Unclaimed Moneys Amendment Act 1997
An Act to amend the Unclaimed Moneys Act 1918
[Royal Assent 14 January 1998]
Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:
This Act may be cited as the Unclaimed Moneys Amendment Act 1997 .
This Act commences on the day after the day on which it receives the Royal Assent.
In this Act, the Unclaimed Moneys Act 1918 is referred to as the Principal Act.
Before section 1 of the Principal Act, the following heading is inserted:Preliminary
After section 2 of the Principal Act, the following heading is inserted:Unclaimed moneys generally
6. Section 6 amended (Unclaimed moneys paid to Treasurer: Power of company to deduct expenses)
Section 6(2) of the Principal Act is amended by omitting "Consolidated Revenue" and substituting "Public Account".
7. Section 11 amended (Unclaimed money)
Section 11(1) of the Principal Act is amended by omitting "Consolidated Fund" and substituting "Public Account".
After section 11 of the Principal Act , the following Parts are inserted:PART 3 - Unclaimed superannuation benefits12. Interpretation of Part 3
In this Part, unless the contrary intention appears –Commonwealth Act means the Superannuation Industry (Supervision) Act 1993 of the Commonwealth;exempt public sector superannuation scheme has the same meaning as in the Commonwealth Act;fund means –(a) a fund as defined in Part 22 of the Commonwealth Act; or(b) an exempt public sector superannuation scheme;trustee has the same meaning as in the Commonwealth Act;unclaimed superannuation benefit means an amount of money that is taken under Part 22 of the Commonwealth Act to be unclaimed money.13. Application of Part 3
This Part applies to a fund and the trustee of a fund if –(a) the trustee is a corporation within the meaning of the Corporations Law and its registered office within the meaning of that Law is in Tasmania; or(b) in the case of a trustee who is a natural person, the principal place where the trustee carries on business as a trustee is in Tasmania; or(c) in the case of an exempt public sector superannuation scheme, the principal place where the fund is administered is in Tasmania; or(d) where there are 2 or more trustees of the fund and paragraph (a) or (b) applies to one or more but not to all the trustees, the principal place where the fund is administered is in Tasmania.14. Statement of unclaimed superannuation benefits
(1) The trustee of a fund must give to the Treasurer a statement, in a form approved by the Treasurer, of all unclaimed superannuation benefits in the fund as at –(a) 30 June 1997; and(b) the end of each subsequent 6 month period.(2) The trustee must give the Treasurer the statement –(a) in relation to the 6 month period ended on 30 June 1997, on or before 30 April 1998; and(b) in relation to a subsequent 6 month period ending on 30 June, on or before the following 31 October; and(c) in relation to a 6 month period ending on 31 December, on or before the following 30 April.(3) The Treasurer, at any time, may approve generally, or in respect of a particular trustee, a date later than that specified in subsection (2)(a) , (b) or (c) by –(a) giving notice in writing of that approval to the relevant trustees or trustee; or(b) publishing notice of that approval in the Gazette.(4) If, after the end of a half-year and before the trustee gives the statement to the Treasurer, the trustee pays any unclaimed superannuation benefit to a person who is entitled to it, the statement must contain any particulars about the payment as may be required by the form approved under subsection (1) .(5) An approval by the Treasurer of a form of statement for the purposes of subsection (1) may require that the statement contains the tax file number of –(a) any beneficiary of the relevant fund where –(i) the statement relates to the beneficiary; and(ii) the beneficiary has quoted his or her tax file number to the trustee for the purposes of the Commonwealth Act; and(b) the fund.(6) An approval by the Treasurer of a form of statement for the purposes of subsection (1) may require or permit the statement to be given on a specified kind of data processing device in accordance with specified software requirements.(7) A trustee must not intentionally or recklessly contravene or fail to comply with a provision of this section.Penalty: Fine not exceeding 20 penalty units.15. Payment of unclaimed superannuation benefits
The trustee of a fund, when giving a statement under section 14 , must pay to the Treasurer, for payment into the Public Account, an amount calculated in accordance with the formula A - B, where –A is the amount specified in the statement provided in accordance with section 14(1) ;B is the sum of any amounts specified in the statement in accordance with section 14(4) .16. Treasurer to refund unclaimed superannuation benefits
(1) If –the Treasurer must pay an amount equal to the amount of that unclaimed superannuation benefit to that person.(a) a trustee pays an unclaimed superannuation benefit to the Treasurer under this Part; and(b) the Treasurer is satisfied on application made by a person that, if this Part and Part 22 of the Commonwealth Act had not been enacted, that person would have been paid that unclaimed superannuation benefit by the trustee –(2) An application under subsection (1)(b) is to be in a form approved by the Treasurer.(3) If the trustee of a fund, after paying an amount to the Treasurer under this Part, satisfies the Treasurer that the amount so paid exceeds the amount that the trustee would have paid to the person concerned, the Treasurer must refund to the trustee the amount of the excess.17. Register of unclaimed superannuation benefits
