Part 1
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Commonwealth act
This Act makes the ATO the central holder for unclaimed or “lost” superannuation, requiring trustees to report and transfer inactive, low‑balance, departed‑temporary‑resident and wound‑up ERF accounts so members (or estates) can search for and reclaim funds. It protects small forgotten accounts, enables Departing Australia Super payments and transfers, and imposes significant penalties on trustees that fail to comply—simplifying reunification and safeguarding retirement savings.
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Direct links to the current provisions in Superannuation (Unclaimed Money and Lost Members) Act 1999.
This Act may be cited as the Superannuation (Unclaimed Money and Lost Members) Act 1999.
This Act commences on the day on which it receives the Royal Assent.
Part 3 does not apply in respect of the half‑year in which this Act receives the Royal Assent.
(1) This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory. (2) Nothing in this Act permits the Crown to be prosecuted for an offence.
This Act extends to all the external Territories.
The objects of this Act are to provide for: (a) the keeping of registers of details relating to: (i) unclaimed money; and (ii) certain amounts relating to superannuation of persons (former temporary residents) who used to be holders of temporary visas under the Migration Act 1958 and have left Australia; and (iia) certain amounts relating to inactive low‑balance accounts; and (iib) amounts relating to ERF low balance accounts; and (iic) certain amounts voluntarily paid to the Commissioner by superannuation providers; and (iii) certain amounts relating to superannuation of persons who used to be lost members; so that the money and amounts can be claimed by persons entitled to them; and (b) the keeping of a register of details relating to lost members, so that the benefits of lost members can be claimed by persons entitled to them; and (c) the matching of unclaimed money and persons entitled to it; and (d) the matching of benefits of lost members and persons entitled to them; and (da) the matching of benefits of inactive low‑balance account members and persons entitled to them; and (db) the matching of benefits of eligible rollover fund members and persons entitled to them; and (dc) the matching of amounts voluntarily paid to the Commissioner by superannuation providers and persons entitled to them; and (e) the payment to the Commissioner of: (i) unclaimed money; and (ii) certain amounts relating to superannuation of former temporary residents; and (iii) certain amounts relating to superannuation of lost members; and (iv) certain amounts relating to superannuation of inactive low‑balance account members; and (v) amounts relating to superannuation of eligible rollover fund members; and (vi) other amounts paid by superannuation providers on a voluntary basis; and (ea) the safekeeping of such money and amounts paid to the Commissioner until the Commissioner can pay the money and amounts to persons entitled to them; and (eb) the payment of: (i) unclaimed money; and (ii) certain amounts relating to superannuation of lost members; and (iii) certain amounts relating to superannuation of inactive low‑balance account members and (iv) amounts relating to superannuation of eligible rollover fund members; and (v) other amounts paid by superannuation providers on a voluntary basis; into funds in which the member is active; and (f) the co‑ordination of the collection of unclaimed money between the Commonwealth, States and Territories; and (g) the co‑ordination of the matching of unclaimed money and persons entitled to it between the Commonwealth, States and Territories.
The following is a simplified outline of this Act.
Unclaimed money register
At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to any unclaimed money they hold in respect of members who have reached the eligibility age or who have died.
Unclaimed money is money in an inactive account which the superannuation provider is unable to ensure is received by a person entitled to receive it.
Superannuation providers must pay to the Commissioner of Taxation any unclaimed money they hold. Later, the Commissioner must, if satisfied that it is possible to do so, pay the amount he or she has received in respect of a person to:
(a) the person; or
(b) to a fund identified by the person; or
(ba) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has died—to the person’s death beneficiaries or legal personal representative.
If a State or Territory law regulates unclaimed money in a way consistent with this Act, superannuation providers that are trustees of public sector superannuation schemes may give details relating to the money, and pay the money, to the relevant State or Territory authority instead of paying it to the Commissioner of Taxation.
The Commissioner of Taxation may publish, or make available, details relating to unclaimed money in respect of members who have reached the eligibility age or who have died.
Superannuation of former temporary residents
The Commissioner of Taxation must give the superannuation provider for a fund a notice identifying a member of the fund if satisfied that the member is a former temporary resident.
