The following regulations have been made to implement the unclaimed moneys changes:
- Banking Sector Legislation Amendment Regulation 2012 (No. 1) amends the Banking Regulations 1966 and the First Home Saver Accounts Regulations 2008 to specify conditions for a number of bank accounts or deposits and First Home Saver Accounts to become unclaimed moneys.
- Retirement Savings Accounts Amendment Regulation 2012 (No. 3) amends the Retirement Savings Accounts Regulations 1997 to introduce a 12 month inactivity test for uncontactable members of a super fund. This will clarify the amendments to the unclaimed monies legislation, ensuring that accounts of uncontactable members, which have been active in a 12 month period, are not unnecessarily transferred to the ATO .
UPDATE
The RSA test stipulates that the RSA holder is uncontactable if and only if:
(i) either:
(A) the RSA provider has never had an address for the RSA holder; or
(B) 2 written communications have been sent, or, if the RSA provider so chooses, one written communication has been sent, by the RSA provider to the RSA holder’s last known address and returned unclaimed; and
(ii) the RSA provider has not received a contribution or rollover in respect of the RSA holder within the last 12 months of the RSA holder’s being an RSA holder.
Comlaw has also published a consolidated Superannuation (Unclaimed Money and Lost Members) Act 1999.
