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This is a Bill, not an Act. For current law, see the Acts databases.
1998-99
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Superannuation
(Unclaimed Money and Lost Members) Consequential and Transitional Bill
1999
No. ,
1999
(Treasury)
A Bill
for an Act to deal with consequential and transitional matters arising from the
enactment of the Superannuation (Unclaimed Money and Lost Members) Act
1999, and for other purposes
ISBN: 0642 405999
Contents
Financial Transaction Reports Act
1988 7
Income Tax Assessment Act
1936 7
Retirement Savings Accounts Act
1997 9
Small Superannuation Accounts Act
1995 11
Superannuation Act
1976 12
Superannuation Act
1990 12
Superannuation Industry (Supervision) Act
1993 13
Taxation Administration Act
1953 16
Superannuation (Unclaimed Money and Lost Members) Act
1999 17
Part 1—Amendments commencing at the same time as the Retirement
Savings Accounts (Consequential Amendments) Act
1997 18
Income Tax Assessment Act
1936 18
Taxation Administration Act
1953 18
Part 2—Amendments commencing on Royal
Assent 19
Income Tax Assessment Act
1936 19
Taxation Administration Act
1953 19
A Bill for an Act to deal with consequential and
transitional matters arising from the enactment of the Superannuation
(Unclaimed Money and Lost Members) Act 1999, and for other
purposes
The Parliament of Australia enacts:
This Act may be cited as the Superannuation (Unclaimed Money and Lost
Members) Consequential and Transitional Act 1999.
(1) In this section, commencing time means the time when the
Superannuation (Unclaimed Money and Lost Members) Act 1999
commences.
(2) Subject to this section, this Act commences at the commencing
time.
(3) If
item 264 of Schedule 1 to the Superannuation Legislation (Commonwealth
Employment) Repeal and Amendment Act 1999 commences at or after the
commencing time, items 41 and 42 of Schedule 1 to this Act commence at the later
of:
(a) immediately after the commencing time; and
(b) immediately after the commencement of that item.
(4) If item 868 of Schedule 1 to the Public Employment
(Consequential and Transitional) Amendment Act 1999 commences:
(a) before the commencing time—Schedule 2 to this Act commences
immediately after the commencing time; or
(b) at or after the commencing time—Schedule 2 to this Act commences
at the later of:
(i) immediately after the commencing time; and
(ii) immediately after the commencement of that item.
(5) Items 1, 2 and 3 of Schedule 3 are taken to have commenced at the same
time as the Retirement Savings Accounts (Consequential Amendments) Act
1997.
(6) Items 4, 5 and 6 of Schedule 3 commence on the day on which this Act
receives the Royal Assent.
Subject to section 2, each Act that is specified in a Schedule to
this Act is amended or repealed as set out in the applicable items in the
Schedule concerned, and any other item in a Schedule to this Act has effect
according to its terms.
(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.
(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.
(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.
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.
Items 8, 10, 12, 13, 14, 34, 35, 39, 44, 45, 46, 47, 48, 49 and 73 of
Schedule 1 do not apply in respect of the half-year in which the New Act
receives the Royal Assent.
A person is not guilty of an offence if the person would not have been
guilty of the offence had the amendments made by items 2 and 3 of Schedule 3
commenced on the day on which this Act received the Royal Assent.
Financial
Transaction Reports Act 1988
1 Paragraph 18(4B)(c)
Omit “83, 84,”.
2 After paragraph 18(4B)(c)
Insert:
(ca) made in accordance with section 17 or 18 of the Superannuation
(Unclaimed Money and Lost Members) Act 1999; or
Income
Tax Assessment Act 1936
3 Subsections 27A(3B) and
(3C)
Omit “under subsection 225(6) of the Superannuation Industry
(Supervision) Act 1993”, substitute “in accordance with section
17 or 18 of the Superannuation (Unclaimed Money and Lost Members) Act
1999”.
