UNCLAIMED MONEY ACT 1995 - SCHEDULE 2
UNCLAIMED MONEY ACT 1995 - SCHEDULE 2
SCHEDULE 2 – Savings, transitional and other provisions
Part 1 - Preliminary
1 Regulations
(1) The regulations may contain provisions of a savings or transitional nature consequent on the enactment of this Act and any Act that amends this Act.
(2) Any such provision may, if the regulations so provide, take effect from the date of assent to the Act concerned or a later date.
(3) To the extent to which any such provision takes effect from a date that is earlier than the date of its publication in the Gazette, the provision does not operate so as--(a) to affect, in a manner prejudicial to any person (other than the State or an authority of the State), the rights of that person existing before the date of its publication, or(b) to impose liabilities on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before the date of its publication.
Part 2 - Provisions consequent on enactment of this Act
2 Definition
In this
Part--
"earlier Act" means the Unclaimed Money Act 1982 .
3 Money held before commencement of Act
(1) This Act applies to money held before as well as after the commencement of this Act.
(2) However, this Act does not apply to money held in an account that had not been operated on for a period of 6 or more years immediately before the commencement of this Act if the money concerned was not, on that commencement, unclaimed money for the purposes of the earlier Act.
4 Time running before commencement of Act
A period specified in this Act includes any part of the period that may have occurred before the commencement of this Act.
5 Money paid to Treasurer under earlier Act
Any money paid to the Treasurer in compliance with the earlier Act is taken to have been paid to the Chief Commissioner under this Act.
6 Exercise of Treasurer's functions under earlier Act
Any functions exercised by the Treasurer under the earlier Act are taken to have been exercised by the Chief Commissioner under this Act.
7 Form for lodgment of returns
The form set out in Schedule 1 to the earlier Act is taken to be the form approved by the Chief Commissioner for the purposes of section 10 until the Chief Commissioner approves a different form.
8 Application for payment of unclaimed money
(1) A person who--(a) would have been entitled to maintain an action for the recovery of unclaimed money under section 10 of the earlier Act immediately before the repeal of that Act, and(b) would not, but for this subclause, be entitled to recover unclaimed money from the Chief Commissioner under this Act,may apply to the Chief Commissioner for the repayment of that money within 6 months after that repeal.
(2) The provisions of Part 4 of this Act apply to and in respect of any such application as if it were an application under that Part.
Part 3 - Provisions consequent on enactment of Unclaimed Money Amendment Act 1997
9 Existing returns
Sections 27 and 28, as inserted by the Unclaimed Money Amendment Act 1997 , do not apply to a return lodged or required to be lodged before the commencement of those sections.
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.
(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.
Part 5 - Provisions consequent on enactment of State Revenue Legislation Amendment Act 2001
11 Publication of unclaimed money and benefit information
(1) The requirement that the Chief Commissioner cause amounts of unclaimed money or superannuation benefits paid to the Chief Commissioner that exceed $20 to be published as provided for by section 12 or 13D, as amended by the State Revenue Legislation Amendment Act 2001 , applies only in respect of amounts paid to the Chief Commissioner on or after 1 July 2001.
(2) In respect of amounts paid to the Chief Commissioner before that date, the requirement applies to amounts exceeding $50.
(3) Sections 12 (2) and 13D (2), as inserted by the State Revenue Legislation Amendment Act 2001 , apply to amounts paid to the Chief Commissioner before or after 1 July 2001.
Part 6 - Provisions consequent on enactment of State Revenue Legislation Further Amendment Act 2003
12 Publication of unclaimed money and benefit information
Sections 12 (1) and 13D (1), as in force immediately before the amendments made to those provisions by the State Revenue Legislation Further Amendment Act 2003 , continue to apply in respect of amounts of unclaimed money or superannuation benefits exceeding $20 paid to the Chief Commissioner before the commencement of those amendments.
Part 7 - Provisions consequent on enactment of State Revenue Legislation Amendment Act 2008
13 Application of amendments
(1) The amendments made to this Act by the State Revenue Legislation Amendment Act 2008 (other than the amendments to section 27) are taken to have effect on and from 1 July 2007.
(2) This Act, as in force immediately before 1 July 2007, continues to apply in respect of any unclaimed superannuation benefits in a fund managed or provided by a superannuation provider before 1 July 2007.
(3) However, a superannuation provider is, on payment of any such amount to the Commissioner of Taxation in accordance with the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth, discharged from further liability under this Act in respect of the amount.
(4) Subclause (3) does not apply to a public sector superannuation provider (within the meaning of Part 3A).
(5) In this clause--
"fund" and
"superannuation provider" have the meanings given by Part 3A of this Act, as in force before its amendment by the State Revenue Legislation Amendment Act 2008 .
Part 8 - Provisions consequent on repeal of Companies (Application of Laws) Act 1981
14 Unclaimed money arising from company liquidations
(1) Money paid or payable to the Treasurer under section 427 of the Companies (New South Wales) Code is to be paid to the Chief Commissioner of State Revenue and dealt with as unclaimed money under this Act.
(2) That money is deemed to be unclaimed money for the purposes of this Act and when paid to the Chief Commissioner is deemed to have been received by the Chief Commissioner under section 10 of this Act.
(3) Money is considered to have been paid or be payable under section 427 of the Companies (New South Wales) Code if it would have been paid or be payable under that section had the Companies (Application of Laws) Act 1981 not been repealed.
Part 9 - Provisions consequent on enactment of State Revenue Legislation Amendment Act 2010
15 Definition
In this Part,
"amending Act" means the State Revenue Legislation Amendment Act 2010 .
16 Unclaimed money under other Acts
(1) The amendment made to section 12 by the amending Act applies only in respect of money paid to the Treasurer on or after the commencement of the amendment.
(2) Section 32, as inserted by the amending Act, extends to unclaimed money that was paid to the Treasurer before the insertion of that section.
17 Enterprise entitled to recover money from Chief Commissioner in certain cases
Section 25A, as inserted by the amending Act, extends to any unclaimed money paid by an enterprise to the owner of the money or to the Chief Commissioner before the insertion of that section.
Part 10 - Provisions consequent on enactment of State Revenue Legislation Amendment Act 2016
18 Time for application
Section 18 (2), as inserted by the State Revenue Legislation Amendment Act 2016 , extends to money paid to the Chief Commissioner before the commencement of that provision.