Superannuation (Unclaimed Money and Lost Members) Amendment Regulations 2008 (No. 1)1

Select Legislative Instrument 2008 No. 283

I, QUENTIN BRYCE, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation (Unclaimed Money and Lost Members) Act 1999.

Dated 12 December 2008

QUENTIN BRYCE

Governor‑General

By Her Excellency’s Command

NICK SHERRY

Minister for Superannuation and Corporate Law

1 Name of Regulations

  These Regulations are the Superannuation (Unclaimed Money and Lost Members) Amendment Regulations 2008 (No. 1).

2 Commencement

  These Regulations commence on the commencement of Schedule 1 to the Temporary Residents’ Superannuation Legislation Amendment Act 2008.

3 Amendment of Superannuation (Unclaimed Money and Lost Members) Regulations 1999

  Schedule 1 amends the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.

Schedule 1 Amendment

(regulation 3)

 

[1] Regulation 4A

substitute

4A Eligibility age

  For paragraphs 10 (1) (a) and (b) of the Act, the prescribed age for a member of a fund is the greater of:

 (a) 65 years; and

 (b) if the governing rules of the fund specify that a benefit is payable to a member only at a specified age that is greater than 65 years — that age.

4B Temporary residents — prescribed visas

  For subparagraphs 20C (1) (b) (i) and 20H (1) (a) (ii) of the Act the following visas, as described in Schedule 2 to the Migration Regulations 1994, are prescribed:

 (a) Subclass 405 (Investor Retirement);

 (b) Subclass 410 (Retirement).

4C Temporary residents — recovery of overpayments

 (1) For paragraph 20L (4) (a) of the Act, a notice must include the following information:

 (a) the name of the person in respect of whom the Commissioner made the payment;

 (b) the name of the debtor;

 (c) the amount of the excess payment that is sought to be recovered from the debtor;

 (d) a statement that the Commissioner may recover that amount from the debtor as a debt due by the debtor to the Commonwealth 28 days after the notice is given to the debtor.

 (2) In this regulation:

debtor has same meaning as in subsection 20L (2) of the Act.

Note

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.