4 After subsection 27A(3C)
Insert:
(3D) To avoid doubt, a reference in the definition of relevant
service period in subsection (1) to a period during which a taxpayer or
fund member was a member of a superannuation fund does not include a reference
to a period:
(a) beginning when the trustee of the fund pays unclaimed money to the
Commissioner or a State or Territory authority (within the meaning of the
Superannuation (Unclaimed Money and Lost Members) Act 1999) in accordance
with that Act; and
(b) ending when the Commissioner or the authority pays the unclaimed money
to the taxpayer or fund member in accordance with that Act.
(3E) To avoid doubt, a reference in the definition of relevant
service period in subsection (1) to a period during which a taxpayer or
depositor was a depositor with an approved deposit fund does not include a
reference to a period:
(a) beginning when the trustee of the fund pays unclaimed money to the
Commissioner or a State or Territory authority (within the meaning of the
Superannuation (Unclaimed Money and Lost Members) Act 1999) in accordance
with that Act; and
(b) ending when the Commissioner or the authority pays the unclaimed money
to the taxpayer or depositor in accordance with that Act.
5 Paragraph 27CC(a)
Repeal the paragraph, substitute:
(a) an amount is paid to the Commissioner or a State or Territory
authority (within the meaning of the Superannuation (Unclaimed Money and Lost
Members) Act 1999) under that Act; and
Note: The heading to section 27CC of the Income Tax
Assessment Act 1936 is altered by omitting “Insurance and
Superannuation Commissioner” and substituting “Commissioner
etc.”.
6 Section 27CC
Omit “the Insurance and Superannuation Commissioner” (second
occurring), substitute “the Commissioner or the
authority”.
7 Sub-subparagraph
140M(1)(a)(i)(B)
Omit “or the Insurance and Superannuation Commissioner”,
substitute “, the Commissioner or a State or Territory authority referred
to in subsection 18(2) of the Superannuation (Unclaimed Money and Lost
Members) Act 1999”.
8 Subparagraph 202(i)(i)
Omit “Parts 22 and”, substitute “Part”.
9 After paragraph 202(i)
Insert:
(ia) to facilitate the administration of the Superannuation (Unclaimed
Money and Lost Members) Act 1999 (including the administration of registers
by State or Territory authorities (within the meaning of that Act) in accordance
with section 18 of that Act); and
10 Subparagraph 202(k)(i)
Omit “8 and”.
11 Subsection 202DH(1)
After “the Superannuation Contributions Tax (Assessment and
Collection) Act 1997”, insert “, the Superannuation
(Unclaimed Money and Lost Members) Act 1999”.
Retirement
Savings Accounts Act 1997
12 Subparagraph 3(1)(c)(ii)
Repeal the subparagraph, substitute:
(ii) Part 7; and
13 Section 16 (definition of eligibility
age)
Repeal the definition.
14 Section 16 (definition of unclaimed
money)
Repeal the definition.
15 Section 16
Insert:
Superannuation Acts means:
(a) this Act; and
(b) the Superannuation Contributions Tax (Assessment and Collection)
Act 1997; and
(c) the Superannuation Contributions Tax (Members of Constitutionally
Protected Funds) Assessment and Collection Act 1997; and
(d) the Superannuation (Unclaimed Money and Lost Members) Act 1999;
and
(e) the Termination Payments Tax (Assessment and Collection) Act
1997.
16 Part 8
Repeal the Part.
17 Section 131
Omit “Surcharge”, substitute “other
Superannuation”.
18 Paragraph 132(b)
Omit “Surcharge”, substitute “other
Superannuation”.
19 Paragraph 133(1)(a)
Omit “Surcharge”, substitute “other
Superannuation”.
20 Section 134
Omit “Surcharge”, substitute “other
Superannuation”.
21 Subsection 135(1)
Omit “Surcharge”, substitute “other
Superannuation”.
