Northern Territory Numbered Regulations

NORTHERN TERRITORY GOVERNMENT AND PUBLIC AUTHORITIES' SUPERANNUATION SCHEME AMENDMENT RULES 2006 (NO 13 OF 2006) - REG 9

    After rule 13 in Part III

    insert

13A.     Unclaimed benefits

    If a member does not make an election under rule 13 within 12 months after ceasing to be an eligible employee or any shorter period required by the Commissioner:

    (a)     the Commissioner may decide to treat the member as having elected to preserve a benefit in the Scheme; and

    (b)     if the Commissioner makes that decision, rule 13(2) applies as if the election had been made under rule 13(1).

13B.     Returned benefits

    If the whole or part of a benefit paid to or on behalf of a former member is returned to the Commissioner, rule 13(2) applies in relation to the amount returned as if it were a benefit that had been preserved under the Scheme.

13C.     Payments from NTSSS

    (1)     For the purposes of clause 6.3 of the NTSSS, the Fund is an approved deposit fund within the meaning of the Superannuation Industry (Supervision) Act 1993 (Cth).

    (2)     If an amount is paid into the Fund under clause 6.3 of the NTSSS, rule 13(2) applies in relation to the amount as if it were a benefit that had been preserved under the Scheme.

13D.     Deduction of surcharge from preserved benefits

    (1)     This rule applies if:

    (a)     a former member has a preserved benefit; and

    (b)     on or after the commencement of the Surcharge Collection Act, the Commissioner received or receives an assessment of superannuation contributions surcharge payable by the member.

Note for subrule (1)(b)

The Surcharge Collection Act commenced on 5 June 1997.

    (2)     The Commissioner must, by notice in writing:

    (a)     inform the former member of the assessment; and

    (b)     advise the former member that the member may:

            (i)     pay the amount of the assessment to the Commissioner who will then pay it to the Commissioner of Taxation; or

            (ii)     authorise the Commissioner to deduct the amount of the assessment from the member's accumulation account and pay it to the Commissioner of Taxation; and

    (c)     advise the former member that, if the member does not take any action in accordance with paragraph (b) within the period specified in the notice, the Commissioner will deduct the amount of the assessment from the member's accumulation account and pay it to the Commissioner of Taxation.

    (3)     If the former member does not take any action in accordance with subrule (2)(b) within the period specified in the notice, the Commissioner must deduct the amount of the assessment from the member's accumulation account and pay it to the Commissioner of Taxation.

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