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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Unclaimed Money Amendment Bill
2000
Contents
Page
1 Name of Act 2
2 Commencement 2
3 Amendment of Unclaimed Money Act 1995 No 75 2
Schedule 1 Amendments 3
I certify that this PUBLIC BILL, which originated in the LEGISLATIVE ASSEMBLY, has
finally passed the LEGISLATIVE COUNCIL and the LEGISLATIVE ASSEMBLY of NEW
SOUTH WALES.
Clerk of the Legislative Assembly.
Legislative Assembly,
Sydney, , 2000
New South Wales
Unclaimed Money Amendment Bill
2000
Act No , 2000
An Act to amend the Unclaimed Money Act 1995 to make further provision with
respect to unclaimed superannuation benefits and retirement savings account
benefits; and for other purposes.
I have examined this Bill, and find it to correspond in all respects with the Bill as
finally passed by both Houses.
Chairman of Committees of the Legislative Assembly.
Clause 1 Unclaimed Money Amendment Bill 2000
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the Unclaimed Money Amendment Act 2000.
2 Commencement
This Act commences on the date of assent.
3 Amendment of Unclaimed Money Act 1995 No 75
The Unclaimed Money Act 1995 is amended as set out in Schedule 1.
Page 2
Unclaimed Money Amendment Bill 2000
Amendments Schedule 1
Schedule 1 Amendments
(Section 3)
[1] Section 3 Definitions
Omit ", trustee or RSA provider" wherever occurring from the definition of
officer.
Insert instead "or superannuation provider".
[2] Section 3
Insert in alphabetical order:
superannuation provider means a superannuation provider
within the meaning of Part 3A.
[3] Section 3
Omit the definitions of trustee and unclaimed RSA benefit.
[4] Section 3, definition of "unclaimed superannuation benefit"
Omit the definition. Insert instead:
unclaimed superannuation benefit means an amount that is
taken to be unclaimed money under the Superannuation
(Unclaimed Money and Lost Members) Act 1999 of the
Commonwealth.
[5] Part 3A, heading
Omit "and RSA benefits".
[6] Section 13A Definitions
Insert in alphabetical order:
fund means:
(a) a superannuation fund, or
(b) a retirement savings account.
Page 3
Unclaimed Money Amendment Bill 2000
Schedule 1 Amendments
member means:
(a) a member of, or depositor with, a superannuation fund,
or
(b) a holder of an RSA.
superannuation provider means:
(a) a trustee of a superannuation fund, or
(b) an RSA provider.
tax file number has the same meaning as it has in the
Superannuation (Unclaimed Money and Lost Members) Act
1999 of the Commonwealth.
[7] Part 3A, Division 2, heading
Omit "and RSA benefits".
[8] Section 13B Return and payment of unclaimed superannuation benefits
to Chief Commissioner
Omit section 13B (1) and (2). Insert instead:
(1) A superannuation provider must lodge with the Chief
Commissioner a return, in a form approved by the Chief
Commissioner, of all unclaimed superannuation benefits in the
fund that is managed or provided by the superannuation
provider as at the end of each half-year.
(2) The superannuation provider must lodge the return:
(a) in relation to a half-year ending on 30 June, on or before
the following 1 November, and
(b) in relation to a half-year ending on 31 December, on or
before the following 1 May,
or on or before such later date as the Chief Commissioner may
in a particular case allow by notice in writing to the
superannuation provider whether before or after 1 November
or 1 May, as the case requires.
[9] Section 13B (3)
Omit "trustee" wherever occurring.
Insert instead "superannuation provider".
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Unclaimed Money Amendment Bill 2000
Amendments Schedule 1
[10] Section 13B (4)
Omit "The trustee of a superannuation fund".
Insert instead "The superannuation provider".
[11] Section 13B (4)
Omit "by the trustee". Insert instead "by the superannuation provider".
[12] Section 13B (6)
Omit the subsection. Insert instead:
(6) An approval by the Chief Commissioner of a form or return for
the purposes of this section:
(a) may require the return to contain the tax file number of:
(i) the fund, and
(ii) a member of the fund if the return relates to the
member and the member has quoted his or her
tax file number to the superannuation provider,
and
(b) may require or permit the return to be given on a
specified kind of data processing device in accordance
with specified software requirements.
[13] Section 13BA Return and payment of unclaimed RSA benefits to Chief
Commissioner
Omit the section.
[14] Section 13C Copies and inspection of returns
Omit section 13C (1) and (1A). Insert instead:
(1) A superannuation provider that lodges a return must retain a
copy of the return at the superannuation provider's registered
office or principal place of operation in the State (or, if the
superannuation provider is a natural person, at a place
nominated by the person specified in the return).
Maximum penalty: 2 penalty units.
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Unclaimed Money Amendment Bill 2000
Schedule 1 Amendments
[15] Section 13C (3) and (4)
Omit "trustee or RSA provider" wherever occurring.
Insert instead "superannuation provider".
[16] Section 13D Publication of information relating to unclaimed benefits
Omit "or unclaimed RSA benefits" from section 13D (a).
