TAX LAWS AMENDMENT (2009 MEASURES NO. 1) ACT 2009 (NO. 27, 2009) - SCHEDULE 2 Unclaimed superannuation money

TAX LAWS AMENDMENT (2009 MEASURES NO. 1) ACT 2009 (NO. 27, 2009) - SCHEDULE 2

Part 1 -- Amendment of the Superannuation (Unclaimed Money and Lost Members) Act 1999

1  Section 7 (simplified outline)

Omit "At the end of each half‑year", substitute "At the times determined by the Commissioner".

2  Section 7 (simplified outline)

Omit "On request by a person entitled to receive that money, the Commissioner must pay it to that person.", substitute "If the Commissioner is satisfied he or she has received such a payment in respect of a person, the Commissioner must pay the amount he or she has received to the person, to a fund identified by the person or, if the person has died, to the person's death beneficiaries or legal personal representative.".

3  Section 7 (simplified outline)

Omit:

substitute:

4  Section 7 (simplified outline)

After "if the member has died, to the member's", insert "death beneficiaries or".

5  Section 7 (simplified outline)

After:

insert:

6  Section 8

Insert:

"former temporary resident" has the meaning given by section 20AA.

7  Section 8 (definition of scheduled statement day )

Repeal the definition, substitute:

"scheduled statement day" has the meaning given by:

                     (a)  in relation to a statement required by Part 3--section 15A; and

                     (b)  in relation to a statement required by Part 3A--section 20B.

8  Section 8

Insert:

"unclaimed money day" has the meaning given by section 15A.

9  Before section 11

Insert:

Division 1 -- Preliminary

10  Subsection 13(1)

Omit "in relation to a fund", substitute "for a fund".

11  After section 15

Insert:

15A   Setting dates for statements and payments

                   The Commissioner may, by legislative instrument, specify:

                     (a)  days as being unclaimed money days for the purposes of this Part; and

                     (b)  for each unclaimed money day--a day (the scheduled statement day ) by the end of which a statement required by this Part, in relation to the unclaimed money day, is to be given to the Commissioner.

Division 2 -- Statement of unclaimed money

12  Subsections 16(1) to (6)

Repeal the subsections, substitute:

Superannuation provider must give statement to Commissioner

             (1)  A superannuation provider must, for each unclaimed money day, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following:

                     (a)  all unclaimed money as at the end of the day;

                     (b)  the administration of any of the following in connection with the unclaimed money:

                              (i)  this Part;

                             (ii)  the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ;

                            (iii)  the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 .

Note 1:       Subsection (1) does not apply if the superannuation provider gives a statement, and makes a payment, to a State or Territory authority as provided for in section 18 (State or Territory public sector superannuation schemes).

Note 2:       The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement required under subsection (1) includes false or misleading information: see sections 8K, 8M, 8N and 8R of that Act and Division 284 in Schedule 1 to that Act.

Note 3:       The approved form may also require the statement to include certain tax file numbers: see subsection 25(1) of this Act.

          (1A)  If, at the end of the unclaimed money day, there is no unclaimed money, the statement must say so.

Note:          If the fund is a regulated superannuation fund that has fewer than 5 members, see subsection (2A).

             (2)  The statement must also contain information, required by the form, relevant to any of the unclaimed money that, between the unclaimed money day and the day on which the statement is given to the Commissioner:

                     (a)  the superannuation provider pays to a person who is entitled to it; or

                     (b)  otherwise ceases to be unclaimed money (other than because the provider pays the money to the Commissioner under subsection 17(1)).

          (2A)  Subsection (1) does not apply if, at the end of the unclaimed money day:

                     (a)  the fund is a regulated superannuation fund that has fewer than 5 members; and

                     (b)  there is no unclaimed money.

When statement must be given

             (3)  The superannuation provider must give the Commissioner the statement by the end of the scheduled statement day for the unclaimed money day.

Note 1:       The Commissioner may defer the time for giving the statement: see section 388‑55 in Schedule 1 to the Taxation Administration Act 1953 .