The superannuation provider must give the Commissioner a statement and pay the Commissioner the amount that would be payable to the member if the member had requested payment in connection with leaving Australia (subject to reductions for amounts paid or payable from the fund in respect of the member).
If the Commissioner is satisfied the Commissioner has received a payment under this Act for such a member, the Commissioner must pay the amount received (and interest, in some cases) to:
(a) the member; or
(b) a fund identified by the member; or
(c) a KiwiSaver scheme provider identified by the member; or
(d) if the member has died—the member’s death beneficiaries or legal personal representative.
The Commissioner of Taxation may publish, or make available, details relating to amounts paid to the Commissioner in respect of such members.
Lost members register
The Commissioner of Taxation may publish, or make available, details relating to lost members.
Superannuation of lost members
At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to:
(a) small accounts of lost members; and
(b) inactive accounts of unidentifiable lost members.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has reached eligibility age or the amount is less than $200—to the person; or
(d) if the person has died—to the person’s death beneficiaries or legal personal representative.
Superannuation of inactive low‑balance members
At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low‑balance accounts.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has reached eligibility age or the amount is less than $200—to the person; or
(d) if the person has died—to the person’s death beneficiaries or legal personal representative.
Superannuation of eligible rollover fund members
Superannuation providers who are trustees of eligible rollover funds must, by 30 June 2021 and 31 January 2022, give the Commissioner of Taxation details relating to accounts of those funds.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Payments must be made by 30 June 2021 (for accounts that had balances of less than $6,000 on 1 June 2021) and 31 January 2022 (for all other accounts).
Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has reached eligibility age or the amount is less than $200—to the person; or
(d) if the person has died—to the person’s death beneficiaries or legal personal representative.
Voluntary payments by superannuation providers
A superannuation provider may pay to the Commissioner of Taxation any amount it holds on behalf of a member, former member or non‑member spouse if it reasonably believes paying the amount to the Commissioner is in the best interests of the member, former member or non‑member spouse.
Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has reached eligibility age or the amount is less than $200—to the person; or
(d) if the person has died—to the person’s death beneficiaries or legal personal representative.
Reunification of amounts held by the Commissioner
If, having taken the steps required in relation to unclaimed amounts, amounts held by the Commissioner for lost members, inactive low‑balance members or eligible rollover fund members or amounts paid by superannuation providers on a voluntary basis, the Commissioner still holds an amount, the Commissioner must pay that amount to a fund in which the person for whom the Commissioner holds the amount is active, or in accordance with the regulations.
Prescribed public sector superannuation schemes
The trustees of certain public sector superannuation schemes may comply with this Act in the same way as superannuation providers.
In this Act, unless the contrary intention applies:
account, in a fund that is an RSA, means:
(a) if the RSA is an account—that account; or
(b) if the RSA is a policy (within the meaning of the RSA Act)—that policy.
accrue, in relation to a benefit for a member of a defined benefits superannuation scheme, has the meaning given by section 9.
ADI (authorised deposit‑taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959.
annuity has the same meaning as in the SIS Act.
approved deposit fund has the same meaning as in the SIS Act.
approved form has the meaning given by section 388‑50 in Schedule 1 to the Taxation Administration Act 1953.
choice product has the same meaning as in the SIS Act.
Commissioner means the Commissioner of Taxation.
Commonwealth public sector superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits, where the scheme is established:
(a) by or under a law of the Commonwealth; or
(b) under the authority of:
(i) the Commonwealth; or
(ii) a municipal corporation, another local governing body or a public authority constituted by or under a law of the Commonwealth.
contribution includes a deposit into an account held at an ADI or a prescribed financial institution and a payment of a premium to a life insurance company.
data processing device means any article or material (for example, a disk) from which information is capable of being reproduced with or without the aid of any other article or device.
defined benefit member means a member entitled, on retirement or termination of his or her employment, to be paid a benefit defined, wholly or in part, by reference to either or both of the following:
(a) the amount of:
(i) the member’s salary at a particular date, being the date of the termination of the member’s employment or of the member’s retirement on an earlier date; or
(ii) the member’s salary averaged over a period before retirement;
(b) a stated amount.