22 Paragraph 136(1)(b)
Omit “Surcharge”, substitute “other
Superannuation”.
23 Paragraph 136(3)(b)
Omit “Surcharge”, substitute “other
Superannuation”.
24 Subsection 137(1)
Omit “Surcharge”, substitute “other
Superannuation”.
25 Paragraph 138(1)(b)
Omit “Surcharge”, substitute “other
Superannuation”.
26 Section 139
Omit “Surcharge”, substitute “other
Superannuation”.
27 Paragraph 139(b)
Omit “Surcharge”, substitute “other
Superannuation”.
28 Paragraph 140(c)
Omit “Surcharge”, substitute “other
Superannuation”.
29 Paragraph 141(a)
Omit “Surcharge” (wherever occurring), substitute “other
Superannuation”.
30 Paragraph 142(2)(a)
Omit “Surcharge”, substitute “other
Superannuation”.
31 Paragraph 143(a)
Omit “Surcharge”, substitute “other
Superannuation”.
32 Subsections 144(3) and
(4)
Repeal the subsections.
33 Section 173 (paragraph (b) of the definition
of modifiable provision)
Omit “and”, substitute “or”.
34 Section 173 (paragraph (c) of the definition
of modifiable provision)
Omit “8 or ”.
35 Section 173 (paragraph (d) of the definition
of modifiable provision)
Omit “Parts”, substitute “that Part”.
Small
Superannuation Accounts Act 1995
36 Section 75
Omit “Australian Securities and Investments Commission”
(wherever occurring), substitute “Commissioner of
Taxation”.
37 Subsections 76(2) and
(3)
Repeal the subsections, substitute:
Statement to be given to the Commissioner
(2) As soon as practicable after the end of that period, the Commissioner
must record information about the account.
Tax file number
(3) If the individual’s tax file number is known to the
Commissioner, the record made for the purposes of subsection (2) must set out
that tax file number.
38 Subsections 76(6), (7) and
(8)
Omit “Australian Securities and Investments Commission”,
substitute “Commissioner of Taxation”.
39 Section 77
Omit “section 226 of the Superannuation Industry (Supervision) Act
1993”, substitute “section 19 of the Superannuation
(Unclaimed Money and Lost Members) Act 1999”.
40 Subsection 155C(3) (after paragraph (c) of
the definition of eligible regulatory law)
Insert:
(ca) the Superannuation (Unclaimed Money and Lost Members) Act
1999; or
41 Paragraph 158A(3)(b)
Omit “section 225 of the SIS Act”, substitute “the
Superannuation (Unclaimed Money and Lost Members) Act
1999”.
42 Paragraph 158A(3)(b)
Omit “that section”, substitute “that
Act”.
43 Subsection 49(3)
(after paragraph (c) of the definition of
eligible regulatory
law)
Insert:
(ca) the Superannuation (Unclaimed Money and Lost Members) Act
1999; or
Superannuation
Industry (Supervision) Act 1993
44 Subsection 2(3)
Omit “22,”.
45 Section 4 (table row relating to Part
22)
Repeal the row.
46 Subparagraph 6(1)(c)(v)
Repeal the subparagraph.
47 Subsection 10(1) (definition of
eligibility age)
Repeal the definition.
48 Subsection 10(1) (definition of unclaimed
money)
Repeal the definition.
49 Part 22
Repeal the Part.
50 Section 299A
Omit “Surcharge”, substitute “other
Superannuation”.
51 Paragraph 299B(b)
Omit “Surcharge”, substitute “other
Superannuation”.
52 Paragraph 299C(1)(a)
Omit “Surcharge”, substitute “other
Superannuation”.
53 Section 299D
Omit “Surcharge”, substitute “other
Superannuation”.
54 Subsection 299E(1)
Omit “Surcharge”, substitute “other
Superannuation”.
55 Subsection 299G(1)
Omit “Surcharge” (wherever occurring), substitute “other
Superannuation”.
