Western Australian Bills

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


This is a Bill, not an Act. For current law, see the Acts databases.


UNCLAIMED MONEY (SUPERANNUATION AND RSA PROVIDERS) BILL 2002

                       Western Australia


Unclaimed Money (Superannuation and RSA
           Providers) Bill 2002

                         CONTENTS


      Part 1 -- Preliminary
1.    Short title                                             2
2.    Commencement                                            2
3.    Overview of this Act                                    2
4.    Meaning of terms used in this Act                       2
5.    Status of notes                                         4
      Part 2 -- Obligations of superannuation
           providers
6.    Statement of unclaimed money (Commonwealth Act
      s.18(4) and (5) table items 1 and 2)                    5
7.    Payment of unclaimed money to the Treasurer
      (Commonwealth Act s.18(4) table item 3)                 6
8.    Records of superannuation providers                     7
9.    Discharge of superannuation providers from liability    7
10.   Superannuation providers not in breach of trust         8
      Part 3 -- Administration
      Division 1 -- The register, and payment of
            unclaimed money by the Treasurer
11.   Register of unclaimed money (Commonwealth Act
      s.18(4) table item 4)                                   9
12.   Publication etc. of information in the register        10
13.   Payment of unclaimed money by the Treasurer
      (Commonwealth Act s.18(5) table items 3 and 4)         10




                           158 -- 1                           page i
Unclaimed Money (Superannuation and RSA Providers) Bill 2002



Contents



           Division 2 -- Access to information
   14.     Access to premises                                     11
   15.     Obtaining information and documents                    12
           Part 4 -- Privacy
   16.     Persons to whom this Part applies                      13
   17.     Information may be recorded or divulged only for the
           purposes of this Act                                   13
   18.     Courts may not require information or documents        14
   19.     Information may be divulged to persons performing
           duties under this Act                                  14
   20.     Information may be divulged to a court for the
           purposes of this Act                                   14
   21.     Information may be divulged with the consent of the
           superannuation provider or individual                  15
           Part 5 -- Miscellaneous
   22.     Approved forms                                         16
   23.     Delegation by the Treasurer                            16
   24.     Authorised officers                                    17
   25.     Regulations                                            17
   26.     Unclaimed Money Act 1990 amended                       17




page ii
                           Western Australia


                     LEGISLATIVE ASSEMBLY



  Unclaimed Money (Superannuation and RSA
             Providers) Bill 2002


                               A Bill for


An Act to enable unclaimed money held by certain superannuation
and RSA providers to be paid to the Treasurer, to provide for a
register of such unclaimed money, and for related purposes.



The Parliament of Western Australia enacts as follows:




                                                           page 1
     Unclaimed Money (Superannuation and RSA Providers) Bill 2002
     Part 1        Preliminary

     s. 1



                              Part 1 -- Preliminary
     1.         Short title
                This Act may be cited as the Unclaimed Money
                (Superannuation and RSA Providers) Act 2002.

5    2.         Commencement
                This Act comes into operation at the beginning of the first
                half-year after this Act receives the Royal Assent.

     3.         Overview of this Act
          (1)   The Superannuation (Unclaimed Money and Lost Members)
10              Act 1999 of the Commonwealth requires superannuation
                providers to give information about unclaimed money to the
                Commonwealth Commissioner of Taxation and to make
                payments of unclaimed money to the Commissioner.
          (2)   However, that Act allows superannuation providers to give that
15              information and pay that money to an authority of the State
                instead if a law of the State imposes on superannuation
                providers certain obligations as to providing that information
                and paying that money.
          (3)   This Act imposes those obligations on superannuation
20              providers.