defined benefits superannuation scheme means:
(a) a public sector superannuation scheme that:
(i) is a regulated superannuation fund or an exempt public sector superannuation scheme; and
(ii) has at least one defined benefit member; or
(b) a regulated superannuation fund (other than a public sector superannuation scheme):
(i) that has at least one defined benefit member; and
(ii) some or all of the contributions to which are not allocated to any individual member but are paid into and accumulated in the fund in the form of an aggregate amount.
eligibility age has the meaning given by section 10.
eligible rollover fund has the same meaning as in the SIS Act.
eligible rollover fund member has the meaning given by section 21A.
eligible service period has the same meaning as in Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936.
engage in conduct means:
(a) do an act; or
(b) omit to perform an act.
ERF low balance account has the meaning given by subsection 21A(1).
exempt public sector superannuation scheme has the same meaning as in section 10 of the SIS Act.
financial sector supervisory agency has the same meaning as in section 3 of the Australian Prudential Regulation Authority Act 1998.
former temporary resident has the meaning given by section 20AA.
fund means:
(a) a regulated superannuation fund; or
(b) an approved deposit fund; or
(c) an RSA.
general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953.
governing rules:
(a) in relation to a fund (other than an RSA), scheme or trust—means any trust instrument, other document or legislation, or combination of them, governing the establishment and operation of the fund, scheme or trust; and
(b) in relation to a fund that is an RSA—means the terms and conditions of the RSA.
half‑year means a period of 6 months ending on 30 June or 31 December.
holder has the same meaning as in the RSA Act.
inactive low‑balance account: see subsections 20QA(1) and (1A).
inactive low‑balance member has the meaning given by subsection 20QA(2).
inactive low‑balance product has the meaning given by subsection 20QA(3).
KiwiSaver scheme has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
KiwiSaver scheme provider has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
leave Australia has the same meaning as in the Migration Act 1958.
legal personal representative of a person who has died means an executor or administrator of the person’s estate.
life insurance company means:
(a) a body corporate registered under section 21 of the Life Insurance Act 1995; or
(b) a public authority:
(i) that is constituted by a law of a State or Territory; and
(ii) that carries on life insurance business within the meaning of section 11 of that Act.
lost member means a member of a fund who is:
(a) a lost RSA holder within the meaning of the Retirement Savings Accounts Regulations 1997; or
(b) a lost member within the meaning of the Superannuation Industry (Supervision) Regulations 1994.
lost member account has the meaning given by section 24B.
member means:
(a) a member of a superannuation fund; or
(b) a depositor with an approved deposit fund; or
(c) a holder of an RSA.
MySuper product has the same meaning as in the SIS Act.
New Zealand eligibility age means the age specified in subsection 7(1) of the New Zealand Superannuation and Retirement Income Act 2001 of New Zealand as amended from time to time.
New Zealand‑sourced amount has the meaning given by the regulations mentioned in section 312‑5 of the Income Tax Assessment Act 1997.
non‑member spouse means a non‑member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.
payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.
pension has the same meaning as in the SIS Act.
premises includes:
(a) a structure, building, aircraft, vehicle or vessel; and
(b) any land or place (whether enclosed or built on or not); and
(c) a part of a structure, building, aircraft, vehicle or vessel or of such a place.
premium means a premium in respect of a policy (within the meaning of the Life Insurance Act 1995) and includes an instalment of premium.
prescribed financial institution means a body prescribed by the regulations for the purposes of this definition.
produce includes permit access to.
public sector superannuation scheme has the same meaning as in the SIS Act.
regulated exempt public sector superannuation scheme has the same meaning as in Part 25A of the SIS Act.
regulated superannuation fund has the same meaning as in the SIS Act.
RSA has the same meaning as in the RSA Act.
RSA Act means the Retirement Savings Accounts Act 1997.
RSA provider has the same meaning as in the RSA Act.
scheduled statement day has the meaning given by:
(a) in relation to a statement required by Part 3, 3B or 4A—section 15A; and
(b) in relation to a statement required by Part 3A—section 20B.
self managed superannuation fund has the meaning given by section 17A of the SIS Act.
SIS Act means the Superannuation Industry (Supervision) Act 1993.
splittable payment means a splittable payment within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975.
