Unclaimed Money Act 1995
For the Unclaimed Money Act these changes effect:
- Extension of Commonwealth laws relating to unclaimed money to superannuation providers
- Other amendments
Extension of Commonwealth laws relating to unclaimed money to superannuation providers
The amending legislation makes amendments that are consequential on the extension of the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth to all superannuation benefits other than those provided by public sector superannuation schemes. The amendments remove provisions that require unclaimed superannuation benefits to be paid to the Chief Commissioner of State Revenue. Existing arrangements will continue for NSW public sector superannuation schemes.
The amendment to these provisions provides that the new arrangements are taken to have effect from 1 July 2007.
The amending legislation also makes statute law revision amendments that clarify that certain arrangements under the Taxation Administration Act 1996 do not apply in respect of the Unclaimed Money Act 1995.