21IMember's accounts for ESSPLAN

21I Member's accounts for ESSPLAN (1) The Board must establish and maintain within the Scheme a separate account for each member. (2) The Board must credit to a member's account— (a) any employer contributions made in respect of that member; and (b) any contributions made by the member; and (c) any net earnings calculated on the basis of the net earning rate of ESSPLAN or an investment fund; and S. 21I(2)(d) amended by Nos 37/2007 s. 10(1), 43/2008 s. 17. (d) subject to any specified standards, any other amount payable to the member's account, including any amount rolled over, transferred or allotted from within the superannuation system. (3) The Board must debit to a member's account— (a) an amount determined by the Board in respect of management and administration costs incurred by the Board in the administration of ESSPLAN; and (b) the amount of any premiums payable by or in respect of the member including any amount determined under section 21G(2); and (c) an amount determined by the Board in respect of any tax paid or payable by the Board in respect of contributions to a member's account; and (d) any net loss calculated on the basis of the net earning rate of the Scheme or an investment fund; and (e) the amount of any benefit payable to the member or payable in respect of the member; and S. 21I(3)(f) substituted by No. 37/2007 s. 10(2). (f) any amounts rolled over, transferred or allotted within the superannuation system; and (g) any other amount payable by the member. S. 21IA inserted by No. 37/2007 s. 11. 21IA Contribution splitting (1) Subject to subsection (2), this section applies in respect of contributions made in respect of a member on or after 1 July 2006 if the Board— (a) determines to offer the option of contribution splitting to members or a class of members; and (b) publishes a copy of the determination in the Government Gazette. (2) This section does not apply to an interest— (a) in respect of which a payment flag is operating; or (b) that is subject to a payment split. (3) If this section applies, a member may make an application in a financial year to the Board to roll over, transfer or allot from the member's account for the benefit of the member's spouse to the trustee of an account within the superannuation system an amount specified in the application not exceeding the maximum splittable amount of the splittable contributions made by, for, or on behalf of, the member in— (a) the last financial year that ended before the application; or (b) the financial year in which the application is made if— (i) the member's account has not been rolled over, transferred or allotted within the superannuation system; and (ii) the Board approves the making of the application. (4) An application under subsection (3)— (a) must comply with regulation 6.44 of the Superannuation Industry (Supervision) Regulations 1994 of the Commonwealth as if that regulation applied to the ESSPLAN Scheme; and (b) must be dealt with in accordance with regulation 6.45 of the Superannuation Industry (Supervision) Regulations 1994 of the Commonwealth as if that regulation applied to the ESSPLAN Scheme. (5) If this section applies, the Board may accept a roll over, transfer or allotment of a splittable contribution for payment into a member's account, a beneficiary account or a spouse account. (6) Despite section 3, for the purposes of this section, ***spouse*** has the meaning given by section 10 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth. S. 21J 21J Beneficiaries Accounts (1) The Board may establish upon the request of a beneficiary a special arrangement called a beneficiary account. S. 21J(2) amended by Nos 84/1998 s. 12, 32/2005 s. 7(1). (2) Subject to subsection (2A), the payment of part or all of any lump sum benefit payable under section 20D, 20F, 20G, 20H, 20J, 20K or from a pension administered under Part 4 may be transferred to this account. S. 21J(2A) inserted by No. 32/2005 s. 7(2). (2A) If an election has been made under section 20C(2AF), the whole of the lump sum benefit is to be transferred to the beneficiary account. S. 21J(2B) inserted by No. 43/2008 s. 18(1). (2B) Subject to any specified standards, any amount rolled over, transferred or allotted from within the superannuation system for the beneficiary may be paid or transferred to a beneficiary account. S. 21J(3) substituted by No. 29/2000 s. 4(1). (3) The balance or any part of a beneficiary account established under subsection (1) is payable— (a) to the beneficiary on the request of the beneficiary, in a form approved by the Board and in accordance with section 21K(3); or S. 21J(3)(b) amended by No. 43/2008 s. 18(2). (b) unless subsection (3A) applies, in the case of the death of the beneficiary, to such one or more of the beneficiary's dependants and legal personal representatives and in such proportions of the whole of the balance as the Board in its absolute discretion determines. S. 21J(3A) inserted by No. 43/2008 s. 18(3). (3A) Subject to any specified standards, if the beneficiary has given the Board a notice in a form approved by the Board, the Board must on the death of the beneficiary pay the balance of the beneficiary account established under subsection (1) in accordance with the notice. S. 21J(4) amended by No. 32/2005 s. 7(3). (4) If any lump sum benefit is not paid within 60 days of the date of termination of service of a contributor, the unpaid benefit is deemed to have been transferred to a beneficiary account on the date of termination of service at a net earning rate and in such fund as the Board in its discretion considers appropriate in the circumstances at that time. S. 21J(5) substituted by No. 