Note 2:       The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.

13  Subsection 16(7)

Omit "Subsection (1)", substitute "This section".

Note:       The following heading to subsection 16(7) is inserted " Certain former temporary residents ".

14  Subsection 16(7) (note)

Omit "holders of temporary visas", substitute "temporary residents".

15  After section 16

Insert:

16A   Error or omission in statement

Scope

             (1)  This section applies if:

                     (a)  a superannuation provider gives the Commissioner a statement under section 16; and

                     (b)  the superannuation provider becomes aware of a material error, or material omission, in any information in the statement.

Superannuation provider must give information

             (2)  The superannuation provider must, in the approved form, give the Commissioner the corrected or omitted information.

             (3)  Information required by subsection (2) must be given no later than 30 days after the superannuation provider becomes aware of the error or omission.

Note 1:       The Commissioner may defer the time for giving the information: see section 388‑55 in Schedule 1 to the Taxation Administration Act 1953 .

Note 2:       The Taxation Administration Act 1953 provides for offences and administrative penalties if the information is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.

Division 3 -- Payment of unclaimed money

16  Subsections 17(1) and (2)

Repeal the subsections, substitute:

Provider must pay Commissioner

             (1)  A superannuation provider must pay the Commissioner (for the Commonwealth) the amount, in relation to each unclaimed money day, worked out under subsection (1A). The amount is due and payable at the end of the scheduled statement day for the unclaimed money day.

Note 1:       Subsection (1) does not apply if the superannuation provider gives a statement, and makes a payment, to a State or Territory authority as provided for in section 18 (State or Territory public sector superannuation schemes).

Note 2:       The amount the superannuation provider must pay the Commissioner is a tax‑related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax‑related liabilities. Division 284 in that Schedule provides for administrative penalties connected with such liabilities.

Note 3:       The Commissioner may defer the time at which the amount is due and payable: see section 255‑10 in Schedule 1 to the Taxation Administration Act 1953 .

Note 4:       Section 18A provides for refunds of overpayments by the superannuation provider to the Commissioner.

          (1A)  Work out the amount using the following formula:

where:

"former unclaimed money" means any of the unclaimed money that, between the unclaimed money day and the day on which the superannuation provider gives the statement in relation to the unclaimed money day to the Commissioner under subsection 16(1):

                     (a)  the superannuation provider pays to a person who is entitled to it; or

                     (b)  otherwise ceases to be unclaimed money (other than because the provider pays the money to the Commissioner under subsection (1)).

          (1B)  Subsection (1) does not require the superannuation provider to pay the Commissioner an amount on account of unclaimed money described in subsection 12(1) payable to a person identified in a notice the Commissioner has given the provider under section 20C.

Note:          Such money is payable to the Commissioner under section 20F.

Payment by Commissioner in respect of person for whom an amount has been paid to Commissioner

          (1C)  Subsections (2) and (2AA) apply in relation to a person if:

                     (a)  a superannuation provider paid unclaimed money to the Commissioner under subsection (1) in respect of the person; and

                     (b)  the Commissioner is satisfied, on application in the approved form or on the Commissioner's own initiative, that it is possible for the Commissioner to pay the unclaimed money in accordance with subsection (2).

             (2)  The Commissioner must pay the unclaimed money:

                     (a)  to a single fund if:

                              (i)  the person has not died; and

                             (ii)  the person directs the Commissioner to pay to the fund; and

                            (iii)  the fund is a complying superannuation plan (within the meaning of the Income Tax Assessment Act 1997 ); or

                     (b)  in accordance with subsection (2AA) if:

                              (i)  the person has died; and

                             (ii)  the Commissioner is satisfied that, if the superannuation provider had not paid the unclaimed money to the Commissioner, the provider would have been required to pay an amount or amounts ( death benefits ) to one or more other persons ( death beneficiaries ) because of the deceased person's death; or

                     (c)  to the person's legal personal representative if the person has died but subparagraph (b)(ii) does not apply; or

                     (d)  in any other case--to the person.

