Commonwealth Numbered Regulations

1995 No. 64 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) - REG 24

24.1 Omit the regulation, substitute: Information regarding lost members to be
provided to Commissioner

"11.08. (1) For the purposes of subsections 31 (1) and 32 (1) of the Act the
requirement in subregulation (2) is a standard applicable to:

   (a)  regulated superannuation funds; and

   (b)  approved deposit funds.



"(2) For the purposes of this regulation, a lost member becomes reportable if:

   (a)  the member is a lost member at the end of a member reporting period
        ending on or after 30 June 1996 (or an earlier date chosen by the
        trustee); or

   (b)  the member joins the fund as a lost member on or after 30 June 1996.



"(3) The trustee of a fund must give to the Commissioner, within 28 days of
the end of each half-year of the fund, a statement setting out the most recent
information, of the kinds set out in subregulation (4), that the trustee has
regarding:

   (a)  each lost member of the fund who became reportable (unless the member
        ceased to be a member of the fund within 28 days of becoming
        reportable, or ceased to be lost) during the half-year; and

   (b)  each member of the fund previously reported under paragraph (a) who
        ceased to be a lost member of the fund during the half-year.



"(4) The information regarding each member is:

   (a)  the member's name, date of birth, contact details and sex; and

   (b)  the fund's name, contact details and fund number; and

   (c)  the name and contact details of the member's employer last known to
        the trustee;

   (d)  in the case of a member who became reportable during the half year:

        (i)    a statement to the effect that the member has become a lost
               member; and

        (ii)   a statement of the amount of the member's withdrawal benefits
               at the date on which he or she became reportable; and

   (e)  in the case of a member who ceased to be a lost member during the half
        year:

        (i)    a statement to that effect; and

        (ii)   a statement of the amount of the member's withdrawal benefits
               at the date on which he or she ceased to be a lost member; and

        (iii)  a statement of the amount received for the member since he or
               she became reportable; and

   (f)  if the Commissioner requests in writing from the fund, in the
        half-year, information that the Commissioner reasonably believes may
        assist the Commissioner in administering the register of lost members
        - that information.



"(5) In subregulation (4):
'contact details' means:

   (a)  in relation to the member - details of the person's residential
        address, postal address (if different) and, where available, telephone
        number and facsimile (electronic transmission) number; and

   (b)  in relation to the fund or the member's employer - the postal address
        and, where available, telephone number and facsimile (electronic
        transmission) number;
'fund number', in relation to a regulated superannuation fund or approved
deposit fund, means the number allotted to the fund by the Commissioner.



"(6) For the purposes of this regulation, the trustee of an eligible rollover
fund must treat a member who joined the fund under Part 24 of the Act before 1
July 1996 as a lost member who became reportable on 30 June 1996, unless the
member is not lost.



"(7) For the purposes of this regulation, the trustee of an eligible rollover
fund may treat a member who joined the fund under Part 24 of the Act as a lost
member who became reportable on the date he or she joined the fund.



"(8) For the purposes of this regulation, the trustee of a successor fund may
treat a member whose benefits have been transferred to the fund as a lost
member who became reportable on the date he or she joined the fund.



"(9) This regulation does not apply in relation to a half year beginning
before 1 January 1996.".