[17] Section 13E Payment of unclaimed benefits where money later claimed
Omit "Part 22 of the Commonwealth Superannuation Act" from section
13E (1) (b).
Insert instead "the Superannuation (Unclaimed Money and Lost Members)
Act 1999 of the Commonwealth".
[18] Section 13E (1) (b)
Omit "trustee". Insert instead "superannuation provider".
[19] Section 13E (2)
Omit the subsection. Insert instead:
(2) The approved form of application may include a request that
the applicant provide his or her tax file number to the Chief
Commissioner.
(3) A person is not obliged to comply with the request to provide
his or her tax file number, and non-compliance with the request
does not prevent the person from being paid an unclaimed
superannuation benefit.
[20] Section 13F
Omit the section. Insert instead:
13F Chief Commissioner must repay excess
If a superannuation provider, after paying an amount to the
Chief Commissioner under this Part, satisfies the Chief
Commissioner that the amount so paid exceeds the amount that
would have been paid to the person concerned, or is not
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Unclaimed Money Amendment Bill 2000
Amendments Schedule 1
unclaimed superannuation benefits that are required to be paid
to the Chief Commissioner under this Act, the Chief
Commissioner must refund to the superannuation provider the
amount of the excess.
[21] Section 13H Register of unclaimed superannuation benefits
Omit "trustee of a superannuation fund" from section 13H (2) (a).
Insert instead "superannuation provider".
[22] Section 13H (3)
Insert after section 13H (2):
(3) The Chief Commissioner may give information contained in
the register to the Commissioner of Taxation holding office
under a law of the Commonwealth.
[23] Section 13HA Register of unclaimed RSA benefits
Omit the section.
[24] Section 13I
Omit the section. Insert instead:
13I Discharge of liability
A superannuation provider is, on payment to the Chief
Commissioner of an amount as required by this Part,
discharged from further liability in his or her capacity as
superannuation provider in respect of that amount.
[25] Section 13M
Insert after section 13L:
13M Deduction of tax from payments
Nothing in this Act prevents the Chief Commissioner from
deducting from a payment of an unclaimed superannuation
benefit to any person any tax payable to the Commonwealth on
the unclaimed superannuation benefit that the Chief
Commissioner is required to deduct from the unclaimed
superannuation benefit under a law of the Commonwealth.
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Unclaimed Money Amendment Bill 2000
Schedule 1 Amendments
[26] Section 27 Application of certain provisions of Taxation Administration
Act 1996
Omit ", the trustee of a superannuation fund or an RSA provider" from
section 27 (1) (b).
Insert instead "or a superannuation provider".
[27] Section 27 (1) (e)
Omit the paragraph. Insert instead:
(e) a reference to a person's tax liability is to be read as a
reference to the liability of an enterprise or a
superannuation provider to pay unclaimed money or
unclaimed superannuation benefits under this Act.
[28] Section 27 (2)
Omit "the trustee of a superannuation fund or an RSA provider".
Insert instead "a superannuation provider".
[29] Section 28 General power to make assessment
Omit section 28 (1) and (2). Insert instead:
(1) The Chief Commissioner may make an assessment of the
liability of an enterprise to pay unclaimed money, or of a
superannuation provider to pay unclaimed superannuation
benefits, to the Chief Commissioner.
(2) The Chief Commissioner may make one or more assessments
of the liability of an enterprise to pay unclaimed money, or of
a superannuation provider to pay unclaimed superannuation
benefits.
[30] Section 28 (3) and (5)
Omit ", trustee or RSA provider" wherever occurring.
Insert instead "or superannuation provider".
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Unclaimed Money Amendment Bill 2000
Amendments Schedule 1
[31] Section 28 (4)
Omit ", unclaimed superannuation benefits or unclaimed RSA benefits".
Insert instead "or unclaimed superannuation benefits".
[32] Section 28 (6)
Omit ", 13B (1) or 13BA (1)". Insert instead "or 13B (1)".
[33] Section 29
Omit section 29. Insert instead:
29 Enterprises and superannuation providers that are not natural
persons
Any act or thing that an enterprise or a superannuation provider
is required or permitted to do by or under this Act may, in the
case of an enterprise or superannuation provider that is not a
natural person, be done on behalf of the enterprise or
superannuation provider by an officer of the enterprise or
superannuation provider.
[34] Schedule 2 Savings, transitional and other provisions
Insert at the end of clause 1 (1):
Unclaimed Money Amendment Act 2000
[35] Schedule 2, Part 4
Insert after Part 3 of Schedule 2:
Part 4 Provisions consequent on enactment of
Unclaimed Money Amendment Act 2000
10 Amendments do not affect existing obligations
(1) The amendments made to this Act by the Unclaimed Money
Amendment Act 2000, do not affect any liability that arises
before the commencement of those amendments.
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Unclaimed Money Amendment Bill 2000
Schedule 1 Amendments
(2) In particular, any obligation:
(a) to pay unclaimed superannuation benefits or RSA
benefits to the Chief Commissioner, or
(b) to lodge a return with the Chief Commissioner, or
(c) to retain a copy of the return,
that arose before the commencement of those amendments
continues as if the amendments had not been made.
Page 10
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