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SUPERANNUATION (UNCLAIMED MONEY AND LOST MEMBERS) CONSEQUENTIAL AND TRANSITIONAL ACT 1999 - SECT 5
Transitional—payments of unclaimed money to States and Territories
etc. - (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.
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