paid, to the State or Territory authority in accordance with section 18 of the New Act.

7 Transitional--treatment of particulars relating to lost members under the RSA Act and the SIS Act

If particulars relating to lost members have been provided to the Commissioner in accordance with:

(a) regulations under the RSA Act; or

(b) regulations under the SIS Act;

those particulars are taken to have been provided to the Commissioner in accordance with a scheme established by regulations in accordance with section 23 of the New Act.

Australian Prudential Regulation Authority Amendment Act 2003
(No. 42, 2003)

Schedule 3

1 Definitions

In this Schedule:

amended Act means the Australian Prudential Regulation Authority Act 1998 as in force after the commencement of the amendments.

commencement of the amendments means the commencement of the amendments made by Schedule 1.

old Act means the Australian Prudential Regulation Authority Act 1998 as in force immediately before the commencement of the amendments.

2 APRA's corporate existence is continued

(1) The body corporate that was, immediately before the commencement of the amendments, the Australian Prudential Regulation Authority (APRA) continues in existence after that commencement by force of this item under the corporate structure provided for by the amended Act.

Note: Rights, liabilities and obligations as between APRA and other people, and things done by or on behalf of APRA, or in relation to APRA, are therefore not affected by the restructure of APRA.

(2) However, this does not imply that any person who, immediately before the commencement of the amendments, was a member of APRA's Board, or was APRA's Chief Executive Officer, continues to hold office after that commencement.

Note: These people cease to hold office on the commencement of the amendments because of the repeal of the provisions under which they were appointed.

3 Continued protection from liability

Section 58 of the old Act continues to apply in relation to conduct, before the commencement of the amendments, of APRA's Board, a member of APRA's Board or an agent of a member of APRA's Board.

Note: The reference to a member of APRA's Board covers APRA's Chief Executive Officer.

4 Continued effect of certain delegations

(1) A delegation in force, immediately before the commencement of the amendments, under subsection 15(1) or (2) of the old Act continues to have effect after that commencement as if it were a delegation under APRA's seal under that subsection of the amended Act. If the delegation was to one or more members of APRA's Board, it continues to have effect as if it were a delegation to any APRA member.

(2) A direction in force, immediately before the commencement of the amendments, under subsection 15(3) of the old Act continues to have effect after that commencement, in relation to a delegation to which subitem (1) applies, as if it were a direction given by APRA under that subsection of the amended Act.

(3) A delegation to one or more members of APRA's Board in force, immediately before the commencement of the amendments, under a provision amended by Schedule 2 continues to have effect after that commencement as if it were a delegation under the amended provision to any APRA member.

Note: Delegations in favour of APRA, or APRA staff members, are not affected by the Schedule 2 amendments.

5 Continued effect of determinations of terms and conditions for staff and consultants

A determination of terms and conditions in force, immediately before the commencement of the amendments, under subsection 45(2) or 47(2) of the old Act continues to have effect after that commencement as if it were a determination by APRA under that subsection of the amended Act.

6 Continued effect of approvals under paragraph 56(5)(b)

An approval in force, immediately before the commencement of the amendments, under paragraph 56(5)(b) of the old Act continues to have effect after that commencement as if it were an approval by APRA under that paragraph of the amended Act.

7 Continued or extended effect of certain regulations

(1) Regulations in force, immediately before the commencement of the amendments, under paragraph (k) of the definition of Act covered by this section in subsection 56(1) of the old Act continue to have effect after that commencement as if they were made under paragraph (o) of the definition of prudential regulation framework law in subsection 3(1) of the amended Act, but only as that paragraph applies for the purposes of section 56 of the amended Act.

(2) Regulations in force, immediately before the commencement of the amendments, under paragraph 56(5)(a) of the old Act have effect after that commencement (in addition to the effect they continue to have for that paragraph of the amended Act) as if they were also made under subsection 10A(1) of the amended Act.

8 Delegations by ASIC to APRA staff members

(1) Subsection 102(2A) of the Australian Securities and Investments Commission Act 2001 has effect after the commencement of the amendments as if the reference in that subsection to the Chief Executive Officer of APRA were instead a reference to APRA.

(2) For the purposes of that subsection as it continues to have effect, an agreement to a delegation, in force under that subsection immediately before the commencement of the amendments, continues to have effect after that commencement as if it were given by APRA.

Tax Laws Amendment (Simplified Superannuation) Act 2007 (No. 9, 2007)

Schedule 7

7 Application

The amendments made by this Schedule apply on and after 1 July 2007.

Superannuation Legislation Amendment (Simplification) Act 2007
(No. 15, 2007)

Schedule 3

60 Application

The amendments made by the previous 2 items apply in relation to statements required to be given under section 16 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the half-year ending on 30 June 2007 and later half-years.

Tax Laws Amendment (2009 Measures No. 1) Act 2009 (No. 27, 2009)

Schedule 2

67 Unclaimed money days

(1) An unclaimed money day, specified by the Commissioner under paragraph 15A(a) of the Superannuation (Unclaimed Money and Lost Members) Act 1999, must be a day that occurs on or after 1 July 2009.

(2) Despite the amendments of sections 16, 17 and 18 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 made by this Schedule, those sections, as in force just before the commencement of this Schedule, continue to apply, from that commencement, in relation to half-years ending before 1 July 2009.

68 Errors or omissions in statements

Section 16A of the Superannuation (Unclaimed Money and Lost Members) Act 1999, as inserted by this Schedule, does not apply in relation to statements given to the Commissioner under section 16 of that Act as in force just before the commencement of this Schedule.

69 Payments made before commencement

(1) To avoid doubt, a reference in a law of the Commonwealth to a payment made under subsection 17(1) or (2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 includes a reference to a payment made under that subsection as in force before the commencement of this Schedule.

(2) However, sections 17A, 18A, 18B and 18C of that Act, as inserted by this Schedule, do not apply in relation to such a payment.

70 Saving--regulations

(1) If, just before the commencement of this Schedule, regulations made for the purposes of subparagraph 20C(1)(b)(i) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 were in force, the regulations have effect, from that commencement, as if they had been made for the purposes of subsection 20AA(2) of that Act, as inserted by this Schedule.

(2) If, just before the commencement of this Schedule, regulations made for the purposes of paragraph 20L(4)(a) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 were in force, the regulations have effect, from that commencement, as if they had also been made for the purposes of paragraph 18B(4)(a) of that Act, as inserted by this Schedule.

Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009
(No. 133, 2009)

Schedule 3

44 Application

The amendments made by this Schedule apply in relation to:

(a) the last unclaimed money day (within the meaning of the Superannuation (Unclaimed Money and Lost Members) Act 1999) occurring before 1 July 2010; and

(b) later unclaimed money days.

45 Saving--regulations

If, just before the commencement of this item, regulations made for the purposes of paragraph 18B(4)(a) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 were in force, the regulations have effect, from that commencement, as if they had also been made for the purposes of paragraph 24K(4)(a) of that Act, as inserted by this Schedule.

Superannuation Legislation Amendment Act 2010 (No. 117, 2010)

Schedule 1

21 Application provision

(1) Paragraph 49A(1)(b) of the Superannuation (Unclaimed Money and Lost Members) Act 1999, inserted by this Schedule, applies to transfers occurring before, on or after the commencement of this item.

Commonwealth Consolidated Acts

SUPERANNUATION (UNCLAIMED MONEY AND LOST MEMBERS) ACT 1999 - NOTES