56 Paragraph 299G(3)(b)
Omit “Surcharge”, substitute “other
Superannuation”.
57 Subsection 299H(1)
Omit “Surcharge”, substitute “other
Superannuation”.
58 Subsection 299J(1)
Omit “Surcharge”, substitute “other
Superannuation”.
59 Subsection 299K(1)
Omit “Surcharge”, substitute “other
Superannuation”.
60 Subsection 299L(1)
Omit “Surcharge”, substitute “other
Superannuation”.
61 Paragraph 299M(1)(b)
Omit “Surcharge”, substitute “other
Superannuation”.
62 Paragraph 299N(1)(b)
Omit “Surcharge”, substitute “other
Superannuation”.
63 Section 299P
Omit “Surcharge” (wherever occurring), substitute “other
Superannuation”.
64 Paragraph 299Q(c)
Omit “Surcharge”, substitute “other
Superannuation”.
65 Paragraph 299R(1)(a)
Omit “Surcharge”, substitute “other
Superannuation”.
66 Paragraph 299R(2)(a)
Omit “Surcharge”, substitute “other
Superannuation”.
67 Paragraph 299S(2)(a)
Omit “Surcharge”, substitute “other
Superannuation”.
68 Paragraph 299T(d)
Omit “Surcharge”, substitute “other
Superannuation”.
69 Subsections 299U(4) and
(5)
Repeal the subsections.
70 Section 299W
Insert:
Superannuation Acts means the following:
(a) this Act;
(b) the Superannuation Contributions Tax (Assessment And Collection)
Act 1997;
(c) the Superannuation Contributions Tax (Members of Constitutionally
Protected Superannuation Funds) Assessment and Collection Act
1997;
(d) the Superannuation (Unclaimed Money and Lost Members) Act
1999;
(e) the Termination Payments Tax (Assessment and Collection) Act
1997.
71 Subsection 299Z(2)
Omit “Surcharge”, substitute “other
Superannuation”.
72 Subsection 299Z(3)
Omit “Surcharge”, substitute “other
Superannuation”.
73 Section 327 (paragraph (b) of the definition
of modifiable provision)
Omit “, 22”.
74 At the end of section
381
Add:
Note: Part 22 was repealed by the Superannuation
(Unclaimed Money and Lost Members) Consequential and Transitional Act
1999.
Taxation
Administration Act 1953
75 Paragraph 8WA(1)(b)
After “(i)”, insert “, (ia)”.
76 Paragraphs 8WB(1)(d) and
(e)
After “(i)”, insert “, (ia)”.
Superannuation
(Unclaimed Money and Lost Members) Act 1999
1 Paragraph 31(1)(b)
Repeal the paragraph, substitute:
(b) a person engaged under the Public Service Act 1999 in the
Agency (within the meaning of that Act) of which the Commissioner is the Agency
Head; or
2 Section 45
Omit
“an officer or employee within the meaning of the Public Service Act
1922”, substitute “engaged under the Public Service Act
1999”.
Part
1—Amendments commencing at
the same time as the Retirement Savings Accounts (Consequential Amendments) Act
1997
Income
Tax Assessment Act 1936
1 Paragraph 202(k) (second
occurring)
Reletter as paragraph (ka).
Taxation
Administration Act 1953
2 Paragraph 8WA(1)(b)
Omit “or (j)”, substitute “, (j) or
(ka)”.
3 Paragraphs 8WB(1)(d) and
(e)
Omit “or (k)”, substitute “, (k) or
(ka)”.
Part
2—Amendments commencing on
Royal Assent
Income
Tax Assessment Act 1936
4 Paragraph 202(k)
Repeal the paragraph.
Taxation
Administration Act 1953
5 Paragraph 8WA(1)(a)
Omit “or (k)”.
6 Paragraphs 8WB(1)(d) and
(e)
Omit “, (k)”.