     4.         Meaning of terms used in this Act
                In this Act, unless the contrary intention appears --
                "approved deposit fund" has the meaning given by the
                     Superannuation Industry (Supervision) Act 1993 of the
25                   Commonwealth;
                "approved form" means a form approved by the Treasurer
                     under section 22 for the purposes of the provision in which
                     the term is used;



     page 2
     Unclaimed Money (Superannuation and RSA Providers) Bill 2002
                                       Preliminary         Part 1

                                                                   s. 4



     "authorised officer" means a person who has been authorised
         by the Treasurer under section 24 for the purposes of the
         provision in which the term is used;
     "Commonwealth Act" means the Superannuation (Unclaimed
5        Money and Lost Members) Act 1999 of the
         Commonwealth;
     "Commonwealth Commissioner of Taxation" means the
         person holding, or acting in, the office of Commissioner of
         Taxation under the Taxation Administration Act 1953 of
10       the Commonwealth;
     "half-year" means a period of 6 months ending on 30 June or
         31 December;
     "member" means --
         (a) a member of a regulated superannuation fund;
15       (b) a member of a regulated exempt public sector
               superannuation scheme;
         (c) a depositor with an approved deposit fund; or
         (d) a holder of an RSA;
     "protected document" means a document that --
20       (a) contains information about a person; and
         (b) is obtained or made by a person referred to in
               section 16(1) in the course of, or because of, the
               person's duties under or in relation to this Act;
     "protected information" means information that --
25       (a) concerns a person; and
         (b) is disclosed to, or obtained by, a person referred to in
               section 16(1) in the course of, or because of, the
               person's duties under or in relation to this Act;
     "registered office", in relation to a corporation registered under
30       the Corporations Act 2001 of the Commonwealth, means
         the corporation's registered office under that Act;



                                                                page 3
     Unclaimed Money (Superannuation and RSA Providers) Bill 2002
     Part 1        Preliminary

     s. 5



              "regulated exempt public sector superannuation scheme"
                  has the meaning given by Part 25A of the Superannuation
                  Industry (Supervision) Act 1993 of the Commonwealth;
              "regulated superannuation fund" has the meaning given by
5                 the Superannuation Industry (Supervision) Act 1993 of the
                  Commonwealth;
              "RSA" or "retirement savings account" has the meaning
                  given by the Retirement Savings Accounts Act 1997 of the
                  Commonwealth;
10            "superannuation provider" means a superannuation provider,
                  within the meaning given by the Commonwealth Act, that
                  or who is --
                  (a) a body corporate that has its registered office or
                        principal place of business in the State; or
15                (b) a natural person who has his or her principal place of
                        business in the State;
              Note:   A superannuation provider includes a trustee of a regulated
                      superannuation fund, a trustee of an approved deposit fund and an
                      RSA provider, see section 8 of the Commonwealth Act.
20            "tax file number" has the meaning given by the Income Tax
                  Assessment Act 1936 of the Commonwealth;
              "Treasurer" means the Treasurer of the State;
              "trustee" has the meaning given by the Superannuation
                  Industry (Supervision) Act 1993 of the Commonwealth;
25            "unclaimed money" has the meaning given by sections 12 and
                  14 of the Commonwealth Act.

     5.       Status of notes
              Notes in this Act are provided to assist understanding and do not
              form part of the Act.




     page 4
                 Unclaimed Money (Superannuation and RSA Providers) Bill 2002
                           Obligations of superannuation providers     Part 2

                                                                                         s. 6



          Part 2 -- Obligations of superannuation providers
     6.         Statement of unclaimed money (Commonwealth Act s.18(4)
                and (5) table items 1 and 2)
          (1)   A superannuation provider must give to the Treasurer a
5               statement of all unclaimed money as at the end of each
                half-year.
          (2)   The statement must contain the information required by the
                Treasurer and be in an approved form.
                Note:   Section 25(2) of the Commonwealth Act provides that the
10                      superannuation provider may be required to set out in the approved
                        form --
                        (a)   the tax file number of the superannuation provider; and
                        (b)   the tax file number of any member of the fund to whom the
                              statement relates and who has quoted his or her tax file number
15                            to the superannuation provider.