Note:          Money for payments under subsection (2) is appropriated by section 16 of the Taxation Administration Act 1953 .

       (2AA)  In a case covered by paragraph (2)(b), the Commissioner must pay the unclaimed money under subsection (2) by paying to each death beneficiary the amount worked out using the following formula:

Note:          If there is only one death beneficiary, the whole of the unclaimed money is payable to that beneficiary.

Note:       The heading to section 17 is altered by omitting " to Commissioner ".

17  Subsection 17(2A)

Omit "Subsection (2) does", substitute "Subsections (1C) to (2AA) do".

18  Subsections 17(3), (5) and (6)

Repeal the subsections.

19  After section 17

Insert:

17A   Payments of unclaimed money--late payments

General interest charge on late payment

             (1)  If any of the amount a superannuation provider must pay under subsection 17(1) remains unpaid after it is due and payable, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that:

                     (a)  starts at the time it is due and payable; and

                     (b)  ends at the end of the last day on which either of the following remains unpaid:

                              (i)  the amount unpaid when it is due and payable;

                             (ii)  general interest charge on any of the amount.

Offence of failing to make payment to Commissioner

             (2)  A person commits an offence if:

                     (a)  the person is subject to a requirement under subsection 17(1); and

                     (b)  the person engages in conduct; and

                     (c)  the person's conduct breaches the requirement.

Penalty for an offence against subsection (2): 100 penalty units.

Division 4 -- Various rules for special cases

20  Subsections 18(2) and (3)

Repeal the subsections, substitute:

             (2)  The superannuation provider does not have to comply with subsection 16(1) or 17(1) in relation to an unclaimed money day if the provider, in accordance with that law of a State or Territory:

                     (a)  gives to a State or Territory authority a statement that complies with items 1 and 2 of the table in subsection (4) in relation to the first half year that ends on or after the unclaimed money day; and

                     (b)  pays the amount worked out under item 3 of that table to the State or Territory authority.

21  Subsection 18(4) (at the end of table item 3, column headed "Effect of provision")

Add ", as in force just before the commencement of Schedule 5 to the Tax Laws Amendment (2009 Measures No. 1) Act 2009 ".

22  Subsection 18(5)

Omit "provisions corresponding to the provisions, and with the effects, set out in the following table:", substitute:

provisions:

                     (a)  corresponding to the provisions of this Act, as in force just before the commencement of Schedule 5 to the Tax Laws Amendment (2009 Measures No. 1) Act 2009 , set out in the following table; and

                     (b)  with the effects set out in the table:

23  After section 18

Insert:

18A   Refund of overpayment made by superannuation provider

             (1)  This section applies if:

                     (a)  a superannuation provider for a fund (the first fund ) has made a payment under subsection 17(1) in respect of a person; and

                     (b)  the Commissioner is satisfied that the amount paid exceeded the amount (if any) that was payable under that subsection in respect of the person.

             (2)  The Commissioner must pay the excess:

                     (a)  to the superannuation provider; or

                     (b)  to a superannuation provider for another fund if the Commissioner is satisfied that:

                              (i)  the first fund no longer exists; and

                             (ii)  the other fund provides rights relating to the person equivalent to those provided by the first fund.

Note:          Money for payments under subsection (2) is appropriated by section 16 of the Taxation Administration Act 1953 .

18B   Commissioner may recover overpayment

             (1)  This section applies if:

                     (a)  the Commissioner makes a payment in respect of a person under, or purportedly under, this Part; and

                     (b)  the amount paid exceeds the amount (if any) properly payable under this Part in respect of the person.

             (2)  The Commissioner may recover all or part of the excess from a person (the debtor ) described in subsection (3) as a debt due by the debtor to the Commonwealth if the conditions specified in subsection (4) are met.