29/2000 s. 4(2). (5) The balance of a beneficiary account established under subsection (4) is payable— (a) to the beneficiary on the request of the beneficiary, in a form approved by the Board and in accordance with section 21K(3); or (b) in the case of the death of the beneficiary, to such one or more of the beneficiary's dependants and legal personal representatives and in such proportions as the Board in its absolute discretion determines. S. 21J(6) inserted by No. 29/2000 s. 4(2). (6) The Board must debit to a beneficiary account any superannuation contributions tax— (a) paid or payable by the Board in respect of contributions in respect of that beneficiary; and (b) specified in a notice of surcharge assessment from the Australian Taxation Office issued after the beneficiary ceased to be a contributor. S. 21J(7) inserted by No. 29/2000 s. 4(2). (7) If the Australian Taxation Office issues an adjustment to a notice of surcharge assessment after the Board has debited an amount of superannuation contributions tax under subsection (6), the Board must make the adjustment to that beneficiary account. S. 21J(8) inserted by No. 29/2000 s. 4(2). (8) The Board must within 14 days of— (a) debiting an amount to a beneficiary account under subsection (6); or (b) making an adjustment to a beneficiary account under subsection (7)— advise the beneficiary in writing of the amount debited or the adjustment. S. 21J(9) inserted by No. 43/2008 s. 18(4). (9) The Board must debit to a beneficiary account any other amount payable by the beneficiary. S. 21JA inserted by No. 95/2000 s. 8. 21JA Spouse Accounts (1) The Board may establish upon the request of an eligible spouse a special arrangement called a spouse account. S. 21JA(1A) inserted by No. 43/2008 s. 19(1). (1A) Without limiting subsection (1), a person who— (a) is an eligible spouse; and S. 21JA(1A)(b) amended by No. 32/2025 s. 12. (b) within the period of 12 months after the death of the member spouse applies in writing to the Board to become a member— may, if the Board accepts the application to become a member, make a request under subsection (1). S. 21JA(2) amended by No. 43/2008 s. 19(2). (2) The Board may accept for payment into a spouse account any amount in respect of an eligible spouse. (3) The Board must credit to a spouse's account— (a) any eligible spouse contribution made in respect of that spouse; and (b) any eligible spouse contribution made by the spouse; and S. 21JA(3)(ba) inserted by No. 43/2008 s. 19(3)(a). (ba) subject to any specified standards, any other contributions made by, or in respect of, the eligible spouse; and (c) any net earnings calculated on the basis of section 21L; and S. 21JA(3)(d) amended by Nos 37/2007 s. 12(1), 43/2008 s. 19(3)(b). (d) subject to any specified standards, any other amount payable to the spouse's account, including any amount rolled over, transferred or allotted from within the superannuation system. (4) The Board must debit to a spouse's account— (a) an amount determined by the Board in respect of management and administration costs incurred by the Board; and (b) any net loss calculated on the basis of section 21L; and S. 21JA(4)(c) substituted by No. 37/2007 s. 12(2). (c) any amounts rolled over, transferred or allotted within the superannuation system; and (d) any other amount payable by the spouse. S. 21JA(5) repealed by No. 43/2008 s. 19(4). (6) Section 23AA applies in respect of any payment out of a spouse account under subsection (7) or (8) as if the payment were a benefit under this Act. (7) The balance of a spouse account is payable— (a) to the spouse on the request of the spouse, in a form approved by the Board; or S. 21JA(7)(b) amended by No. 43/2008 s. 19(5). (b) unless subsection (7A) applies, in the case of the death of the spouse, to such one or more of the spouse's dependants and legal personal representatives and in such proportions of the whole of the balance as the Board in its absolute discretion determines. S. 21JA(7A) inserted by No. 43/2008 s. 19(6). (7A) Subject to any specified standards, if the eligible spouse has given the Board a notice in the form approved by the Board, the Board must on the death of the eligible spouse pay the balance of the spouse account in accordance with the notice. S. 21JA(8) amended by No. 37/2007 s. 12(3), substituted by No. 43/2008 s. 19(7). (8) The spouse may elect to— (a) maintain the account in an investment fund in accordance with section 21K; or (b) roll over, transfer or allot the account balance within the superannuation system. S. 21JB inserted by No. 38/2009 s. 13. 21JB Optional disability and death cover for eligible spouses (1) The Board may in accordance with this section offer optional disability and death cover to eligible spouses who are spouse account holders under section 21JA whom the Board determines are eligible. (2) The Board may determine the level of optional disability and death cover and the basis on which and the terms and conditions that are to apply. (3) An application for optional additional disability and death cover— S. 21JB(4) amended by No. 40/2010 s. 13. (4) For the purposes of this section, the Board may require an eligible spouse to submit to any medical examination that the Board considers necessary or expedient to determine the appropriate level and cost of optional disability and death cover for the eligible spouse. (5) The Board may obtain any evaluation of any medical examination or other information provided as the Board considers appropriate. (6) Unless the Board otherwise determines, disability and death cover in force under this section ceases after the eligible spouse ceases to be a member. S. 21K inserted by No. 82/1996 s. 11.