(1) The Treasurer must keep a register containing particulars of unclaimed superannuation benefits paid to the Treasurer under this Part.(2) Subject to subsection (3) , the register may be in such form, and kept in such manner, as the Treasurer determines.(3) The register, in respect of each unclaimed superannuation benefit recorded in the register –(a) must include –(i) the name of the fund in which the benefit was held; and(ii) the name of the person in respect of whom the benefit was payable; and(b) may include the tax file number of –(i) the person in respect of whom the benefit was payable; and(ii) the fund.A trustee of a fund is, on payment to the Treasurer of an amount as required by this Part, discharged from further liability as trustee in respect of that amount.19. Trustee not in breach of trust
Nothing done by a trustee of a fund in accordance with this Part is a breach of trust by the trustee.20. Conflict with governing instrument of exempt public sector superannuation scheme
If there is a conflict between a duty imposed on the trustee of an exempt public sector superannuation scheme by this Part and a duty imposed on that trustee by the governing instrument of the scheme, whether the governing instrument is an Act, regulations or any other kind of instrument, the trustee must comply with this Part and in doing so will be taken to have complied with the governing instrument.PART 4 - Unclaimed RSA money21. Interpretation of Part 4
In this Part –Commonwealth Act means the Retirement Savings Accounts Act 1997 of the Commonwealth;RSA has the same meaning as in section 8 of the Commonwealth Act;RSA provider has the same meaning as in section 12 of the Commonwealth Act;unclaimed RSA money means an amount that, under Part 8 of the Commonwealth Act, as modified for the time being under Part 15 of that Act, is taken to be unclaimed money.22. Application of Part 4
This Part applies to an RSA provider that has its registered office, within the meaning of the Corporations Law, in Tasmania.23. Statement of unclaimed RSA money
(1) An RSA provider must give to the Treasurer a statement, in a form approved by the Treasurer, of all unclaimed RSA money held by the RSA provider as at –(a) 31 December 1997; and(b) the end of each subsequent 6 month period.(2) The RSA provider must give the Treasurer the statement –(a) in relation to a 6 month period ending on 30 June, on or before the following 31 October; and(b) in relation to a 6 month period ending on 31 December, on or before the following 30 April.(3) The Treasurer, at any time, may approve generally, or in respect of a particular RSA provider, a date later than that set out in subsection (2)(a) or (b) by –(a) giving notice in writing of that approval to the relevant RSA providers or RSA provider; or(b) publishing notice of that approval in the Gazette.(4) If, after the end of a half-year and before the RSA provider gives the statement to the Treasurer, the RSA provider pays any of the unclaimed RSA money to a person who is entitled to it, the statement must contain any particulars about the payment as may be required by the form approved under subsection (1) .(5) An approval by the Treasurer of a form of statement for the purposes of subsection (1) may require that the statement contains the tax file number of –(a) a holder of an RSA where –(i) the statement relates to the holder; and(ii) the holder has quoted his or her tax file number to the RSA provider for the purposes of the Commonwealth Act; and(b) the RSA provider.(6) An approval by the Treasurer of a form of statement for the purposes of subsection (1) may require or permit the statement to be given on a specified kind of data processing device in accordance with specified software requirements.(7) An RSA provider must not intentionally or recklessly contravene or fail to comply with a provision of this section.Penalty: Fine not exceeding 20 penalty units.24. Payment of unclaimed RSA money
An RSA provider, when giving a statement under section 23 , must pay to the Treasurer for payment into the Public Account, an amount calculated in accordance with the formula A - B, where –A is the amount specified in the statement provided in accordance with section 23(1) ;B is the sum of any amounts specified in the statement in accordance with section 23(4) .25. Treasurer to refund unclaimed RSA money
(1) If –the Treasurer must pay an amount equal to the amount of that unclaimed RSA money to that person.(a) an RSA provider pays any unclaimed RSA money to the Treasurer under this Part; and(b) the Treasurer is satisfied on application made by a person that, if this Part and Part 8 of the Commonwealth Act had not been enacted, that person would have been paid that unclaimed RSA money by the RSA provider –(2) An application under subsection (1)(b) is to be in a form approved by the Treasurer.(3) If an RSA provider, after paying an amount to the Treasurer under this Part, satisfies the Treasurer that the amount so paid exceeds the amount that the RSA provider would have paid to the person concerned, the Treasurer must refund to the RSA provider the amount of the excess.26. Register of unclaimed RSA money
(1) The Treasurer must keep a register containing particulars of unclaimed RSA money paid to the Treasurer under this Part.(2) Subject to subsection (3) , the register may be in such form, and kept in such manner, as the Treasurer determines.(3) The register, in respect of all unclaimed RSA money recorded in the register –(a) must include –(i) the name of the RSA provider in which the money was held; and(ii) the name of the holder of each RSA in respect of whom there is RSA money; and(b) may include the tax file number of –(i) each holder of an RSA in respect of whom there is RSA money; and(ii) the RSA provider.An RSA provider is, on payment to the Treasurer of an amount as required by this Part, discharged from further liability in respect of that amount.
[Second reading presentation speech made in:
House of Assembly on 1 DECEMBER 1997
Legislative Council on 9 DECEMBER 1997]