          (3)   If --
                  (a)   the superannuation provider pays any of the unclaimed
                        money to a person who is entitled to it; and
                  (b)   the payment is made between the end of the half-year
20                      and the day on which the statement is given to the
                        Treasurer,
                the statement must also contain the particulars relating to the
                amounts paid that are required by the Treasurer, as set out in the
                approved form.
25        (4)   A statement under subsection (1) must be given --
                  (a)   in relation to a half-year ending on 30 June in a calendar
                        year -- before 1 November in that calendar year; or
                  (b)   in relation to a half-year ending on 31 December in a
                        calendar year -- before 1 May in the following calendar
30                      year.




                                                                                     page 5
     Unclaimed Money (Superannuation and RSA Providers) Bill 2002
     Part 2        Obligations of superannuation providers

     s. 7



          (5)   The Treasurer may, in writing, provide for a later day to apply
                under subsection (4)(a) or (b) which may be done before, on or
                after the day specified in the paragraph concerned.
          (6)   A superannuation provider commits an offence if the
5               superannuation provider fails to comply with an obligation set
                out in subsection (1), (2), (3) or (4).
                Penalty: $11 000.
          (7)   To the extent that it relates to subsection (4), subsection (6) does
                not apply if --
10                (a) the Treasurer has provided under subsection (5) for a
                        later day to apply under subsection (4)(a) or (b); and
                 (b) the superannuation provider gave the statement under
                        subsection (1) before that later day.

     7.         Payment of unclaimed money to the Treasurer
15              (Commonwealth Act s.18(4) table item 3)
          (1)   On giving the statement to the Treasurer, the superannuation
                provider must pay to the Treasurer the amount worked out using
                the following formula --
                  Amount of unclaimed money            Unclaimed money paid
                                                 --
                    specified in statement                  by provider
                where --
20              "amount of unclaimed money specified in statement" means
                    the amount specified in the statement in accordance with
                    section 6(1);
                "unclaimed money paid by provider" means any amounts
                    specified in the statement in accordance with section 6(3).
25        (2)   A superannuation provider commits an offence if the
                superannuation provider fails to comply with the obligation set
                out in subsection (1).
                Penalty: $11 000.



     page 6
                Unclaimed Money (Superannuation and RSA Providers) Bill 2002
                          Obligations of superannuation providers     Part 2

                                                                                s. 8



     8.         Records of superannuation providers
          (1)   A superannuation provider must keep records that record and
                explain all transactions and other acts engaged in by the
                provider, or required to be engaged in by the provider, under
5               this Act.
          (2)   The records must be --
                 (a) kept in writing in the English language or so as to enable
                       the records to be readily accessible and convertible into
                       writing in the English language; and
10               (b) kept at the superannuation provider's registered office or
                       principal place of business.
          (3)   A superannuation provider who has possession of any records
                kept or obtained under or for the purposes of this Act must
                retain them until the later of --
15                (a) the end of 5 years after they were prepared or obtained;
                         or
                  (b) the completion of the transactions or acts to which those
                         records relate.
          (4)   This section does not require a superannuation provider to retain
20              records if the Treasurer has notified the provider that the
                retention of the records is not required.
          (5)   A superannuation provider commits an offence if the
                superannuation provider fails to comply with an obligation set
                out in this section.
25              Penalty: $6 600.

     9.         Discharge of superannuation providers from liability
                Upon payment to the Treasurer of an amount as required by this
                Act, the superannuation provider is discharged from further
                liability in respect of that amount.




                                                                          page 7
Unclaimed Money (Superannuation and RSA Providers) Bill 2002
Part 2        Obligations of superannuation providers

s. 10



10.      Superannuation providers not in breach of trust
         Nothing done by a superannuation provider in accordance with
         this Act is to be regarded for any purpose as constituting a
         breach of trust by the superannuation provider.




page 8
                  Unclaimed Money (Superannuation and RSA Providers) Bill 2002
                                                       Administration     Part 3
                 The register, and payment of unclaimed money by the  Division 1
                                                          Treasurer
                                                                           s. 11


                             Part 3 -- Administration
     Division 1 -- The register, and payment of unclaimed money by
                             the Treasurer
     11.         Register of unclaimed money (Commonwealth Act s.18(4)
5                table item 4)
           (1)   The Treasurer must keep a register that contains particulars
                 of --
                   (a) unclaimed money paid by a superannuation provider to
                        the Treasurer under this Act; and
10                 (b) each member in respect of whom unclaimed money has
                        been paid to the Treasurer.
                 Note:   The register may contain a person's tax file number (see section 27
                         of the Commonwealth Act).