             (3)  The persons from whom the Commissioner may recover are as follows:

                     (a)  the person to whom the payment was made (whether the payment was made to the person in his or her own right or as the legal personal representative of someone else who had died);

                     (b)  the superannuation provider for the fund to which the payment was made;

                     (c)  if the payment, or an amount wholly or partly attributable to that payment, was transferred to another fund--the superannuation provider for that other fund.

             (4)  The conditions for recovery are that:

                     (a)  the Commissioner gave the debtor written notice, as prescribed by the regulations, of the proposed recovery and the amount to be recovered; and

                     (b)  at least 28 days have passed since the notice was given; and

                     (c)  the amount recovered is not more than the amount specified in the notice.

             (5)  Despite subsections (2) and (3), if the Commissioner gives a notice described in paragraph (4)(a) to a superannuation provider for a fund, and the fund does not hold an amount attributable to the payment, the Commissioner cannot recover from the superannuation provider.

             (6)  The Commissioner may revoke a notice described in paragraph (4)(a).

             (7)  The total of the amounts recovered from different debtors in relation to the same excess must not be more than the excess.

             (8)  A notice described in paragraph (4)(a) is not a legislative instrument.

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

Scope

             (1)  This section applies if:

                     (a)  a payment (the Commissioner's payment ) is made to a fund under subsection 17(2) in accordance with a person's direction; and

                     (b)  the superannuation provider for the fund has not credited the payment to an account for the benefit of the person by the time (the repayment time ) that is the end of the 28th day after the day on which the Commissioner's payment was made.

Repayment

             (2)  The superannuation provider is liable to repay the Commissioner's payment to the Commonwealth. The repayment is due and payable at the repayment time.

Note:          The amount the superannuation provider is liable to repay is a tax‑related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax‑related liabilities.

             (3)  The superannuation provider must give the Commissioner, in the approved form, information relating to the Commissioner's payment when repaying it.

Note:          The Taxation Administration Act 1953 provides for offences and administrative penalties if the form is not given when it must be or includes false or misleading information: see sections 8C, 8K and 8N of that Act and Divisions 284 and 286 in Schedule 1 to that Act.

General interest charge

             (4)  If any of the amount the superannuation provider is liable to repay under subsection (2) remains unpaid by the superannuation provider after the repayment time, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that:

                     (a)  starts at the repayment time; and

                     (b)  ends at the end of the last day on which either of the following remains unpaid:

                              (i)  the amount unpaid at the repayment time;

                             (ii)  general interest charge on any of the amount.

Part 3AA -- Register of unclaimed money

24  Paragraph 19(1)(a)

Omit "this Part", substitute "Part 3".

25  Paragraph 19(1)(b)

Omit "member", substitute "person".

26  At the end of subsection 19(1)

Add:

             ; and (c)  amounts paid to the Commissioner under section 20F (unclaimed superannuation of former temporary residents); and

                     (d)  each person in respect of whom there is an amount referred to in paragraph (c) of this subsection.

27  Section 20A (simplified outline)

Omit:

substitute:

28  After section 20A

Insert:

20AA   Meaning of former temporary resident

             (1)  In this Act:

"former temporary resident" : a person is a former temporary resident if:

                     (a)  before, on or after the commencement of this section, the person:

                              (i)  was, under the Migration Act 1958 , the holder of a temporary visa, except a visa prescribed under subsection (2) of this section, that has ceased to be in effect; and

                             (ii)  left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and

                     (b)  at least 6 months have passed since the later of the following events (or either of them if they occurred at the same time):

                              (i)  the visa ceased to be in effect;

                             (ii)  the person left Australia; and

                     (c)  the person:

                              (i)  is not, under that Act, the holder of a temporary visa or permanent visa; and

                             (ii)  is neither an Australian citizen nor a New Zealand citizen; and

                            (iii)  has not made a valid application for a permanent visa that has not been finally determined under that Act.

             (2)  The regulations may prescribe a visa for the purposes of subparagraph (a)(i) of the definition of former temporary resident in subsection (1).

Note:          The regulations may prescribe a visa by reference to a class of visas: see subsection 13(3) of the Legislative Instruments Act 2003 .

