Commonwealth Numbered Regulations - Explanatory Statements

[Index] [Search] [Download] [Related Items] [Help]

SUPERANNUATION (CSS) UNCLAIMED MONEY REGULATIONS 1997 NO. 99

STATUTORY RULES 1997 No. 99

Issued by the authority of the Minister for Finance

Superannuation Act 1976

Superannuation (CSS) Unclaimed Money Regulations

The Superannuation Act 1976 (the 1976 Act) makes provision for and in relation to an occupational superannuation scheme, the Commonwealth Superannuation Scheme (the CSS), for certain Commonwealth employees and other persons, including employees of approved authorities.

Section 168 of the 1976 Act provides that the Governor-General may make regulations for the purposes of that Act.

Section 155C of the 1976 Act provides for the making of regulations under the Act to make provision as is necessary for the purposes of enabling the CSS to satisfy any condition or requirement specified in the Superannuation Industry (Supervision) Act 1993 and the regulations under that Act (SIS) or any other laws.

SIS provides a regulatory system for superannuation funds including public sector superannuation schemes such as the CSS. The CSS became a regulated superannuation fund under section 19 of the SIS Act on 29 June 1995.

On 1 July 1997, it is expected that new SIS provisions will apply to regulated superannuation funds. The new provisions provide that the trustee of a fund must provide a statement of all unclaimed money in the fund at the end of each half-year and pay that unclaimed superannuation money to the Commissioner of Taxation (the Commissioner) within the prescribed time and commencing with the half-year ending 30 June 1997.

The regulations require the CSS Board to meet the new SIS provisions applying to unclaimed monies.

Regulation 1 provides that the Regulations may be cited as the Superannuation (CSS) Unclaimed Money Regulations.

Regulation 2 provides that the Regulations commence on 1 July 1997.

Regulation 3 provides an interpretation provision in which "the Act" is defined for the purposes of the Regulations as the Superannuation Act 1976.

Subsection 158A(1) of the 1976 Act provides that, if a lump sum benefit becomes payable to a person under that Act, and the person does not provide details to enable the payment to be made, the CSS Board may make payment of the benefit to an eligible roll-over fund on behalf of the person.

Regulation 4 provides that if subsection 158A(1) of the 1976 Act applies in relation to a benefit that is payable to a person, and the amount of the benefit is "unclaimed money" within the meaning of section 225 of the SIS Act, and required to be paid to the Commissioner for Taxation under that section, the Board must comply with that requirement.

To ensure no breach of SIS occurs, the regulations commence on 1 July 1997, the day after the end of the first half-year period. In the event that the SIS provisions do not commence as planned, the Regulations will have no effect until the day the new provisions under section 225 of the SIS Act become operational.