State or Territory authority means a State, a Territory, an authority of a State or an authority of a Territory.
State or Territory public sector superannuation scheme has the meaning given by subsection 18(7).
superannuation fund has the same meaning as in the SIS Act.
superannuation interest means:
(a) an interest in a superannuation fund; or
(b) an interest in an approved deposit fund; or
(c) an RSA.
superannuation provider means:
(a) the trustee of a regulated superannuation fund; or
(b) the trustee of an approved deposit fund; or
(c) an RSA provider.
tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.
trustee has the same meaning as in the SIS Act.
unclaimed money has the meaning given by sections 12 and 14.
unclaimed money day has the meaning given by section 15A.
unfunded public sector scheme has the meaning given by the Superannuation Guarantee (Administration) Act 1992.
In this Act, a reference to an accrual of benefits in respect of a member of a defined benefits superannuation scheme does not include a reference to allocations of investment earnings or charging of costs.
(1) In this Act, eligibility age means: (a) in the case of a man—65 years or, if another age is prescribed by the regulations, the age so prescribed; or (b) in the case of a woman—60 years or, if another age is prescribed by the regulations, the age so prescribed. (2) In determining whether a member of a fund has reached eligibility age: (a) if the superannuation provider does not know whether the member is a man or a woman—the member is taken to be a man; and (b) if the superannuation provider does not know the member’s date of birth—the superannuation provider may determine that the member: (i) attained a particular age on a particular date (if the superannuation provider reasonably believes that to be the case); or (ii) turned 18 on the day on which he or she first became a member of the fund; or (iii) turned 18 on the day on which the superannuation provider first received an amount in respect of him or her; or (iv) turned 18 at the start of his or her eligible service period. Duty to obtain date of birth and sex of member of fund (3) If a superannuation provider does not know the date of birth or sex of a member of a fund, the provider should make reasonable attempts to obtain that information. Duty to keep records of date of birth and sex of member of fund (4) If a superannuation provider knows the date of birth or sex of a member of a fund, the provider should keep records of that information.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Superannuation (Unclaimed Money and Lost Members) Act 1999.
This Act commences on the day on which it receives the Royal Assent.
Part 3 does not apply in respect of the half‑year in which this Act receives the Royal Assent.
(1) This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory. (2) Nothing in this Act permits the Crown to be prosecuted for an offence.
This Act extends to all the external Territories.
The objects of this Act are to provide for: (a) the keeping of registers of details relating to: (i) unclaimed money; and (ii) certain amounts relating to superannuation of persons (former temporary residents) who used to be holders of temporary visas under the Migration Act 1958 and have left Australia; and (iia) certain amounts relating to inactive low‑balance accounts; and (iib) amounts relating to ERF low balance accounts; and (iic) certain amounts voluntarily paid to the Commissioner by superannuation providers; and (iii) certain amounts relating to superannuation of persons who used to be lost members; so that the money and amounts can be claimed by persons entitled to them; and (b) the keeping of a register of details relating to lost members, so that the benefits of lost members can be claimed by persons entitled to them; and (c) the matching of unclaimed money and persons entitled to it; and (d) the matching of benefits of lost members and persons entitled to them; and (da) the matching of benefits of inactive low‑balance account members and persons entitled to them; and (db) the matching of benefits of eligible rollover fund members and persons entitled to them; and (dc) the matching of amounts voluntarily paid to the Commissioner by superannuation providers and persons entitled to them; and (e) the payment to the Commissioner of: (i) unclaimed money; and (ii) certain amounts relating to superannuation of former temporary residents; and (iii) certain amounts relating to superannuation of lost members; and (iv) certain amounts relating to superannuation of inactive low‑balance account members; and (v) amounts relating to superannuation of eligible rollover fund members; and (vi) other amounts paid by superannuation providers on a voluntary basis; and (ea) the safekeeping of such money and amounts paid to the Commissioner until the Commissioner can pay the money and amounts to persons entitled to them; and (eb) the payment of: (i) unclaimed money; and (ii) certain amounts relating to superannuation of lost members; and (iii) certain amounts relating to superannuation of inactive low‑balance account members and (iv) amounts relating to superannuation of eligible rollover fund members; and (v) other amounts paid by superannuation providers on a voluntary basis; into funds in which the member is active; and (f) the co‑ordination of the collection of unclaimed money between the Commonwealth, States and Territories; and (g) the co‑ordination of the matching of unclaimed money and persons entitled to it between the Commonwealth, States and Territories.