29  Paragraphs 20C(1)(b) to (d)

Repeal the paragraphs, substitute:

                     (b)  the person is a former temporary resident.

30  Subparagraph 20E(1)(b)(iii)

After "the Income Tax Assessment Act 1997 ,", insert "Part 3AA of this Act,".

31  Paragraph 20L(1)(a)

Omit "section 20H", substitute "this Part".

32  Paragraph 20L(1)(b)

Omit "that section", substitute "this Part".

33  Subsection 23(1) (note)

After "Note", insert "1".

34  At the end of subsection 23(1)

Add:

Note 2:       The Taxation Administration Act 1953 provides for offences if the statement includes false or misleading information: see sections 8K, 8M, 8N and 8R of that Act.

Note 3:       The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.

35  Subsection 23(5)

Repeal the subsection.

36  Before paragraph 25(1)(a)

Insert:

                    (aa)  the superannuation provider; and

37  Subsection 26(2)

Omit "approved form", substitute "form approved by a State or Territory authority".

38  Section 32 (note 1)

Omit ", 37".

39  Section 37

Repeal the section.

40  At the end of subsection 46(4)

Add:

Note 3:       See also section 288‑35 in Schedule 1 to the Taxation Administration Act 1953 .

41  At the end of subsection 48(5)

Add:

Note 4:       See also sections 8L, 8M, 8Q, 8R, 8T and 8V of the Taxation Administration Act 1953 and section 288‑25 in Schedule 1 to that Act.

Part 2 -- Other amendments

Financial Transaction Reports Act 1988

42  Paragraph 18(4B)(ca)

Omit "section 17 or 18", substitute "Part 3 or 3A".

Income Tax Assessment Act 1997

43  At the end of Subdivision 301‑C

Add:

Miscellaneous

301‑125   Unclaimed money payments by the Commissioner

                   For the purposes of this Subdivision, treat a * superannuation lump sum paid by the Commissioner under subsection 17(2) or section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 as if it were paid from a * superannuation plan.

44  Paragraph 306‑15(1)(d)

Omit "for the * superannuation plan", substitute ", for the superannuation plan from which the benefit is paid,".

45  At the end of subsection 306‑15(1)

Add:

Note:          To work out your untaxed plan cap amount in relation to an unclaimed money payment from the Commissioner, see subsection 307‑350(2B).

46  Subsection 307‑5(1) (table item 5, column 2)

Omit "section 17 or 18", substitute "subsection 17(1) or (2), section 18".

47  Subsection 307‑5(1) (table item 5, column 3)

Omit "section 17, 18", substitute "subsection 17(1) or (2) or section 18".

48  Paragraph 307‑120(2)(e)

After "payment under", insert "subsection 17(2) or".

49  Section 307‑142

Repeal the section, substitute:

307‑142   Components of certain unclaimed money payments

Preliminary

             (1)  This section explains how to work out the * tax free component, and the * taxable component, of a * superannuation benefit that is a payment by the Commissioner under subsection 17(2) or section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of a person.

Tax free component

             (2)  Work out the * tax free component as follows:

             (3)  This is the table mentioned in subsection (2):

Note 1:       Section 65AA of the Superannuation Guarantee (Administration) Act 1992 requires certain shortfall components to be treated as amounts paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

                   The effect of excluding such shortfall components from item 3 of the table in this subsection is that the taxable component includes so much of the superannuation benefit as is attributable to such a shortfall component.

Note 2:       The table in this subsection does not cover interest paid by the Commissioner under subsection 20H(2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

                   The effect of this is that the taxable component includes so much of the superannuation benefit as is attributable to such interest.

Taxable component

             (4)  The * taxable component is so much (if any) of the * superannuation benefit as is not the * tax free component.

50  At the end of subsection 307‑145(1)

Add:

Note:          This section does not apply to an unclaimed money payment.