           (2)   The register may contain information --
15                 (a)   originally contained in the register referred to in
                         section 19 of the Commonwealth Act and kept by the
                         Commonwealth Commissioner of Taxation; and
                   (b)   given to the Treasurer by the Commissioner.
           (3)   The register may contain other information given to the
20               Treasurer that is of the type contained in the register.
           (4)   The register may contain the following --
                  (a) information relating to members of a regulated exempt
                        public sector superannuation scheme;
                  (b) particulars that, if the scheme were a regulated
25                      superannuation fund, would be particulars of unclaimed
                        money in respect of the scheme;
                  (c) information given to the Treasurer by the trustee of the
                        scheme.




                                                                                      page 9
     Unclaimed Money (Superannuation and RSA Providers) Bill 2002
     Part 3        Administration
     Division 1    The register, and payment of unclaimed money by the
                   Treasurer
     s. 12


           (5)   A trustee of a regulated exempt public sector superannuation
                 scheme may, in the approved form, give the information
                 referred to in subsection (4) to the Treasurer.
                 Note:   Section 26(2) of the Commonwealth Act provides that the trustee
5                        may set out in the approved form --
                         (a)   the tax file number of the scheme; and
                         (b)   the tax file number of any member of the scheme who has
                               quoted his or her tax file number to the trustee.

     12.         Publication etc. of information in the register
10         (1)   The Treasurer may authorise information in the register
                 mentioned in section 11 to be --
                  (a) published in the Gazette;
                  (b) made available to the public (whether or not on the
                        payment of a fee) in such other manner as the Treasurer
15                      determines; or
                  (c) made available to a particular person (whether or not on
                        the payment of a fee) in such manner as the Treasurer
                        determines.
           (2)   The authorisation may extend to so much of the information in
20               the register as the Treasurer considers appropriate.
           (3)   Subsection (1) does not apply to tax file numbers.

     13.         Payment of unclaimed money by the Treasurer
                 (Commonwealth Act s.18(5) table items 3 and 4)
           (1)   The Treasurer must pay unclaimed money to a person if --
25                 (a)   unclaimed money has been paid to the Treasurer under
                         section 7 by a superannuation provider; and
                   (b)   the Treasurer is satisfied, on application made in the
                         approved form by the person, that the superannuation
                         provider would have paid the unclaimed money to the
30                       person had the money not been paid to the Treasurer.




     page 10
                 Unclaimed Money (Superannuation and RSA Providers) Bill 2002
                                                Administration         Part 3
                                          Access to information   Division 2
                                                                         s. 14



           (2)   If a superannuation provider satisfies the Treasurer that an
                 amount paid to the Treasurer under section 7 exceeds the
                 amount that would have been paid to the person concerned, the
                 Treasurer must refund to the superannuation provider the
5                amount of the excess.
           (3)   Payments under this section are charged to the Consolidated
                 Fund which is appropriated accordingly.

                        Division 2 -- Access to information
     14.         Access to premises
10         (1)   For the purposes of this Act, an authorised officer --
                  (a) may, at any reasonable time, enter and remain on any
                         premises;
                  (b) is entitled to full and free access at any reasonable time
                         to all documents; and
15                (c) may inspect, examine, make copies of, or take extracts
                         from, any documents.
           (2)   An authorised officer is not entitled to enter or remain on any
                 premises if, after having been requested by the occupier to
                 produce proof of his or her authority, the authorised officer does
20               not produce a written authority signed by the Treasurer stating
                 that the officer is authorised to exercise powers under this
                 section.
           (3)   If an authorised officer enters premises, or proposes to enter
                 premises, the occupier must provide the officer with all
25               reasonable facilities and assistance for the effective exercise of
                 the officer's powers under this section.
           (4)   An occupier commits an offence if the occupier fails to comply
                 with the obligation set out in subsection (3).
                 Penalty: $1 100.