The following is a simplified outline of this Act.
Unclaimed money register
At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to any unclaimed money they hold in respect of members who have reached the eligibility age or who have died.
Unclaimed money is money in an inactive account which the superannuation provider is unable to ensure is received by a person entitled to receive it.
Superannuation providers must pay to the Commissioner of Taxation any unclaimed money they hold. Later, the Commissioner must, if satisfied that it is possible to do so, pay the amount he or she has received in respect of a person to:
(a) the person; or
(b) to a fund identified by the person; or
(ba) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has died—to the person’s death beneficiaries or legal personal representative.
If a State or Territory law regulates unclaimed money in a way consistent with this Act, superannuation providers that are trustees of public sector superannuation schemes may give details relating to the money, and pay the money, to the relevant State or Territory authority instead of paying it to the Commissioner of Taxation.
The Commissioner of Taxation may publish, or make available, details relating to unclaimed money in respect of members who have reached the eligibility age or who have died.
Superannuation of former temporary residents
The Commissioner of Taxation must give the superannuation provider for a fund a notice identifying a member of the fund if satisfied that the member is a former temporary resident.
The superannuation provider must give the Commissioner a statement and pay the Commissioner the amount that would be payable to the member if the member had requested payment in connection with leaving Australia (subject to reductions for amounts paid or payable from the fund in respect of the member).
If the Commissioner is satisfied the Commissioner has received a payment under this Act for such a member, the Commissioner must pay the amount received (and interest, in some cases) to:
(a) the member; or
(b) a fund identified by the member; or
(c) a KiwiSaver scheme provider identified by the member; or
(d) if the member has died—the member’s death beneficiaries or legal personal representative.
The Commissioner of Taxation may publish, or make available, details relating to amounts paid to the Commissioner in respect of such members.
Lost members register
The Commissioner of Taxation may publish, or make available, details relating to lost members.
Superannuation of lost members
At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to:
(a) small accounts of lost members; and
(b) inactive accounts of unidentifiable lost members.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has reached eligibility age or the amount is less than $200—to the person; or
(d) if the person has died—to the person’s death beneficiaries or legal personal representative.
Superannuation of inactive low‑balance members
At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low‑balance accounts.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has reached eligibility age or the amount is less than $200—to the person; or
(d) if the person has died—to the person’s death beneficiaries or legal personal representative.
Superannuation of eligible rollover fund members
Superannuation providers who are trustees of eligible rollover funds must, by 30 June 2021 and 31 January 2022, give the Commissioner of Taxation details relating to accounts of those funds.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Payments must be made by 30 June 2021 (for accounts that had balances of less than $6,000 on 1 June 2021) and 31 January 2022 (for all other accounts).
Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has reached eligibility age or the amount is less than $200—to the person; or
(d) if the person has died—to the person’s death beneficiaries or legal personal representative.
Voluntary payments by superannuation providers
A superannuation provider may pay to the Commissioner of Taxation any amount it holds on behalf of a member, former member or non‑member spouse if it reasonably believes paying the amount to the Commissioner is in the best interests of the member, former member or non‑member spouse.
Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has reached eligibility age or the amount is less than $200—to the person; or
(d) if the person has died—to the person’s death beneficiaries or legal personal representative.
Reunification of amounts held by the Commissioner
If, having taken the steps required in relation to unclaimed amounts, amounts held by the Commissioner for lost members, inactive low‑balance members or eligible rollover fund members or amounts paid by superannuation providers on a voluntary basis, the Commissioner still holds an amount, the Commissioner must pay that amount to a fund in which the person for whom the Commissioner holds the amount is active, or in accordance with the regulations.
Prescribed public sector superannuation schemes
The trustees of certain public sector superannuation schemes may comply with this Act in the same way as superannuation providers.
