16Statement of unclaimed money

16 Statement of unclaimed money

Superannuation provider must give statement to Commissioner (1) A superannuation provider must, for each unclaimed money day, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following: (a) all unclaimed money as at the end of the day; (b) the administration of any of the following in connection with the unclaimed money: (i) this Part; (ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007; (iii) the Income Tax Assessment Act 1997, Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953, so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007.

Note 1: Subsection (1) does not apply if the superannuation provider gives a statement, and makes a payment, to a State or Territory authority as provided for in section 18 (State or Territory public sector superannuation schemes).

Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement required under subsection (1) includes false or misleading information: see sections 8K, 8M, 8N and 8R of that Act and Division 284 in Schedule 1 to that Act.

Note 3: The approved form may also require the statement to include certain tax file numbers: see subsection 25(1) of this Act.

(2) The statement is not required to contain information relevant to unclaimed money that ceases to be unclaimed money during the period that: (a) begins from the unclaimed money day; and (b) ends immediately before the day on which the statement is given to the Commissioner. (2A) If, at the end of the unclaimed money day: (a) there is no unclaimed money, the statement must say so; or (b) there is only unclaimed money that ceases to be unclaimed money during the period mentioned in subsection (2), the statement must say so.

Note: If the fund is a regulated superannuation fund that has no more than 6 members, see subsection (2B).

(2B) Subsection (1) does not apply if, at the end of the unclaimed money day: (a) the fund is a regulated superannuation fund that has no more than 6 members; and (b) either: (i) there is no unclaimed money; or (ii) there is only unclaimed money that ceases to be unclaimed money during the period mentioned in subsection (2). When statement must be given (3) The superannuation provider must give the Commissioner the statement by the end of the scheduled statement day for the unclaimed money day.

Note 1: The Commissioner may defer the time for giving the statement: see section 388‑55 in Schedule 1 to the Taxation Administration Act 1953.