                                                                            page 11
     Unclaimed Money (Superannuation and RSA Providers) Bill 2002
     Part 3        Administration
     Division 2    Access to information
     s. 15



     15.         Obtaining information and documents
           (1)   The Treasurer may, for the purposes of this Act, by written
                 notice, require a person --
                   (a) to give to the Treasurer, within a reasonable period, and
5                        in a reasonable manner, stated in the notice, any
                         information that the Treasurer requires;
                  (b) to attend before the Treasurer, or an authorised officer,
                         at a reasonable time and place stated in the notice, and
                         answer questions; and
10                 (c) to produce to the Treasurer, or an authorised officer, at a
                         reasonable time and place stated in the notice, any
                         documents in the custody or under the control of the
                         person.
           (2)   The Treasurer may require the information or answers to be
15               verified or given on oath or affirmation, and either orally or in
                 writing, and, for that purpose, the Treasurer or an authorised
                 officer may administer an oath or affirmation.
           (3)   The oath to be taken or affirmation to be made by a person is an
                 oath or affirmation that the information or answers the person
20               will give will be true.
           (4)   The regulations are to prescribe scales of expenses to be
                 allowed to persons required to attend under this section.
           (5)   A person commits an offence if the person fails to comply with
                 a requirement under subsection (1) or (2).
25               Penalty: $2 200.




     page 12
                 Unclaimed Money (Superannuation and RSA Providers) Bill 2002
                                                      Privacy          Part 4

                                                                              s. 16



                                 Part 4 -- Privacy
     16.         Persons to whom this Part applies
           (1)   This Part applies to a person who is or has been --
                  (a) the Treasurer;
5                 (b) a person to whom the Treasurer has delegated a function
                        or power under this Act;
                  (c) the holder of an office in the Public Service; or
                  (d) otherwise appointed or employed by the State or a
                        provider of services for the State.
10         (2)   A person to whom this Part applies must, if and when required
                 by the Treasurer to do so, make an oath or declaration to
                 maintain secrecy in accordance with this Part.
           (3)   The Treasurer may determine, in writing --
                  (a)   the form of the oath or declaration; and
15                (b)   the manner in which the oath or declaration must be
                        made.
     17.         Information may be recorded or divulged only for the
                 purposes of this Act
                 A person to whom this Part applies is guilty of an offence if the
20               person --
                   (a) makes a record of any protected information; or
                   (b) whether directly or indirectly, divulges or communicates
                        to a person any protected information about another
                        person,
25               and the record is made, or the information is divulged or
                 communicated other than --
                   (c) under or for the purposes of this Act; or
                   (d) in the performance of duties, as a person to whom this
                         Part applies, under or in relation to this Act.
30               Penalty: Imprisonment for 2 years.

                                                                          page 13
     Unclaimed Money (Superannuation and RSA Providers) Bill 2002
     Part 4        Privacy

     s. 18



     18.       Courts may not require information or documents
               A person to whom this Part applies is not required --
                (a)   to divulge or communicate protected information to a
                      court; or
5               (b)   to produce a protected document in court,
               except where it is necessary to do so for the purpose of
               implementing this Act.

     19.       Information may be divulged to persons performing duties
               under this Act
10             Nothing in this Act, or in any other Act of which the Treasurer
               has the general administration, prohibits the Treasurer or a
               person authorised by the Treasurer from divulging or
               communicating any information to a person performing, as a
               person to whom this Part applies, duties under or in relation to
15             this Act for the purpose of enabling that person to perform those
               duties.