51  Section 307‑300

Repeal the section, substitute:

307‑300   Certain unclaimed money payments

Preliminary

             (1)  This section explains how to work out the * element taxed in the fund, and the * element untaxed in the fund, of the * taxable component of a * superannuation benefit that is a payment by the Commissioner under subsection 17(2) or section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

Element taxed in the fund

             (2)  Work out the element taxed in the fund as follows:

             (3)  This is the table mentioned in subsection (2):

Note 1:       Section 65AA of the Superannuation Guarantee (Administration) Act 1992 requires certain shortfall components to be treated as amounts paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

                   The effect of excluding such shortfall components from item 3 of the table in this subsection is that the element untaxed in the fund includes so much of the superannuation benefit as is attributable to such a shortfall component.

Note 2:       The table in this subsection does not cover interest paid by the Commissioner under subsection 20H(2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

                   The effect of this is that the element untaxed in the fund of the taxable component includes so much of the superannuation benefit as is attributable to such interest.

Element untaxed in the fund

             (4)  The element untaxed in the fund of the * taxable component is so much (if any) of the taxable component as is not the element taxed in the fund.

52  After subsection 307‑350(2A)

Insert:

          (2B)  For the purposes of the application of this section in relation to * superannuation lump sums paid by the Commissioner under subsection 17(2) and section 20H of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , treat all such lump sums as if they were paid from a single * superannuation plan.

Small Superannuation Accounts Act 1995

53  Section 4

Insert:

"leave Australia" has the same meaning as in the Migration Act 1958 .

54  Section 14 (simplified outline)

Omit:

substitute:

55  Section 62 (simplified outline)

Omit:

substitute:

56  Paragraph 67A(1)(b)

Repeal the paragraph, substitute:

                     (b)  the individual satisfies the Commissioner of Taxation that before, on or after the commencement of this section, the individual:

                              (i)  was, under the Migration Act 1958 , the holder of a temporary visa that has ceased to be in effect; and

                             (ii)  left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and

                     (c)  the individual satisfies the Commissioner of Taxation that the individual:

                              (i)  is not, under the Migration Act 1958 , the holder of a permanent visa; and

                             (ii)  is neither an Australian citizen nor a New Zealand citizen.

Note:       The heading to section 67A is altered by omitting " permanent departure from Australia " and substituting " former temporary resident ".

57  Subsection 67A(6)

Repeal the subsection.

Superannuation (Government Co‑contribution for Low Income Earners) Act 2003

58  Paragraph 6(1)(f)

Repeal the paragraph, substitute:

                      (f)  the person:

                              (i)  is not the holder of a temporary visa under the Migration Act 1958 at any time in the income year; or

                             (ii)  at all times when he or she holds such a temporary visa during the income year, is a New Zealand citizen or the holder of a visa prescribed for the purposes of subsection 20AA(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

59  Section 56 (definition of eligible temporary resident visa )

Repeal the definition.

Superannuation Guarantee (Administration) Act 1992

60  Subsection 65(1)

After "section", insert "65AA,".

61  After section 65

Insert:

65AA   Shortfall component and former temporary resident

             (1)  This section applies if the employee is a former temporary resident (within the meaning of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ).

             (2)  The Commissioner must treat the amount of the shortfall component as if it had been paid to the Commissioner by a superannuation provider in respect of the employee under section 20F of that Act.

62  Section 65A

Omit "The Commissioner must", substitute "Except in a case covered by section 65AA, the Commissioner must".

63  Sections 66 and 67

Omit "If", substitute "Except in a case covered by section 65AA, if".

Taxation Administration Act 1953

64  Subsection 8AAB(5) (after table item 13A)

Insert:

65  Subsection 15‑10(2) in Schedule 1

After "12‑FA,", insert "12‑FAA,".

66  Subsection 250‑10(2) in Schedule 1 (after table item 67)

Insert:

Part 3 -- Application, transitional and saving provisions

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.

71  Application--the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003

The amendment of section 6 of the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 made by this Schedule applies in relation to:

                     (a)  the 2009‑10 income year; and

                     (b)  later income years.