Commonwealth Consolidated Acts Commonwealth Consolidated ActsProvider must pay Commissioner
(1) A superannuation provider must pay the Commissioner (for the Commonwealth) the amount worked out under subsection (3) in respect of an eligible rollover fund member if the provider:
(a) is a trustee of an eligible rollover fund; and
(b) holds an account on behalf of the eligible rollover fund member at the time (the calculation time ) immediately before the earlier of:
(i) the time (if any) the payment is made; and
(ii) the time the payment is due and payable (assuming that the payment must be made).
Note 1: Subsection 21D(2) makes it an offence not to comply with a requirement under this subsection.
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: Section 21F provides for refunds of overpayments by the superannuation provider to the Commissioner.
(2) The amount is due and payable at the end of:
(a) 30 June 2021, if the account is an ERF low balance account; or
(b) 31 January 2022, if the account is not an ERF low balance account.
Note: 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 .
(3) The amount payable in respect of the eligible rollover fund member is the amount that would have been payable by the superannuation provider if the member had requested that the balance held in the account be rolled over or transferred to a complying superannuation fund (within the meaning of the SIS Act).
(4) For the purposes of subsection (3):
(a) work out the amount that would have been payable at the calculation time; and
(b) assume that the request were made before the calculation time; and
(c) assume that the eligible rollover fund member had not died before the calculation time.
Family Law payment splits
(5) If, as a result of a payment split that applies in relation to the account, the non - member spouse (or the non - member spouse's personal representative if the non - member spouse has died) is, or could in the future be, entitled to be paid an amount, then:
(a) for the purposes of subsection (3), take account only of the eligible roll - over fund member's entitlement to payment remaining after any reduction by the payment split (disregarding subsection 90XB(3) of the Family Law Act 1975 ); and
(b) the superannuation provider must also pay an amount (the non - member spouse amount ) to the Commissioner in respect of the non - member spouse; and
(c) the non - member spouse amount is due and payable at the same time as the amount payable under subsection (1); and
(d) the amount of the non - member spouse amount is the amount of the reduction mentioned in paragraph (a).
Note 1: Part VIIIB of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between the parties to a marriage. Subsection 90XB(3) of that Act provides that the Part has effect subject to this Act.
Note 2: Subsection 21D(2) of this Act makes it an offence not to comply with a requirement under this subsection.
Miscellaneous
(6) Upon payment to the Commissioner of an amount as required under this section, the superannuation provider is discharged from further liability in respect of that amount.
(7) For the purposes of this section, ignore accounts with nil balances, or balances below nil, as at the calculation time mentioned in subsection (1).