In this Act, unless the contrary intention applies:
account, in a fund that is an RSA, means:
(a) if the RSA is an account—that account; or
(b) if the RSA is a policy (within the meaning of the RSA Act)—that policy.
accrue, in relation to a benefit for a member of a defined benefits superannuation scheme, has the meaning given by section 9.
ADI (authorised deposit‑taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959.
annuity has the same meaning as in the SIS Act.
approved deposit fund has the same meaning as in the SIS Act.
approved form has the meaning given by section 388‑50 in Schedule 1 to the Taxation Administration Act 1953.
choice product has the same meaning as in the SIS Act.
Commissioner means the Commissioner of Taxation.
Commonwealth public sector superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits, where the scheme is established:
(a) by or under a law of the Commonwealth; or
(b) under the authority of:
(i) the Commonwealth; or
(ii) a municipal corporation, another local governing body or a public authority constituted by or under a law of the Commonwealth.
contribution includes a deposit into an account held at an ADI or a prescribed financial institution and a payment of a premium to a life insurance company.
data processing device means any article or material (for example, a disk) from which information is capable of being reproduced with or without the aid of any other article or device.
defined benefit member means a member entitled, on retirement or termination of his or her employment, to be paid a benefit defined, wholly or in part, by reference to either or both of the following:
(a) the amount of:
(i) the member’s salary at a particular date, being the date of the termination of the member’s employment or of the member’s retirement on an earlier date; or
(ii) the member’s salary averaged over a period before retirement;
(b) a stated amount.
defined benefits superannuation scheme means:
(a) a public sector superannuation scheme that:
(i) is a regulated superannuation fund or an exempt public sector superannuation scheme; and
(ii) has at least one defined benefit member; or
(b) a regulated superannuation fund (other than a public sector superannuation scheme):
(i) that has at least one defined benefit member; and
(ii) some or all of the contributions to which are not allocated to any individual member but are paid into and accumulated in the fund in the form of an aggregate amount.
eligibility age has the meaning given by section 10.
eligible rollover fund has the same meaning as in the SIS Act.
eligible rollover fund member has the meaning given by section 21A.
eligible service period has the same meaning as in Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936.
engage in conduct means:
(a) do an act; or
(b) omit to perform an act.
ERF low balance account has the meaning given by subsection 21A(1).
exempt public sector superannuation scheme has the same meaning as in section 10 of the SIS Act.
financial sector supervisory agency has the same meaning as in section 3 of the Australian Prudential Regulation Authority Act 1998.
former temporary resident has the meaning given by section 20AA.
fund means:
(a) a regulated superannuation fund; or
(b) an approved deposit fund; or
(c) an RSA.
general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953.
governing rules:
(a) in relation to a fund (other than an RSA), scheme or trust—means any trust instrument, other document or legislation, or combination of them, governing the establishment and operation of the fund, scheme or trust; and
(b) in relation to a fund that is an RSA—means the terms and conditions of the RSA.
half‑year means a period of 6 months ending on 30 June or 31 December.
holder has the same meaning as in the RSA Act.
inactive low‑balance account: see subsections 20QA(1) and (1A).
inactive low‑balance member has the meaning given by subsection 20QA(2).
inactive low‑balance product has the meaning given by subsection 20QA(3).
KiwiSaver scheme has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
KiwiSaver scheme provider has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
leave Australia has the same meaning as in the Migration Act 1958.
legal personal representative of a person who has died means an executor or administrator of the person’s estate.
life insurance company means:
(a) a body corporate registered under section 21 of the Life Insurance Act 1995; or
(b) a public authority:
(i) that is constituted by a law of a State or Territory; and
(ii) that carries on life insurance business within the meaning of section 11 of that Act.
lost member means a member of a fund who is:
(a) a lost RSA holder within the meaning of the Retirement Savings Accounts Regulations 1997; or
(b) a lost member within the meaning of the Superannuation Industry (Supervision) Regulations 1994.
lost member account has the meaning given by section 24B.
member means:
(a) a member of a superannuation fund; or
(b) a depositor with an approved deposit fund; or
(c) a holder of an RSA.
MySuper product has the same meaning as in the SIS Act.
New Zealand eligibility age means the age specified in subsection 7(1) of the New Zealand Superannuatio
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