South Australian Current Regulations South Australian Current Regulations79—Inactive low balance and lost member accounts
(1) If an amount of
the Fund is attributable to a lost member account or an inactive low balance
account of a member or spouse member, the Treasurer may, in accordance with
any relevant law of the Commonwealth and subject to subregulation (2),
pay an amount equal to the residual balance of the lost member account or
inactive low balance account to the Commissioner of Taxation.
(2) The Board may
determine that an amount of the Fund attributable to a lost member account or
an inactive low balance account of a particular class or kind, or in respect
of a particular member or class of member, that would be otherwise payable
under subregulation (1), is not to be paid in accordance with that
subregulation.
(3) If a payment is
made under subregulation (1), the Treasurer must reimburse the
Consolidated Account (or, if the payment was made from a special
deposit account, that account) by charging the Fund with an amount equal to
the residual balance of the lost member account or
inactive low balance account (as the case requires).
(4) The Board must
then close the inactive low balance or lost member accounts (as the case
requires) maintained by the Board in the name of the member or spouse member,
after which—
(a) if
the Board maintains no other accounts in the name of the member or
spouse member—
(i)
they will cease to be a member or spouse member; and
(ii)
any rights in relation to superannuation under the Act
will be taken to have been exhausted and no derivative rights will exist in
relation to the member or spouse member under the Act; or
(b) in
any other case—any rights in relation to superannuation in respect of an
account to which this regulation applies will be taken to have been exhausted.
(5) In this
regulation—
"inactive low balance account" and "lost member account have the same
respective meanings as in the Superannuation (Unclaimed Money and Lost
Members) Act 1999 of the Commonwealth.