17Payment of unclaimed money

17 Payment of unclaimed money

Provider must pay Commissioner (1) A superannuation provider must pay the Commissioner (for the Commonwealth) the amount, in relation to each unclaimed money day, worked out under subsection (1A). The amount is due and payable at the end of the scheduled statement day for the unclaimed money day.

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 amount the superannuation provider must pay the Commissioner is a tax‑related liability for the purposes of the Taxation Administration Act 1953. Division 255 in Schedule 1 to that Act deals with payment and recovery of tax‑related liabilities. Division 284 in that Schedule provides for administrative penalties connected with such liabilities.

Note 3: The Commissioner may defer the time at which the amount is due and payable: see section 255‑10 in Schedule 1 to the Taxation Administration Act 1953.

Note 4: Section 18A provides for refunds of overpayments by the superannuation provider to the Commissioner.

(1A) Work out the amount using the following formula:

Start formula All unclaimed money as at the end of the unclaimed money day minus Former unclaimed money end formula

where:

former unclaimed money means any of the unclaimed money that, between the unclaimed money day and the day on which the superannuation provider gives the statement in relation to the unclaimed money day to the Commissioner under subsection 16(1):

(a) the superannuation provider pays to a person who is entitled to it; or
(b) otherwise ceases to be unclaimed money (other than because the provider pays the money to the Commissioner under subsection (1)).

(1B) Subsection (1) does not require the superannuation provider to pay the Commissioner: (a) an amount on account of unclaimed money described in subsection 12(1) payable to a person identified in a notice the Commissioner has given the provider under section 20C; or (b) an amount payable to the Commissioner in respect of an eligible rollover fund member under section 21C.

Note: An amount mentioned in paragraph (1B)(a) is payable to the Commissioner under section 20F.

Payment by Commissioner in respect of person for whom an amount has been paid to Commissioner (1C) Subsections (2) and (2AA) apply in relation to a person if: (a) a superannuation provider paid unclaimed money to the Commissioner under subsection (1) in respect of the person; and (b) the Commissioner is satisfied, on application in the approved form or on the Commissioner’s own initiative, that it is possible for the Commissioner to pay the unclaimed money in accordance with subsection (2). (2) The Commissioner must pay the unclaimed money: (a) to a single fund if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the fund; and (iii) the fund is a complying superannuation plan (within the meaning of the Income Tax Assessment Act 1997); or (aa) to a single KiwiSaver scheme provider if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and (iii) the matters (if any) prescribed by the regulations are satisfied; or (b) in accordance with subsection (2AA) if: (i) the person has died; and (ii) the Commissioner is satisfied that, if the superannuation provider had not paid the unclaimed money to the Commissioner, the provider would have been required to pay an amount or amounts (death benefits) to one or more other persons (death beneficiaries) because of the deceased person’s death; or (c) to the person’s legal personal representative if the person has died but subparagraph (b)(ii) does not apply; or (d) in any other case—to the person.