{"id":"F2019L01213","name":"ASIC Corporations (Unclaimed Superannuation—Former Temporary Residents) Instrument 2019/873","slug":"asic-corporations-unclaimed-superannuation-former-temporary-residents-instrument-2019-873","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":440235,"registerId":"F2019L01213-fast-fetch-1775955941165","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Unclaimed Superannuation—Former Temporary Residents) Instrument 2019/873","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Unclaimed Superannuation—Former Temporary Residents) Instrument 2019/873\n\nI, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 18 September 2019\n\n \n\n \n\n \n\nGrant Moodie\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc19685987)\n\n[1 Name of legislative instrument](#_Toc19685988)\n\n[2 Commencement](#_Toc19685989)\n\n[3 Authority](#_Toc19685990)\n\n[4 Definitions](#_Toc19685991)\n\n[Part 2—Exemption](#_Toc19685992)\n\n[5 Significant event notices and exit statements](#_Toc19685993)\n\n[6 Conditions](#_Toc19685994)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Unclaimed Superannuation—Former Temporary Residents) Instrument 2019/873.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under subsection 1020F(1) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nCommissioner means Commissioner of Taxation.\n\nformer temporary resident has the meaning given by section 20AA of the Unclaimed Money Act.\n\nproduct disclosure document, in relation to an interest in a regulated superannuation fund, means:\n\n(a) any Product Disclosure Statement for an interest in the fund;\n\n(b) any document containing the fund information required under Subdivision 5.6 of Division 5 of Part 7.9 of the Corporations Regulations 2001.\n\nregulated superannuation fund has the same meaning as in the SIS Act.\n\nSIS Act means the Superannuation Industry (Supervision) Act 1993.\n\ntrustee has the same meaning as in the SIS Act.\n\nUnclaimed Money Act means the Superannuation (Unclaimed Money and Lost Members) Act 1999.\n\nPart 2—Exemption\n\n5 Significant event notices and exit statements\n\nA trustee of a regulated superannuation fund (the fund) that pays an amount (the unclaimed superannuation) to the Commissioner under Division 3 of Part 3A of the Unclaimed Money Act does not have to comply with:\n\n(a) section 1017B of the Act to the extent that section requires the trustee to notify a former temporary resident in relation to the payment of the unclaimed superannuation and the former temporary resident ceasing to hold an interest in the fund; or\n\n(b) section 1017D of the Act to the extent that section requires the trustee to give the former temporary resident a periodic statement (exit statement) for the reporting period under paragraph 1017D(2)(d) of the Act because the former temporary resident ceased to hold an interest in the fund as a result of the payment of the unclaimed superannuation.\n\n6 Conditions\n\nGeneral disclosure about unclaimed superannuation money\n\n(1) The trustee must ensure that any product disclosure document includes the following statement and information:\n\n(a) a statement that the trustee relies on an ASIC exemption to the effect that the trustee is not obliged to notify or give an exit statement to a former temporary resident in circumstances where the trustee pays unclaimed superannuation to the Commissioner under Division 3 of Part 3A of the Unclaimed Money Act;\n\n(b) information about:\n\n(i) the obligation of the trustee to pay unclaimed superannuation of a former temporary resident to the Commissioner under Division 3 of Part 3A of the Unclaimed Money Act; and\n\n(ii) the rights (unclaimed superannuation money rights) of a former temporary resident to make an application to the Commissioner to claim the unclaimed superannuation under Division 4 of Part 3A of that Act.\n\n(2) The trustee must ensure that the statement and information specified in subsection (1) are made available on the website for the fund.\n\n\n\n\nObligation to reasonably assist\n\n(3) The trustee must provide the former temporary resident with information about their unclaimed superannuation money rights, and any other information or documents reasonably requested in relation to those rights if, after the trustee has paid unclaimed superannuation in relation to the former temporary resident’s interest in the fund to the Commissioner, the former temporary resident asks the trustee about their interest in the fund.\n\n(4) The trustee must provide the information and documents as soon as practicable, and in any event within 1 month, after being contacted by the former temporary resident.\n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument remains tightly scoped to its original purpose: providing a targeted exemption for super funds when dealing with unclaimed super of former temporary residents. The conditions in section 6 (disclosure and assistance obligations) are directly proportionate to the exemption granted, ensuring the carve-out does not disadvantage members. No scope creep is evident."},"complexity_factors":["Short instrument: only 6 sections across 2 Parts","Minimal defined terms: 7 definitions in section 4, all referencing external legislation rather than creating new concepts","Single clear exemption in section 5 with two straightforward sub-paragraphs (a) and (b)","Simple conditional structure in section 6: three conditions (disclosure in documents, website publication, assistance obligation) with basic timing requirement ('within 1 month')","Heavy reliance on external legislative references (Corporations Act, SIS Act, Unclaimed Money Act) but these are standard incorporated definitions rather than complex cross-referencing","No nested exceptions, no 'unless' clauses, no deeming provisions"],"plain_english_summary":"This instrument lets regulated super funds skip sending significant event notices and exit statements when they transfer unclaimed super of former temporary residents to the ATO. In return funds must disclose in product documents and on their website that they rely on the exemption and explain how to claim from the ATO, and they must respond to former members’ requests (providing information within one month). It reduces costly overseas tracing for trustees while preserving members’ ability to reclaim their money."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument narrows trustees' obligations under the Corporations Act by exempting them from the notification (s1017B) and exit statement (s1017D) duties when they pay a former temporary resident’s unclaimed superannuation to the Commissioner (reg 5). It replaces those specific notification duties with mandated public disclosure in product disclosure documents and on the fund website, plus an obligation to provide requested information and documents to the former temporary resident within one month (reg 6)."},"complexity_factors":["Cross‑references to multiple statutes: Corporations Act (ss 1017B, 1017D), Unclaimed Money Act (Part 3A Div 3/4), and SIS Act (definitions)","Targeted exemption conditionally modifies existing compliance duties rather than creating a standalone regime (requires reading both Acts together)","Prescriptive disclosure requirements (PDS and website) that trustees must implement operationally (reg 6(1)–(2))","Operational assistance obligation with a strict timeframe (provide information and documents within 1 month — reg 6(3)–(4))","Limited scope (former temporary residents) reduces breadth but requires trustees to identify affected members and adjust processes"],"plain_english_summary":"This instrument lets trustees of regulated superannuation funds stop giving formal post‑exit notifications and periodic exit statements required by the Corporations Act when they pay a former temporary resident’s unclaimed superannuation to the Commissioner under Division 3, Part 3A of the Superannuation (Unclaimed Money and Lost Members) Act (see reg 5).\n\nIn exchange trustees must disclose the exemption and explain the payment and claim rights in product disclosure documents and on the fund website, and must provide requested information and documents to the former temporary resident within one month (see reg 6)."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-unclaimed-superannuation-former-temporary-residents-instrument-2019-873","history":"/api/acts/asic-corporations-unclaimed-superannuation-former-temporary-residents-instrument-2019-873/history","analysis":"/api/acts/asic-corporations-unclaimed-superannuation-former-temporary-residents-instrument-2019-873/analysis","conflicts":"/api/acts/asic-corporations-unclaimed-superannuation-former-temporary-residents-instrument-2019-873/conflicts","importantCases":"/api/acts/asic-corporations-unclaimed-superannuation-former-temporary-residents-instrument-2019-873/important-cases","documents":"/api/acts/asic-corporations-unclaimed-superannuation-former-temporary-residents-instrument-2019-873/documents"}}