Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (UNCLAIMED MONEY AND LOST MEMBERS) REGULATIONS 1999 1999 NO. 318

STATUTORY RULES 1999 No. 318

Issued by the Authority of the Assistant Treasurer

Superannuation (Unclaimed Money and Lost Members) Act 1999

Superannuation (Unclaimed Money and Lost Members) Regulations 1999

Section 50 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (the Act) provides that the Governor-General may make Regulations. The Act improved and consolidated existing provisions, in the Superannuation Industry (Supervision) Act 1993 (the SIS Act) and the Retirement Savings Accounts Act 1997, which governed the lost superannuation members register.

The Act also formalised the Commissioner of Taxation's administration of the register (previously the register was administered by the Commissioner pursuant to a Modification Order under the SIS Act).

Section 23 of the Act provides that Regulations may establish a scheme for information about lost members.

Purpose

The purpose of the Regulations is to prescribe details of the scheme for reuniting lost superannuation members with their benefits.

Background

The Regulations are part of a package of measures (including the Act and the Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999) aimed at strengthening existing arrangements for dealing with lost superannuation members.

As a scheme for the reporting of lost members already existed under Regulation 11.08 of the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations) and Regulation 6.09 of the Retirement Savings Account Regulations 1997 (RSA Regulations) these Regulations are largely based on the existing Regulations.

The Regulations are described in detail in the attachment. The Regulations commence on gazettal.

ATTACHMENT

Superannuation (Unclaimed Money and Lost Members) Regulations 1999

Explanation of the Amendments

As a scheme for the reporting of lost members already existed under Regulation 11.08 of the SIS Regulations and Regulation 6.09 of the RSA Regulations these new Regulations are largely based on the existing Regulations.

Regulation 1 specifies the name of the Regulations as the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.

Regulation 2 provides that the Regulations commence on gazettal.

Regulation 3 provides that the purpose of the Regulations is to establish a scheme under which superannuation providers are to provide information on their lost members to the Commissioner of Taxation (the Commissioner).

Regulation 4 provides that 'Act' means the Superannuation (Unclaimed Money and Lost Members) Act 1999.

Regulation 5 provides that a superannuation provider must, on or before the dates mentioned in Regulation 6, give to the Commissioner information relating to lost members. The information required will be specified in an approved form and will include relevant details such as the member's name, date of birth, address, sex, and Tax File Number (TFN). The information to be provided is only that which is within the knowledge of the superannuation provider.

Regulation 6 provides the due dates for providing the above information. Lost member information must be given to the Commissioner within 4 months of the end of each half-year. That is the information must be provided on or before:

*       0 31 October for the half-year ending 30 June; and

*       30 April for the half-year ending 31 December.

Regulation 7 provides that the Commissioner may, in writing, extend the time to lodge the lost member information and may do so before, on, or after the due dates of 30 April and 31 October. The extension may be given for a specific fund, or for a class of funds.

Regulation 8 provides that subsection 23(5) of the Act applies to Regulation 5. As a result, if a superannuation provider fails to provide the required lost member information within the required time then the provider may be liable to an offence.

Regulation 9 provides that the Commissioner must keep a lost members register and specifies the information the register is to contain. Information relating to lost members of regulated exempt public sector superannuation schemes may also be reported to the register.

Regulation 10 provides for the scale of expenses set out in Schedule 1 of these Regulations to be allowed to persons required to attend before the Commissioner in relation to providing information under the Act.