     20.       Information may be divulged to a court for the purposes of
               this Act
               Nothing in this Act, or in any other Act of which the Treasurer
20             has the general administration, prohibits the Treasurer, or a
               person authorised by the Treasurer, from --
                 (a) divulging or communicating to a court any information
                       obtained under or for the purposes of this Act; or
                 (b) producing in court a document obtained or made under
25                     or for the purposes of this Act,
               where it is necessary to do so for the purpose of implementing
               this Act.




     page 14
           Unclaimed Money (Superannuation and RSA Providers) Bill 2002
                                                Privacy          Part 4

                                                                       s. 21



     21.   Information may be divulged with the consent of the
           superannuation provider or individual
           This Act does not prohibit the Treasurer, or a person authorised
           by the Treasurer, from divulging or communicating any
5          protected information --
             (a) relating to the affairs of a superannuation provider or a
                   trustee of a regulated exempt public sector
                   superannuation scheme if the provider or trustee agrees
                   in writing to the divulging or communicating of the
10                 information; or
             (b) relating to an individual if the individual agrees in
                   writing to the divulging or communicating of the
                   information.




                                                                    page 15
     Unclaimed Money (Superannuation and RSA Providers) Bill 2002
     Part 5        Miscellaneous

     s. 22



                             Part 5 -- Miscellaneous
     22.         Approved forms
           (1)   A notice, application, statement or other document is in the
                 "approved form" if --
5                  (a) it is in the form approved in writing by the Treasurer in
                        relation to that kind of notice, application, statement or
                        other document;
                  (b) it contains the information that the form requires, and is
                        accompanied by such further information as the form
10                      requires; and
                   (c) it is lodged at the place and in the manner that the
                        Treasurer requires.
           (2)   An approval by the Treasurer of a form of notice, application,
                 statement or other document for the purposes of subsection (1)
15               may require or permit the document to be given on a specified
                 kind of data processing device in accordance with specified
                 software requirements.
           (3)   The Treasurer may combine in the same approved form more
                 than one notice, application, statement or other document.

20   23.         Delegation by the Treasurer
           (1)   The Treasurer may, either generally or as otherwise provided by
                 the instrument of delegation, delegate to any Minister any
                 functions or powers that the Treasurer has under this Act, other
                 than this power of delegation.
25         (2)   The Treasurer or any Minister to whom any function has been
                 delegated under subsection (1) may, either generally or as
                 otherwise provided by the instrument of delegation, delegate to
                 any officer of the Public Service any functions or powers that
                 the Treasurer has under this Act or that the Minister has under
30               the delegation, other than this power of delegation.



     page 16
                 Unclaimed Money (Superannuation and RSA Providers) Bill 2002
                                                Miscellaneous          Part 5

                                                                                 s. 24



           (3)   The delegation must be in writing signed by the Treasurer or
                 Minister (which ever is relevant).
           (4)   A person exercising or performing a power or duty that has been
                 delegated to the person under this section is taken to do so in
5                accordance with the terms of the delegation unless the contrary
                 is shown.
           (5)   Nothing in this section limits the ability of the Treasurer or
                 Minister (which ever is relevant) to perform a function through
                 an officer or agent.

10   24.         Authorised officers
           (1)   The Treasurer may, in writing, authorise a person who is the
                 holder of a specified office in the Public Service to be an
                 authorised officer for the purposes of the specified provision or
                 provisions of this Act.
15         (2)   In this section --
                 "specified" means specified in the authorisation.
     25.         Regulations
           (1)   The Governor may make regulations prescribing all matters that
                 are required or permitted by this Act to be prescribed, or are
20               necessary or convenient to be prescribed, for giving effect to the
                 purposes of this Act.
           (2)   Without limiting subsection (1), the regulations may --
                   (a)   prescribe fees, or a basis for calculating fees, in respect
                         of any matter under this Act; and
25                (b)    prescribe penalties, not exceeding a fine of $550, for
                         offences against the regulations.

     26.         Unclaimed Money Act 1990 amended
           (1)   The amendment in this section is to the Unclaimed Money
                 Act 1990*.
30               [* Reprinted as at 5 November 1999.]

                                                                             page 17
    Unclaimed Money (Superannuation and RSA Providers) Bill 2002
    Part 5        Miscellaneous

    s. 26



       (2)    After section 4(3)(a)(iv) the following subparagraph is
              inserted --
                          "
                              (v)   section 12 or 14 of the Superannuation
5                                   (Unclaimed Money and Lost Members)
                                    Act 1999;
                                                                             ".




 


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